Why the Stellar Improvement Basis Launched a New Account Mannequin – NewsBTC

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The Stellar Development Foundation (SDF) has announced a new account model called Muxed via an official blog post. Created to eliminate friction and to facilitate user interaction with the account model based on this network and the multiple services that build on it, the muxed accounts appear to be an important improvement for the entire ecosystem.

Related reading | Stellar Network processes 1.8 billion transactions, was 2021 the best year ever?

According to the post, a muxed account is one that combines GABC and 64-bit integer ID to create a “virtual” account at a traditional address. Due to its properties, a muxed account can be identified within a real account.

So if there is a service or product that Stellar uses to pool multiple accounts, now they can manage them more easily and get rid of annoying issues like meme issues. The SDF called for “Stellar-based products and services” to verify that the validators are compatible with the new account model and asked them to develop “a plan to implement” muxed accounts into their system. The organization said:

Custodian services usually use multiplex accounts to assign incoming payments to an internal customer database. Companies can use multiplex accounts to assign incoming payments to an invoice or a customer account.

Other characteristics for muxed accounts uncovered by the SBF are the differences in encoding, they will be 69 characters in length rather than 56 characters in length as is the case with a traditional account, and in their base values. As a result, muxed accounts have M as the first character rather than G.

Muxed to improve the transaction experience on Stellar

According to its GitHub repository, Stellar’s new account model could open up more options for users and all actors operating on this network and finally remove the limitations of using a memo-based model:

Experience shows that people often forget to provide the memo ID, which leads to either money lost or annoying support calls. In addition, memo IDs are per transaction, not per occurrence of an account ID, which limits the use of multiplex accounts. (…) By adding an optional Memo ID to the Account ID Type, we’re making Multiplexed Accounts (Muxed) a top notch abstraction that can be used anywhere a normal Account ID can be used.

This could vastly improve the way exchanges and custodian services work with Stellar transactions, and save users time and money by eliminating the need to manually enter a transaction. The SBF announced that multiplex accounts have been implemented in the Protocol 13 update.

This update was introduced in 2020, but muxed accounts remained hidden until yesterday, January 10, 2022. Due to the incompatibility with older versions of the Stellar software, projects in this network were given time to update and adapt to the new model.

Related reading | How Stellar will host Ukraine’s CBDC pilot test with Tascombank

At press time, XLM is trading sideways on the 4 hour chart at $ 0.22 as seen below.

XLM is moving sideways on the 4-hour chart. Source: XLMUSDT Tradingview


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