Stellar's Joyce Kim Talks the Launch, the Fork and the Future
Backed by mainstream payments technology startup Stripe, decentralized payment network Stellar provides a vision for how digital currency could solve real problems for people with restricted financial access. It may be no wonder then that at San Francisco's Future of Money Summit in early December, the Stellar panel was among the most popular. The digital currency community is increasingly focused on the technology's use in payments, and Stellar aims to provide a decentralized payment system that improves on bitcoin and its closest competitor, Ripple. However, since launching in July after....
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On December 5, Stellar Executive Director Joyce Kim disclosed news of a ledger fork related to a failure of their consensus system. The consensus system used by both Stellar and Ripple have never been used at the scale Stellar is implementing, and the system failed to reach consensus causing a fork in the ledger. Stellar has about 140,000 active accounts per week, and over 3 million total accounts. The maximum number of total accounts the Stellar consensus mechanism has previously supported is 2.88 million. “On Tuesday night, the nodes on the network began to disagree and caused a fork of....
A recent unintended ledger fork in the Stellar network led to a temporary disruption of its transaction system and a broader debate about the integrity of the Ripple consensus protocol. The debate began on 5th December, when Stellar Development Foundation (SDF) executive director Joyce Kim published a blog post outlining a fork in the Stellar network that the company attributed to problems within the Ripple consensus protocol. Both Ripple Labs and Stellar use the open-source protocol to provide competing transaction networks that allow fiat money to be sent over the blockchain. The....
Stellar is a fully decentralized payment network that allows anyone to send and exchange any currency. It can act as a decentralized exchange for bitcoin. Why Stellar? After years of working in the fintech space, I realized that the world’s financial infrastructure is fundamentally broken, leaving billions without resources. As a result, Joyce Kim and I co-founded Stellar.org to create an open standard for financial technology. Since anyone can participate in the network, it can be particularly helpful for the 2 billion unbanked people worldwide. Since the launch of Stellar, we’ve....
San Francisco, California — On December 2, Stellar Executive Director Joyce Kim sat on a Stellar panel and gave an overview of the Stellar project to the audience at The Future of Money and Technology Summit, a yearly fintech conference that meets to discuss the evolution of money. The panel was called “Stellar: Building a Common Financial Platform”, and also included Stripe CTO Greg Brockman and Ripple Founder Jed McCaleb. The entire panel session was streamed live courtesy of Bitcoin Magazine, and Joyce Kim’s overview on Stellar is transcribed below. “Stellar is a financial protocol that....
SAN FRANCISCO, California — December 2, Stellar Executive Director Joyce Kim, Stripe CTO Greg Brockman, and Stellar Lead Developer Jed McCaleb sat on a panel and gave an overview of the Stellar project to the audience at The Future of Money and Technology Summit, a yearly fintech conference that meets to discuss the evolution of money. The panel was called “Stellar: Building a Common Financial Platform”, and the entire session was streamed live and published on YouTube courtesy of Bitcoin Magazine. “The goal of the [Stellar] platform is to be a ubiquitous layer so Stripe, Western Union, or....