SatoshiPay receives funding from Stellar for the development of the second-tier Pendulum blockchain »CryptoNinjas
SatoshiPay, a payment solution based on blockchain Built on stars, Announcing that it has received R&D funding from the Stellar Development Foundation to start producing the Pendulum network; a new second-layer blockchain that connects Stellar to the wider DeFi ecosystem by adding smart contract support and bridges with Ethereum and Polkadot .
Connect Stellar to the DeFi ecosystem
star It is an open source network that can easily create, send and trade digital representations of all forms of cryptocurrency and legal tender.
The Stellar network was launched in 2015 and now processes more than 6 million transactions per day. The user experience is almost instant settlement, and the transaction fee is only a fraction.
Focus on fiat token payments; Stellar will benefit from support for custom smart contract functions; the foundation of advanced DeFi applications. In addition, Stellar needs but currently lacks a bridge to connect it to other blockchains. This is exactly what SatoshiPay’s new project Pendulum will provide.
Complex functions without sacrificing efficiency
In order to implement advanced features on Stellar without sacrificing efficiency, the SatoshiPay team proposed Pendulum. Pendulum is an open and decentralized protocol on which smart contracts can be developed and executed. The Pendulum chain acts as the second layer above Stellar. It also includes bridges to the two most popular smart contract platforms Ethereum and Polkadot.
“As a key player in the Stellar network and ecosystem, SatoshiPay has a good track record; we are very pleased that they are exploring opportunities to connect Stellar with the booming DeFi ecosystem. Pendulum has the potential to build a bridge and increase Stellar’s connection with other networks. Interoperability; this can enable new use cases and help unleash the potential of the world economy by making capital more fluid, more open markets, and more empowered by people.”
—— Justin Rice, VP Ecosystem, Stellar Development Foundation
After completing the initial proof of concept, Pendulum will develop into a mature decentralized layer 2 blockchain that everyone can access.
“Through Pendulum, SatoshiPay is entering the protocol space, which is an exciting opportunity for us to promote permissionless innovation and increase our impact on the blockchain ecosystem. We have been working with the Stellar team for some time now. Discuss the options for executing arbitrary smart contracts; we are very happy to receive their technical input and financial support. Our goal is to combine the best of the two worlds; the DeFi application we learned from Ethereum and the Stellar collaboration Regulatory legal tokens. It will be exciting to see Stellar’s US$9 billion market capitalization and US$7 trillion foreign exchange market interact with the booming DeFi economy through Pendulum.”
—— Meinhard Benn, CEO of SatoshiPay
Unlimited opportunities for Stellar users
Combining the existing Stellar ecosystem around compliant payments, remittances, and asset tokenization with new smart contract features; opening up many new opportunities.
With Pendulum, Stellar-based services will be able to utilize all different types of DeFi protocols, with a focus on fiat tokens. This includes automated market makers (AMM), which can implement foreign exchange transactions without intermediaries or lending agreements to achieve instant on-demand liquidity in different currencies.
Fiat currency holders On the stars, Such as individuals, institutions, and services, will be able to put their funds into use; use cases suggest depositing them in a loan pool or providing liquidity to AMM. In addition, the proposed bridge to the Ethereum and Polkadot ecosystems will allow fiat tokens and liquidity to circulate freely between Stellar and Pendulum; and the wider DeFi economy.
SatoshiPay’s cross-border remittance service Transfer Rely on effective foreign currency exchange, because the source currency must be transparently converted into the destination currency in this process.
This can technically be achieved through Stellar’s decentralized exchange SDEX; but each transfer requires an active currency trader as a market maker. This may cause problems such as delays and outdated exchange rates. Automated market making through decentralized smart contracts solves this problem.
Pendulum is under development, taking into account services such as DTransfer. When Pendulum goes online and deploys AMM smart contracts; DTransfer will benefit from instant currency conversion at the best exchange rate.