Stellar is an open network for storing and moving value. Powered by the blockchain, Stellar allows a user to create a redeemable, tradable representation of any asset. Such representations are called tokens, such as VNM. In a sense, Stellar offers a generalized toolkit for anyone to do what Coinbase did for the Dollar with their USDC. Stellar allowed us to you digitize creative product and service value and then issue and redeem claims on it; in the form of VNM tokens.
The decision to use Stellar was largely driven by the Stellar Foundation's agenda, which falls inline with our goal to empower creatives across the globe. Here's a snippet from the Stellar Development Foundation:
Stellar lets people participate in a worldwide, stable, financial network regardless of where they live.
In addition, here are some important technical considerations we had to make:
- Architecture - the Stellar blockchain's architecture was build to facilitate digital representation of any asset, from currencies, metals to creative product.
- Decentralized Exchange - the Stellar DEX will allow us to launch our digital asset and instantly trade without the need of a CEX such as Binance. This will make VNM much more accessible to our users with less red tape.
- Global Anchor Network - In addition to the DEX, our users will also have access to the already existing payment rails utilized on the Stellar network. Dubbed 'anchors', these facilitate the trading Stellar based assets such as VNM for fiat
- Transaction Fees - Delivers almost free transactions making them ideal for international payments and micropayment use-cases
- Transaction Settlement Time - Delivers almost instant transactions (compared to ETH) ideal for our high volume transactions generated from platform activity
- Controlled Access to Assets - will allow us to comply with regulation (KYC, Reg D) for all VNM token holders.