Jed McCaleb, CTO of Stellar Lumens, noted the platform’s achievements in terms of adoption and partnerships throughout 2020. McCaleb envisions greater adoption of digital asset-based payment systems due to their use cases.
In a new episode of the Anthony” Pompp ” Pompliano podcast, Stellar Lumens co-founder and CTO Jed McCaleb spoke about adoption, editing and other key issues for the platform. The interview began by discussing the beginning of Bitcoin and how the crypto market has grown over the past 10 years.
McCaleb believes stellar’s evolution has gone “very well.” However, he noted that perceived interest and exaggeration in the crypto market often does not translate into real-world use cases. In this respect, the industry is still in a new phase, according to Stellar Lumens ‘ CTO:
”YOU DON’T HAVE A MILLION USERS WHO USE IT FOR REAL TRANSACTIONS EVERY DAY. I THINK THAT’S BECAUSE IT’S ALL LARGELY DOWN TO NETWORK EFFECTS. YOU NEED A LOT OF ”PEOPLE IN THE WORLD TO MAKE IT WORK.
TAKE SOMETHING LIKE STELLAR ABOUT PAYMENTS. IF YOU CAN ONLY PAY A LIMITED NUMBER OF PEOPLE IN THE WORLD, YOUR SYSTEM WILL NOT WORK EFFECTIVELY.”
McCaleb also stated that Stellar had a “good idea” of creating a network impact and enabling platform adoption by offering real-world use cases. In this sense, he noted, stellar had an important year in terms of adoption.
In recent months, they have formed consolidated partnerships with key actors. Thus, STABILCON USDC will be available at Stellar after signing an agreement with CENTER. This has been one of the most important deals for the Platform, as USDC is the second largest Stabilcoin after Tether.
XLM’s performance, which increased by 104.25% in one month, is also an example of the impact of stellar’s statements. Otherwise McCaleb added:
”THERE ARE MORE ACCOUNTS ON THE NETWORK, MORE TRANSACTIONS. I THINK 90% OF OUR TOTAL OPERATIONS HAVE INCREASED THIS YEAR. POPULARITY HAS INCREASED A LOT. THINGS ARE GOING GREAT. FRANKLY, WE’RE NOT DONE, THERE’S STILL A LOT OF WORK TO BE DONE.”
Can Stellar Lumens co-exist with Bitcoin and Ethereum?
Going back to the importance of use cases, the CTO of Stellar Lumens stressed that they can coexist in the crypto industry. McCaleb rejects the idea that digital assets and cryptocurrencies are something that can be packaged in a “single bucket.” Bitcoin, Ethereum and Stellar Lumens solve different problems. In that sense, it is not a “winner takes it all” ecosystem.
There will certainly be many of these in the future, the hope is that Stellar will be very good at cross-border transactions representing other types of value. All of stellar works better on Stellar because it’s designed to do that.
One of the problems the industry needs to solve to increase adoption is to provide simplified solutions. McCaleb believes there will be more payment options and capacity for users. However, he predicts that most will not want to use private keys. As such, he predicts that more adopted solutions will have “a similar experience to what we currently have.”