With the launch of the first Stellar in the NFT market, Litemint, the network is expected to increase on-chain activity in its native XLM cryptocurrency. NFT printing on the Stellar network costs about $ 1.50 and takes less than a minute. The features of the new Stellar platform open up attractive opportunities and cryptocurrency signals for developers and new projects.
The new Stellar platform.
- The Stellar Development Foundation, the Singaporean Central Bank’s Monetary Authority via Digital Currency (CBDC), was selected for the study.
- Stellar’s transition to the NFT sector via Livemint could lead to an acceleration of the uptrend.
- Stellar’s decentralized protocol can be used as a solution for international payments.
XLM is in fierce competition with Ethereum and Ripple. Analysts are expecting a big comeback for the popular cryptocurrency. However, some investors criticized XLM for taking such a step only to catch up with the latest cryptocurrency trends – expert of SafeTrading.
The Ethereum ecosystem pioneered digital art and collectibles with CryptoPunks, one of the first projects to house a unique 10,000 pixel collection. NFTs evolved around Layer 2 scaling and blockchain networks. Stellar has joined the trend with the launch of Litemint, a digital collecting platform and an NFT marketplace.
Stellar is expected to grow
Low transaction costs and short lead times may encourage authors to join Litemint. In turn, demand for Stellar will rise. The developer of Stellar, the Stellar Development Foundation (SDF), was a project recently selected by the Monetary Authority of Singapore (MAS) for the central bank digital currency (CBDC).
Stellar Blockchain: Cardano ranked among the top projects for average daily development activity on GitHub, along with Chainlink and other popular altcoins with cryptocurrency signals. The updates to the Stellar ecosystem are expected to trigger a bullish trend among investors and NFT holders.
At the time of this writing, the popular cryptocurrency Stellar (XLM) is trading at $ 0.33.
Analysts of SafeTrading have been following everything that happens in this area for a long time. Therefore, we can say with confidence that the platform has a rather promising future, which can allow it to stand alongside the largest crypto projects around the world.
Criticism of Cardano over Minswap.
Cardano ran into trouble launching Minswap, its smart contract testnet, its first decentralized exchange (DEX) application. The problem stems from Cardano eUTXO’s new approach to implementing smart contracts, which faces concurrency issues. It is alleged that several solutions have been found on this issue.
ADA supporters are opposed to criticism of the Cardano blockchain and say they expect better results in the future. Cardano continues to publicly launch smart contracts on September 12th. The Cardano blockchain (ADA) has come a long way towards launching the smart contract feature. The smart contract platform, which has been working on for over 5 years, launched the Alonzo testnet (testnet) in August. However, launching smart contract applications on the testnet created some issues that made the platform a subject of criticism.
- MinSwap, the first decentralized finance application launched on the testnet, faced major scaling issues.
- Ongoing criticism of Cardano’s smart contracts has also intensified significantly, with software developers announcing that the platform will be temporarily closed to address issues.
- The source of the problem was narrowed down and it was determined that the problem was caused by Cardano’s use of the eUTXO protocol to implement a smart contract solution.
- eUTXO, which stands for Extended Unused Transaction Bandwidth, is considered a new solution achieved by combining the features of the protocols used by both Bitcoin and Ethereum.
Verdict
Cardano sought to combine Bitcoin’s UTXO model with Ethereum’s ability to process smart contracts in the Enhanced UTXO Accounting Model (EUTXO). The Cardano registry model extends the UTXO model to support multiple entities and smart contracts without compromising the core benefits of the UTXO model. However, the complaints were that the model does not support concurrency, which means the ability of several different agents to simultaneously interact with the same smart contract. The Cardano development team explained that Cardano handles multiple transactions very well, contrary to popular belief that its smart contracts feature only allows one transaction per block – analyst of SafeTrading.
The stock market developer stated that they found solutions to the problems that had arisen, but none of them published their solutions. For this reason, many Cardano supporters have defended themselves against Cardano’s criticism. Cryptocurrency firm Weiss Crypto has issued statements claiming that there is no scalability issue and that popular media opinion is wrong. He added that it is normal for the industry to face some challenges on the road to progress, giving examples of the challenges many cryptocurrencies face in the development process. He also described the comments made in the media as “insincere and sarcastic.” However, the company praised Cardano’s courage to fail, adding that it hopes for a bright future for the project. Despite all these difficulties and criticism, the team is determined.
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