Payment throughout the geographical borders with the help of blockchain technology and a payment app. Sounds interesting? And believe me, it is not only good to your ears but your business as well. Let’s take a look at it all uniformly.
Let Me Introduce You To Stellar And Venmo
Stellar is an open-source distributed ledger technology, which permits you to build low-cost and speedy financial services. In a very streamlined way, it offers users a medium where users can transact both digital and fiat currencies worldwide. It has established itself as a premium Steller Smart Contracts by offering a non-touring option that offers transparent code that can be easily audited, which leads to increased security and a robust system.
Venmo is a mobile payment application service owned and operated by PayPal. Venmo account holders transfer funds to others with the help of a mobile app.
Concepts: Stellar Network
- Stellar Consensus Protocol:
Stellar is built on the top of the Stellar Consensus Protocol (SCP), which explains a way to reach outreach consensus without depending on the close system; this helps maintain the ledger.
- Stellar Development Foundation:
The Stellar Development Foundation is a non-profit corporation regulating and maintaining the Stellar Network and the Stellar Protocol.
- Stellar Core And Horizon API:
Stellar Core looks after the communication and maintenance of the network. With the help of the Stellar Consensus Protocol, agreement and validation of the network are completed. Running a stellar is just so similar to an Ethereum network. Horizon is a RESTful API that permits you to interact with Stellar Core, making it easy to build apps on the web.
Before interacting with the network, you need to create an account. Create an account by depositing lumens. Get access to private and public keys instantly.
Assets are resources like money, equity, real estate, etc. You can easily trade all kinds of assets over the network. Stellar uses a native asset called Lumen (XLM).
Entities like Venmo are called anchors. Anchors furnish assets on the top of Stellar and then credit those assets to other Stellar accounts. If the anchor represents fiat, it is likely an unauthorized entity to deal with banks, savings, credit institutions, or a remittance company. Users deposit fiat to the anchor’s account, and then they credit it to the user’s Stellar account with the equivalent balance.
Go Through The Following Process And Learn How Venmo, Like An App, Can Work On The Stellar Network
- Download The App And Create A User Account
Enable the users to download the app and create an account. It will only need a sign-up/ sign-in, not a password.
For the verification process, all the user data like SSN, driver’s licenses, passport, proof-of-residence, etc., are required in the Venmo-like app.
- Credit From A Bank Account
Our Venmo app will have a section that will revitalize transferring from your bank account.
- P2P Payments
Once the account has been provisioned, get some money in the account, and you will send money to other users.
- Transfer Balance
The app will have a section for depositing money into their bank accounts.
Tech-stack That We Use
- Attractive Front End: We develop a beautiful front-end to facilitate a smoother user-experience, smoother user interface, and straight-forward internal structures.
- Functional Back End: The functionality of the bank end is significant. It is the backbone of the application.
- Smart Contracts: The smart contract stack is the key to deploying blockchain-based benefits like security, trustless, p2p, and much more.
Multiple Services That You Can Get From Developing Your Own Venmo On Stellar
- Auditable codes
- Traceable transactions
- Instant transactions
- Cost-effective solutions
Why Choose Cryptocurrency Exchange Script For Developing Your Own Venmo With Stellar?
Cryptocurrency Exchange Script is a leading name in the blockchain sector. We hold expertise in developing apps on blockchain networks. Offering a vast range of services, including:
- 24*7 technical support
- Pocket-friendly prices
- Advanced blockchain technology
- Multiple-payment method
- Strong Security team
- Digital marketing assistance
- Promptitude delivery