Scratch Technologies Switches to Stellar Lumens
We at Scratch Technologies are excited to announce that our project will now be built on the Stellar Lumens (XLM) protocol! While this change from the Ethereum network will initially seem like a slight step backwards, it will allow for greater strides forward. We’re here to explain the differences between the platforms and why we’ve decided to make the switch.
In 2013, Vitalik Buterin invented Ethereum as a blockchain development platform and a smart contract payment solution. The launch of Ethereum was truly game-changing in the cryptosphere, as it really set the stage for “programmable money” and also allowed so many new projects to enter the space. As it stands, there are two main benefits of building on the Etherum network. The first is that Ethereum allows for the creation of complex projects on its network. For most scopes of work, the sky’s the limit when using this powerful platform. The second is that it is well-establish and has strong brand recognition. Ethereum gave new meaning to and is almost synonymous to the term “smart contract”, and, as it currently sits as the second largest cryptocurrency, it remains extremely popular and well-known. For these main reasons, our team initially began developing the Scratch platform and cryptocurrency (ITCH) on the Ethereum network.
Enter Stellar Lumens. Stellar was created as a cross-border payment protocol with its own cryptocurrency (XLM) and its own ecosystem. XLM shot into the cryptocurrency top 10 during the alt coin craze at the beginning of 2018. It remains a leader in the space and while it doesn’t have the same brand recognition as Ethereum, it is becoming a trusted platform for developers to build on. One of the bigger downsides to the Stellar Lumens network is that it only allows for simple projects and development. This, however, is not a problem for the Scratch platform, as our project, while powerful and useful, will be simple by design and not require intricate development. The benefits of the platform, far outweighing the cons, include cheaper transaction fees and faster transactions. The exact speed and cost of transactions are hard to calculate as they are constantly changing, but since the Stellar network is much less congested, the differences are substantial. Some would also argue that Stellar was designed to better solve scalability issues that often plague the more popular cryptos. With a less congested network, faster and cheaper transactions, and features to meet all of our needs, Stellar Lumens is an excellent platform for Scratch Industries to build upon. Our project could even become the largest Stellar ICO yet!
In conclusion, the switch to the Stellar platform is the right one. While Ethereum certainly has its impressive capabilities and brand recognition, Stellar will allow Scratch to build an excellent project that will preform more optimally. There will initially be some extra work for the team, but in the long run, it will most certainly be worth it. We’re very excited to build our product on the Stellar Platform and can’t wait to share it with you all!