Though a newbie on the block, Stellar (XLM) has been making waves since its integration. By providing viable solutions as a blockchain platform, more exchanges look to upgrade their services by integrating its Blockchain.
PinkExc, a Malaysian Exchange and Token issuer, recently announced its plans to move its platform from Ethereum blockchain to Stellar Blockchain. The exchange pointed out that they believed that Stellar will provide better services.
According to the platform, there was a need for an upgrade to a decentralized platform that offers faster, cheaper and more efficient asset value transaction token. Hence, with Stellar, this was fully feasible.
In light of this announcement, Stellar Lumens announced this partnership on twitter while giving brief details of the PinkExc profile and project in place.
“Malaysian token issuer to move from Ethereum to Stellar. PinkExc currently operates several cryptocurrencies teller machines in the country and hosts an online exchange. The project utilized blockchain to raise fund for expansion, besides a utility medium for transactions.” The tweet read.
PinkExc explained that with Ethereum blockchain, it was easy and fast enough to create an ERC20 token. However, a need for further programming was necessitated before the token becomes fully functional.
The exchange then highlighted that with Stellar in place, it was like moving from a manual system of operation to an automatic system of operation. Stellar, according to PinkExc, has built-in capabilities that handle far more than the Ethereum blockchain does.
Stellar Features as a Solid Blockchain Project
Stellar was integrated as a blockchain project which invariably serves as a decentralized platform for token issuing and ICO launches. As pointed out by PinkExc, Stellar was developed such that it can support multi-signature authorizations and limit who can hold tokens.
With Stellar blockchain, tokens created and issued have no need for further programming as with ERC20 created on Ethereum Blockchain. These tokens can be automatically and instantly traded without the need for a third-party broker.
As such, transactions are confirmed faster. Also citing Stellar Lumens’ partnership with tech giant IBM, the token issuer enumerated Stellar’s position as a viable payment system. The exchange pointed out that Stellar could help with its partnership with the Central Bank of Bahrain.
According to the exchange, it obtains Sharia compliance certification in money transfer from the bank’s Review Bureau. With stellar blockchain in place, faster processing time and rates are promised.