{"id":158,"date":"2014-08-02T23:05:00","date_gmt":"2014-08-02T23:05:00","guid":{"rendered":"http:\/\/blog.holytransaction.com\/the-bitcoin-secret-project-reveals\/"},"modified":"2014-08-02T23:05:00","modified_gmt":"2014-08-02T23:05:00","slug":"the-bitcoin-secret-project-reveals","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2014\/08\/the-bitcoin-secret-project-reveals.html","title":{"rendered":"The Bitcoin Secret Project reveals Stellar"},"content":{"rendered":"
\n <\/div>\n
\n<\/div>\n
\n(TechCrunch<\/a>) There\u2019s Bitcoin<\/a>, the asset and hedge against fiat currencies and the politics of their central banks.<\/div>\n
\n<\/div>\n
\nAnd then there\u2019s Bitcoin, a fundamental innovation around a
\ndistributed public ledger of transactions. Many crypto-currencies try to
\n split or play with the distinction between the two. <\/div>\n
\n<\/div>\n
\nAn early attempt was the Ripple, from OpenCoin<\/a>. But the team behind that startup split. Co-founder and Mt. Gox creator Jed McCaleb left to go work on other stealth projects<\/a>.<\/div>\n
\n<\/div>\n
\n<\/div>\n
\nNow he\u2019s re-appeared again with a new non-profit called Stellar<\/a>, that\u2019s being backed by Stripe. Joyce Kim, who founded a company that OpenCoin acquired called SimpleHoney<\/a>, is also leading the non-profit.<\/div>\n
\n<\/div>\n
\n<\/div>\n
\nThe similarities are obvious. Stellar<\/a>
\n is a decentralized protocol for sending and receiving money in any pair
\n of currencies. It\u2019s not exactly a competitor to Bitcoin; it\u2019s meant to
\nfacilitate transactions in all kinds of currencies from the majors like
\nthe yen, dollar and euro to other emerging-market fiat currencies.<\/div>\n
\n<\/div>\n
\n<\/div>\n
\nThat protocol is paired with a crypto-currency called the Stellar.
\nThey\u2019re starting out with a fixed amount of Stellars that they\u2019re freely
\n gifting to new users. This is very different from Bitcoin, which must
\nbe mined through machines solving complex cryptographic problems in
\nexchange for small amounts of the currency awarded at fixed time
\nintervals.<\/div>\n
\n<\/div>\n
\n<\/div>\n
\n<\/div>\n
\nKim has argued in the past that this is a more egalitarian approach.
\nMining means that only people with high technical skill or the capital
\nto operate now-expensive mining hardware get access to new Bitcoin. But
\nStellar is distributing half of its initial amount to anyone who will
\nsign-up for it through the program. Stripe is getting 2 percent of
\nStellars in existence in exchange for $3 million.<\/div>\n
\n<\/div>\n
\n<\/div>\n
\nA quarter of the Stellars will go to non-profits via an \u2018increased
\naccess\u2019 program, while another 20 percent will go to existing Bitcoin
\nholders based on a snapshot of the blockchain on a specific date in the
\nfuture. The remaining 5 percent will go toward operational costs. If the
\n value of Stellar\u2019s payment network increases, so will the value of the
\nStellars that the non-profit holds.<\/div>\n
\n<\/div>\n
\n<\/div>\n
\nAlso, unlike Bitcoin, the Stellar economy has a built-in inflation rate of 1 percent indefinitely.<\/div>\n
\n<\/div>\n
\nStellar\u2019s board has Stripe<\/a> co-founder Patrick Collison<\/a>, Khosla VC and former Square COO Keith Rabois<\/a>
\n along with McCaleb on the board. Also advising the non-profit are
\nsecurity expert Dan Kaminsky, Joi Ito, Ronaldo Lemos, Linda Stone, Y
\nCombinator\u2019s Sam Altman<\/a>, AngelList\u2019s Naval Ravikant<\/a>, Jackson Palmer, Greg Stein, and WordPress\u2019 Matt Mullenweg.<\/div>\n

Open your free digital wallet here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n","protected":false},"excerpt":{"rendered":"

(TechCrunch) There\u2019s Bitcoin, the asset and hedge against fiat currencies and the politics of their central banks. And then there\u2019s Bitcoin, a fundamental innovation around a distributed public ledger of transactions. Many crypto-currencies try to split or play with the distinction between the two. An early attempt was the Ripple, from OpenCoin. But the team […]<\/p>\n","protected":false},"author":1,"featured_media":654,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37,553,610],"tags":[1210,1263],"yoast_head":"\nThe Bitcoin Secret Project reveals Stellar -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/holytransaction.com\/blog\/2014\/08\/the-bitcoin-secret-project-reveals.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Bitcoin Secret Project reveals Stellar\" \/>\n<meta property=\"og:description\" content=\"(TechCrunch) There\u2019s Bitcoin, the asset and hedge against fiat currencies and the politics of their central banks. And then there\u2019s Bitcoin, a fundamental innovation around a distributed public ledger of transactions. Many crypto-currencies try to split or play with the distinction between the two. An early attempt was the Ripple, from OpenCoin. 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