Following the trend of forming partnerships, a phenomenon that seems as if it will be a bedrock of the cryptocurrency industry, Stellar just announced that it is going to collaborate with Keybase, a project that aims to connect multiple devices and data across various platforms, a project which created by the founders of OkCupid . The Keybase Stellar partnership should potentially allow for a simplified user experience allowing for more adoption.
This is the latest Stellar partnership and is certainly an exciting one as the project gears up to take on its competitors.
Explaining the nature of the collaboration, Stellar mentioned that the primary aim of this partnership is for Stellar to develop a way to share funds between users without the senders having to use long cryptographic keys for the receiving party, but simply by knowing primary details such as their “Twitter or Reddit handle”.
Stellar aims to achieve this feat by leveraging Keybase’s cryptography functionalities, and hopes that this platform-linking facility will encourage more people to utilize blockchain and cryptocurrency fund transfers.
Elaborating further on the estimated result of the partnership, Stellar wrote that it is going to make sure that the product is completely decentralized and private, since both Stellar and Keybase are strong proponents of maintaining privacy and decentralization when it comes to blockchain and cryptocurrency, and do not believe in providing any other organization or institution access to private data, even if said organizations belong to the government of any country.
It was also stated that the operations will entertain both, the U.S. Dollar and Stellar’s XLM, Stellar was not shy of letting people know what it thought of the prime fiat asset.
“Our financial contribution to Keybase will be a mix of the piteously over-centralized U.S. dollar, whose value, if you can believe it, depends entirely on the whim of a few government officials, and then also XLM.” The company wrote.
Stellar also mentioned that the collaboration will include a slew of products and services, but did not share a complete list of those plans to avoid “another crypto hype-cycle”.
The company stated that it will instead announce new products that are a result of this collaboration only when they have been completed or are near completion.
Effects on Keybase and Stellar partnership and the crypto industry
In the conventional market, a company’s success does not only come with its products and services and their efficacy through effective marketing campaigns, but also by an objective driven PR strategy, where it needs to carefully choose its path in order to make the right alliances that would help it in the long run.
The same goes for the blockchain and cryptocurrency industry, where IBM and Ripple seem to be key examples of this practice. However, alliances and their announcements are not just vital for companies that already have hundreds of partners, but are equally important, arguably even more so, to new companies or ones that only have a handful of technological and corporate partners in their portfolio.
This helps especially when said partnerships are not just formed to maintain credibility, but when they aim towards achieving prime functionalities through the collaboration.
The same goes for this Stellar Keybase partnership, as it does not only provide the companies with a path towards added credibility and support from each other’s communities, but also helps them develop new solutions that could define their future – depending on how users feel about sharing their social handles or linking them to their cryptographic keys.
This particular announcement has not had any impact on Stellar’s price as of yet, but this could change within a few weeks, especially when said solutions are developed and introduced to the end users.
The impact of the cryptocurrency industry is quite strong, companies that help to simplify to processes in the cryptocurrency industry in sending payments in fast, efficient, cost effective and most importantly, intuitive manner will have a significant impact as it makes it easier for people to use these products and adopt the innovation.
Other notable partnerships: