STELLAR SHARK - The Challenge To Solve The Problems of Decentralization and Scaling

Introduction

The following review, is a detailed summary and analysis about the Stellar Shark Project. This will be helpful for everyone who wants to learn more and get an objective view about the Stellar Shark Project.

Stellar Shark

Stellar Shark is a new cryptocurrency which introduces many improved qualities of Stellar (XLM), such as open source technologies, low prices, affordable and decentralized model, extended consensus protocol, processing speed and others. We will take a snapshot of the Stellar Shark network (XLK) for XLM owners, scheduled for June 28, 2019, at a ratio of 1: 1. This will make XLK more active and ensure prosperity in the cryptocurrency community. Stellar Shark will showcase a number of important innovations that we hope will become industry standards in the near future, such as Lightning Network support, multi-currency exchanges, and the Byzantine Federation Agreement protocol. In this section, we see more detail in each.

Stellar Shark wallet

Stellar Shark prefers to be added to the main wallet that receives Stellar, such as Ledger, Astral, StellarPort, Interstellar and others. However, while Shark Stellar's team is in the process of negotiating with this wallet, we will offer our community a specially designed, comfortable and user-friendly wallet to store their digital assets.

Decentralized Exchange Platform

Most cryptocurrency users still use centralized exchanges such as Coinbase and Kraken. They are well advertised and produce great power in the crypto world, but are centralized. Most Exchanges have the following impending challenges:

Their registration process is often very complicated, and saving and withdrawing funds can make difficulties. Each exchange has its own interface, and the learning curve is steep, which blocks many users.

Centralized exchange imposes high fees, especially for storing and withdrawing funds from and from credit cards. Apart from costs for trading and conversion, this amount can reach 10% of the total.

Large exchanges usually have a minimum transaction limit, which makes it almost impossible to sell and attract a small amount of digital currency.

Centralized exchanges are often victims of hacker attacks because their servers are centralized. The cumulative loss of user money from attacks over the past few years exceeds one billion dollars.

The exchange completely controls the user's facilities and can freeze them at any time.

Stellar Shark will show a decentralized exchange, which will present a very good alternative.

Thanks to cross-platform interactions and atomic exchanges activated by Lightning Network, users will be able to exchange all types of digital assets - maybe hundreds or even thousands of partners.

Before the launch of Stellar Shark, a snapshot of the Stellar network will be taken; This step is planned to start June 28, 2019. Snapshot is a record of all Stellar holders who have lumens in their personal wallets during snapshots, along with the appropriate XLM number in each user's wallet.

XLM holders will be entitled to receive Stellar Shark (XLK) coins for free after a fork with a ratio of 1: 1

This means that a wallet holding 10 lumens will receive 10 XLK. It is important to note that after the launch network, Stellar holders are free to dispose of their lumens as desired, including transferring them to exchangers or other users or selling them. They will still get free XLK as long as there are several lumens in their wallet when the photo is taken. Only XLM is stored in a personal wallet that is valid for the free Stellar Shark token distribution. Lumens held on the exchange do not give the owner to accept XLK. This distribution system is commonly used for hard forks and is designed to attract public attention to Stellar Shark - basically, very similar to airdrops held by many ICOs. XLK's total supply is limited to 100 billion.

Forking is a common way to develop new and better versions of existing cryptocurrency. Stellar Shark is made as a Stellar hard fork, just like Bitcoin Cash is a hard Bitcoin fork. However, people must understand the difference between hard and soft forks, and unintentional (temporary) forks. The most common type of fork is an accidental fork, which appears when two blocks in a distributed ledger are accidentally completed and validated at the exact same time (in Proof of Work, this can occur if two miners solve cryptographic puzzles when the same one ). In this case, two new blocks get the same number, and the blockchain is divided into two branches. Such forks do not cause serious problems.

The next type of fork is this soft-fork fork intentional and involves some people who agree to introduce important innovations in the code. The user is free to comply or not; the key is that those who switch to the new version can still communicate with the old one.

This is similar to updating to a new version of Windows which still allows one to use earlier versions of Office and other software.

Soft-fork is compatible with backwards, because nodes that choose to remain on the old network will still recognize block validity completed on the new network. However, if for some reason the user decides to return to the state before the soft fork, it will require a hard fork.

Roadmap and Development Perspective

Shark is a project dedicated to the establishment of a decentralized Internet and its infrastructure. Shark Protocol, one of the largest blockchain based operating systems in the world, offers public blockchain support for high throughput, high scalability, and high availability for all Decentralized Applications (DApps) in the Shark ecosystem. Shark offers a series of development tools to enable developers to make innovative DApps. SharkTest is a framework that allows developers to test and use smart contracts. SharkLite is an API service that is loaded and hosted that allows developers to access the Shark network without having to run their own nodes.

Website: https://stellar-shark.com/

Whitepaper: https://stellar-shark.com/wp.pdf

Facebook: https://www.facebook.com/stellarshark/

Twitter: https://twitter.com/sharkxlk

Github: https://github.com/stellarshark

Telegram: https://t.me/stellarsharkofficial

Author
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