WHAT IS KEYBASE?
Keybase is a free security project for mobile phones and computers, and as they say on its website is available in open source and works with public key cryptography, has a world class development team. The founders of Keybase were previously founders of SparkNotes and OkCupid.
A COMMON OBJECTIVE
This union between the two companies seeks to make cryptography more accessible for daily use and is simpler, as they say in their statement:
“We see a future in which, for example, I can send 100 XLM to a friend and, through Keybase, I can send it to him knowing only his Twitter or Reddit account. I will not need a long string of digits as a key, just a readable user name I already know. “
The financial contribution of Stellar to the project will be with US dollars and Stellar Lumen (XLM), in their project they say that there are many practical products focused on Stellar, they have not yet revealed details about them since they want to wait to present them jointly with Keybase when they are finished or almost.
WHY KEYBASE HAS CHOSEN STELLAR?
Keybase has given details of why they like Stellar, and they are the following.
According to Keybase, Stellar can meet the original goals of Bitcoin (fast, cheap and global payments)
They also say:
- The transaction fees with Stellar are almost zero: Transactions with Stellar have a fare of a fraction of a cent, and payments of up to 0.01 dollars can be sent, which makes micropayments possible.
- Transactions are fast: The average transaction with Stellar is 4.74 seconds, and the Stellar lightning network will be launched this year.
- Stellar is not bad for the environment: The consumption of electricity is much lower than Bitcoin, they say at this rate Bitcoin will use more electricity than all the US.
- Other projects are coming:Soon ICOs with Stellar will arrive, according to their opinion Ethereum is being discontinued for ICOS due to its high costs and poor security.And Kik’s CEO (Ted Livingston) said: “We’ve been using Ethereum to date, and to be honest, I call it the blockchain dial-up era.”
- Stellar understands real coins: Beyond Lumens, your Stellar wallet can contain a coin that you like (dollars, euros, Litecoin)
- The network implements a decentralized exchange: It allows merchants to trade without exposing their private keys to other people.
These and other reasons why Stellar is a totally alive project that moves large volumes daily or that have a great relationship with Stellar’s chief scientist – David Mazieres, are the reasons why Keybase has chosen Stellar to work together.