Project Architecture
The eLend checkout system is built on a number of
technologies to accomplish its goal lending “one ebook to one reader” at
a time, respecting copyright law. This document outlines the
technologies used and provides a little commentary on some of the
benefits, drawbacks and reasoning behind the choices made.
Stellar Blockchain
Stellar is an open-source, decentralized blockchain
platform designed to facilitate fast, low-cost, cross-border
transactions. Key features of the Stellar blockchain include:
- Stellar Consensus Protocol (SCP): Unlike
proof-of-work or proof-of-stake, SCP uses a federated Byzantine
agreement (FBA) model, which allows for quicker consensus without the
need for extensive energy consumption.
- Lumens (XLM): The native currency of the Stellar
network, used to facilitate transactions and prevent spam.
- Asset Issuance and Transfer: Stellar allows users
to issue their own assets (tokens) and transfer them over the network.
This makes it suitable for applications like remittances, micropayments,
and tokenization of assets.
- Decentralized Exchange (DEX): Built into the
Stellar protocol, the DEX allows users to trade assets directly on the
network without the need for a central exchange.
Soroban Smart Contracts
Soroban is Stellar’s smart contract platform,
designed to bring more functionality and flexibility to the Stellar
ecosystem. Key aspects of Soroban smart contracts include:
- Turing-Complete Language: Soroban is designed to
support a Turing-complete language, enabling the creation of more
complex and flexible smart contracts compared to previous capabilities
on Stellar.
- Interoperability: Soroban smart contracts can
interact with Stellar’s existing features, such as asset issuance and
the decentralized exchange, allowing for seamless integration with
existing functionalities.
- Performance and Scalability: Soroban is optimized
for high performance and scalability, ensuring that smart contracts can
execute efficiently even under high transaction volumes.
- Security: Soroban places a strong emphasis on
security, incorporating features to prevent common smart contract
vulnerabilities and ensuring robust contract execution.
Soroban aims to expand Stellar’s use cases by enabling more
sophisticated applications, such as decentralized finance (DeFi),
non-fungible tokens (NFTs), and more complex financial instruments.