At a time when the market is sluggish, and with no clear direction, focusing on crypto prices may seem like watching paint dry. However, this doesn’t mean that projects aren’t doing amazing things in the background. Most projects have some amazing developments in the works, developments that will push this market to new heights by driving up much-needed adoption.
One projects that is doing amazing things in the background is Stellar. From a look at Stellar’s Github, one quickly notices that there are several projects in the works that will completely change its trajectory in the future. One of them is project Slingshot. As per the stellar project slingshot readme on Github, this project is a new blockchain architecture that focuses on scalability, privacy and safety. Project Slingshot is made up of 3 components.
The first one is ZkVM. This essentially means that Stellar is using zero-knowledge proof technology in stellar smart contracts. The idea is to protect the contents of a smart contract from unauthorized access. This will enhance the credibility of stellar smart contracts because, if they can’t be accessed by unauthorized entities, then they also can’t be modified. This will increase the number of industries that can use stellar smart contracts, industries where contract integrity is paramount.
The second component to project slingshot is named Spacesuit. This is a confidential asset protocol that is based on the zero-knowledge circuit. This too is aimed at enhancing security in the stellar smart contracts. As per the stellar Github, this one is not yet ready for deployment. However, even if it is still far away from deployment, it is definitely an interesting move, one that will have lots of positive ramifications on the stellar blockchain going into the future.
The last aspect to Stellar’s project slingshot is MuSig. This is a rust implementation of the Simple Schnorr Multi-signatures on Stellar. It is simply a protocol that,
“… allows a group of signers to produce a short, joint signature on a common message) called MuSig, provably secure in the plain public-key model (meaning that signers are only required to have a public key, but do not have to prove knowledge of the private key corresponding to their public key…”
This is a big deal because it could open up more adoption of Stellar by merchants. That’s because, they can accept payments using stellar (XLM), without ever compromising the security of the private keys involved in such transactions. It’s one of the factor that could help build confidence in stellar based transactions in the long run.
With such amazing things under development, the future of Stellar looks bright. That’s not forgetting that Stellar looks set to transform and dominate the cross-border payments market, through the IBM Blockchain world Wire.
Once fortunes begin looking up again for the crypto market, Stellar (XLM) has the potential to be among the biggest gainers. In a few years, Stellar’s 2017 highs could look like a bump, with this crypto making highs that are multiple times higher than its current all-time highs.