To reach widespread acceptance, blockchain systems should enable the effortless transfer of financial assets between conventional and on-blockchain structures.
During Paris Blockchain Week, Denelle Dixon, the CEO of Stellar Development Foundation (SDF), emphasized this essential idea when speaking with CryptoMoon.
Since the outset, our goal has been to make financial transactions as swift and seamless as sending emails. However, we came to realize that achieving this required providing access points (on- and off-ramps) and avoiding the use of unpredictable cryptocurrencies for transactions.
The CEO of SDF is a past trial lawyer who later joined Yahoo and Mozilla. Looking back on her path to the blockchain world, Dixon acknowledged Jed McCaleb, Stellar’s creator, for enticing her into working with the layer-1 protocol.
The ex-COO of Mozilla explained why she chose to collaborate with Stellar. She was drawn to Stellar due to its emphasis on tokenization and swift, affordable transactions, which have the potential to positively influence underdeveloped economies.
The capacity to issue digital assets for trading on Stellar and connect effortlessly with traditional financial systems like payment rails and gateways has been essential in delivering value to the platform’s users.
Dixon’s experience at Mozilla continues to be an influential guide for her. Her drive comes from making different blockchain systems work together seamlessly, which she finds inspiring for her projects.
“I want this work to be not just for Stellar but to create an interoperability layer across chains and make it so that all blockchains benefit from the hard work that we’ve done.”
In the year 2024, the blockchain landscape is inhabited by over 200 distinct protocols, each providing unique and sometimes debatable benefits to users. The passionate followings of these protocols have developed a strong allegiance towards their respective blockchains, which Dixon believes hinders the progress of enhancing the fundamental infrastructure’s utility. She stated:
“It’s really funny. There is tribalism, but sometimes, we continue to promote the tribalism instead of focusing on what’s really true.”
She mentioned the recent problems with network interruptions and traffic congestion on major protocols such as Solana and various Ethereum layer-2 solutions like Base, Arbitrum, and Starknet.
“According to Dixon, these obstacles can have a negative impact on the blockchain community as they may cause doubt and hesitation among potential newcomers, making them think twice before getting involved.”
Social media sites serve as a means for the persistence of tribal behaviors, with users advocating various viewpoints occasionally attacking each other. However, according to Dixon, there’s a greater exchange and encouragement of ideas among people than what is commonly perceived.
“There is less tribalism than people actually think at the executive level. Like people are always saying you and Brad Garlinghouse from Ripple must not get along, but actually we do.”
Dixon stated that those promoting the use of decentralized protocols generally hold the view that the industry isn’t dominated by a sole victor.
Anyone with experience using the internet is familiar with this phenomenon. The consequences became evident when there were indeed five dominating forces controlling web content. However, it didn’t benefit those attempting to rival them. (Dixon’s statement paraphrased)
In February 2024, the Stellar Development Foundation initiated the use of smart contracts on the Stellar network. According to Dixon, this step was taken in response to the demand for enhanced programming capabilities to offer a fresh and unexplored territory for developers working with Stellar, which they referred to as a “greenfield site.”
“We really need more developers like developers to take the network from a billion operations a month to 10 billion a month and that’s what I would love to see.”
Calm and composed individuals will succeed, Dixon asserts, yet he underscores the importance of keeping practical applications a top priority for the advocates of blockchain and digital currencies.
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2024-04-19 11:02