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- Stellar Lumens has launched a payment solution to solve the “I forgot my memo” problem. The payment solution will be memo-less.
- The solution was approved under proposal SEP-29 and will allow processing transactions in the Stellar Lumens network.
Developers of the Stellar Lumens blockchain have launched a payment solution that will facilitate transactions with the cryptocurrency. The solution was proposed under the name SEP-29 and already approved by the Stellar community. According to the official publication, the solution solves the “I forgot my memo” problem for receiving transactions with Stellar Lumens.
A memo is a component used in the Stellar network to support the accounts that exchanges use to store XLM. It basically consists of a number that identifies each user who receives payments on an exchange. These entities have a single account in which they handle all Stellar transactions, so the memo IDs are necessary for the exchange to know which user to credit with a transaction. The image below shows the Memo ID number.
However, this payment mechanism is inefficient. Users who lost their memo ID were afraid of losing their funds at the exchange and these entities had problems locating the user funds. The proposal SEP-29 offers a better alternative, the solution will allow exchanges:
Using data entries, an exchange can mark their account as requiring memos with a single, simple operation. Wallets that upgrade to the latest Stellar SDK will then refuse to let users send memo-less payments to those addresses.
Exchanges should only add one data entry to their wallets with the key: config.memo_required and add the value 1. Stellar developers recommend that exchanges go to the Stellar Laboratory page which will set the memo required flag on the account. To use it, exchanges must follow these steps:
Add a source account
Fetch the next sequence number for that account
Scroll to the bottom, and hit “Sign in Transaction Signer”
On the next page, sign with your secret key
Click “Submit to Post Transaction Endpoint.” That’s it!
Users, as mentioned, should only upgrade their wallet to the latest version of the Stellar SDK. New features will be enabled by Default in the new update automatically. On the other hand, as reported by CNF, the Stellar Development Foundation revealed that it will make a donation of 2.5 million tokens of Stellar Lumens to mitigate the effects of the crisis caused by the COVID-19 pandemic.
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