Presently, stellar is among the most popular blockchain platforms around the world. It permits its users to create assets, and then connect these to bank railways or networks to transfer value into the network, and off it. These connections are made by services called “Anchors”. The majority of anchors create the infrastructure for Stellar by following the best practices outlined in SEPs. These guidelines allow wallets that allow deposit and withdrawals in app.
Stellar Ecosystem Proposals (SEPs) are open-source documents which are designed to define the manner in which interoperation and interactions must occur between various institutions like exchanges, asset issuers wallets and even service suppliers. SEP-24 will be the document that specifies the guidelines for withdrawals and deposits. It allows withdrawal and deposit of cryptocurrencies such as ETH, BTC and ERC20 tokens such as USDT. SEP-24 is also dependent on SEP-1 (links meta-information about organizations as well as assets) as well as SEP-10 (creates an authenticated users sessions).
The wallet and anchor applications is necessary to allow withdrawals and deposits of an asset either on or off Stellar. Therefore, in this article, we’ll examine the essential steps to create a server SEP-24 to allow users to make deposits and withdraws on Stellar.
How can I setup withdrawals and deposits via Stellar?
David is a client who wishes to make a deposit on the excellent network. This is how the process will go:
- David will launch the wallet application SEP-24 that he prefers using his mobile device.
- When he has selected an account to fund, the wallet will locate an anchor or David can select a particular anchor.
- After the wallet is authenticated by the anchor, it will input the KYC and transaction details as the anchor asks.
- The wallet will offer instructions. Upon following these, the user will be able to deposit fiat currencies using an anchor (e.g. it is possible to perform a transfer to a bank).
- When the wallet has received his payment, it will be able to be able to receive the tokenized asset through the distribution account of the anchor through the Stellar network.
David can utilize the digital currency on the Stellar network for various use instances such as transactions, payments, remittances stores of value, etc.
If, in the future David would like to remove his funds away from the Stellar network This is the way he’ll do it:
- Open the wallet application, choose the account to withdraw and then his wallet will locate the anchor.
- Once it has authenticated with the anchor it will then be able to open the interactive URL and permit David to input his details for transactions (KYC was already completed)
- The wallet will seek his consent before sending the amount specified of his balance in assets to the distribution account of the anchor on Stellar
- When the anchor has received the money, David will receive the money through a bank transfer.
Tools and References
For handling withdrawals and deposits You will need to create and run the test server as well as the production server. While we’ll go over all the steps required in this post but you should also consider that the SDF has tools that help you set up the servers and allows testing via the client-side. This means that you don’t have to begin with a blank slate:
- Anchor Server Reference implementation: Polaris is an extensible Django application that is reusable and developed with the help of SDF using Python to make modular the components of the codebase which interface with the fantastic network. They offer clear ways to integrate your withdrawal and deposit forms, KYC process and banking rail connections.
- Demo Client and Deployed Example: SDF maintains an Demo Wallet Project to simplify testing your application for both pubnet and testnet. It is possible to run these tests by using a UI, without establishing a new hosting infrastructure. You will also get an encapsulated visual representation of how these functions function step-by-step, with other useful details.
- Anchor Validation Suite: It is a series of tests designed to verify that your anchor’s configuration is compatible with the most current SEP-24 standards or is not.
Read More: https://www.leewayhertz.com/set-up-deposits-withdrawals-stellar/
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