Blockchain Protocols Must Smoothly Integrate with Traditional Finance: SDF CEO Denelle Dixon
Summary:
Stellar Development Foundation CEO Denelle Dixon emphasizes the need for blockchain protocols to facilitate smooth financial transactions between traditional and on-chain systems. Having transitioned from a legal career to the world of technology, Dixon is driven by the potential for decentralized protocols to bring major advantages to developing economies. Recognising recent challenges faced by blockchain networks, including outages and congestion, Dixon stresses the need to focus on improving the utility of blockchain infrastructure. Despite competition between different blockchain communities, at the executive level, there is agreement that the sector should not be a 'winner-takes-all' market. The launch of smart contracts on the Stellar network is seen as a step towards enhancing programmability.
To achieve widespread acceptance, blockchain protocols must ensure the smooth transition of financial assets between conventional and on-chain infrastructures. Stellar Development Foundation (SDF) CEO Denelle Dixon emphasized this key issue during her conversation with Cointelegraph at Paris Blockchain Week. Dixon said, "We always strove to make the money flow as seamlessly as an email. However, we quickly realized that this requires both on-ramps and off-ramps and we couldn't solely depend on unstable cryptocurrencies."
Dixon, a former trial attorney who later worked at Yahoo and Mozilla, was persuaded by Stellar's founder Jed McCaleb to join the layer-1 protocol. On addressing her career trajectory into the blockchain arena, she attributed her move to Stellar to its decentralized protocol's emphasis on quick, low-cost payments and tokenization that can directly impact developing economies.
Dixon emphasized that the ability to tokenize assets on Stellar and link them directly to fiat payment pathways and gateways has been key in providing utility to the protocol's users. Working at Mozilla previously continues to influence Dixon. She is driven by a mission to enable seamless interaction amongst leading blockchain protocols.
The year 2024 sees the blockchain ecosystem filled with countless protocols offering users varying and debatable benefits. Different blockchain communities vehemently defend their respective platforms, an aspect Dixon believes detracts from leveraging the underlying infrastructure's utility. She remarked, "There's a degree of favoritism, but often it's promoted instead of focusing on what really matters."
She referenced the recent network crashes and congestion problems experienced by major protocols like Solana and Ethereum layer-2 protocols such as Base, Arbitrum, and Starknet. According to Dixon, these setbacks are detrimental to the blockchain ecosystem as it casts a shadow of doubt, dissuading people from joining.
Social media platforms continually fuel this bias as users supporting one protocol often criticize others. However, Dixon suggested that at a higher level, there's more support and shared thinking than most perceive. She highlighted the amicable relationship with Ripple's Brad Garlinghouse as an example. Dixon noted that individuals and organizations pushing for the widespread adoption of decentralized protocols unanimously agree that this industry is not about one sole winner.
Smart contracts were launched on the Stellar network by the Stellar Development Foundation in February 2024. The launch of the Soroban platform, according to Dixon, came from a requirement for enhanced programmability to carve out a new opportunity for Stellar's developers. Dixon's final comment emphasized the importance of maintaining utility as a primary concern for blockchain and cryptocurrency supporters.
Published At
4/19/2024 10:08:23 AM
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