StellarX co-creator, with the handle Christian, posted on Medium, how the startup platform will take over the world.
StellarX, created by Interstellar, an independent entity from the Stellar Development Foundation is a full-featured trading app and browser for the Stellar’s universal marketplace which the Stellar network maintains and provides to the public. StellarX was created to showcases a variety of assets, such as crypto, fiat tethers, commodities, and bonds. The browser doesn’t hold assets or private keys, and doesn’t maintain order books or operate a trading system.
Christian touted that using StellarX is free and all network costs are reimbursed from the various fees acquired. Securing an anti-spam system, the Stellar network charges a flat per-transaction fee (0.00001 XLM) that this new platform refunds out-of-pocket for every trade made. The fee refunds are bundled into one payment and released once a week.
While the standard mode of operation is for exchanges to generate revenue through client transactions, decentralized exchanges (DEX) were to be the saving grace, however many Ethereum-based DEXs garner high-cost, offsetting the value of being decentralized. Stellar specialized consensus mechanism that can operate without capital is claimed to be the solution to the high-cost of other DEXs.
With the multiple assets that StellarX already features, Christian added on the blog:
“We anticipate a full suite of forex stablecoins in the coming months: we will be a “local” exchange for many countries that currently have nothing. […] On the crypto side, […] we’ll be adding deep into the coinmarketcap top n very soon.”
StellarX co-Creator commented on the nature of the P2P platform, as it aims to get rid of smart contracts and other complications by dealing with cryptocurrency via self-developed protocols. In an interesting twist concerning cryptocurrency, StellarX will offer issuers the optional feature of requiring clients to go through KYC procedures. Christian added:
“We allow issuers — if they so require — to impose KYC requirements before a person can trade their token. And we give holders human-readable information about what they own, so they can make decisions for themselves.”