Social Network Using Stellar to Monetize “Likes”

Social network Philafy plans to use the Stellar network to transform social media “likes” into micro-donations.

Philafy is using Stellar to send, track and stock digital currency that is indexed to the US dollar. Users can purchase Philafy’s prepaid donation credits, basically a cryptocurrency that is on Stellar, and donate to other users on the network. Philafy earns 5% on every transactions, which users pay along with a credit card processing fee of 2,9%.

In other developments at Stellar, users can now attach any key/value pair to a Stellar network account. Using the manage data operation, the account can have an associated encryption key, publicly attest to some fact, or provide other metadata about itself. developer Bartek added support for federation to the account viewer. The viewer now resolves an email-like payment address (ex: sacarlson* to the associated public key. As a personal project, Bartek has built a prototype of a Go cold wallet designed for Raspberry Pi. If you give it a try, please be sure to attempt transactions on the testnet first.

Stellar integrator bext360 proposed a project with Open Challenge, Stellar-powered smart coffee kiosks that automatically pay out farmers in the Democratic Republic of Congo. Each kiosk, which functions like a Coinstar for coffee beans, will serve around 4,000 farmers.

Stellar Co-Founder Joyce Kim and CTO Jed McCaleb recently spoke about how blockchain technology is bringing low-cost banking to the world’s poor. McCaleb said :

“This is hitting the poorest of the poor—it’s really material for them if they’re spending a significant amount of their money on this remittance fee. We’re hoping to fix all that.”

Kim spoke about the success of the Stellar pilot, which processed 6 million transactions using the Stellar network for only 20 cents in total fees. In contrast, the same amount of transactions would have resulted in fees of US$150 million through traditional wire services or US$2 million through African mobile money transfer service M-Pesa.