📄️ Setup for Anchored Assets
An anchor is a Stellar-specific term for the on and off-ramps that connect the Stellar network to traditional financial rails, such as financial institutions or fintech companies. When a user deposits with an anchor, that anchor will credit their Stellar account with the equivalent amount of digital tokens. The user can then hold, transfer, or trade those tokens just like any other Stellar asset. When a user withdraws those tokens, the anchor redeems them for cash in hand or money in the bank. Read more about anchors in this anchor section.
📄️ SEP-1: Stellar TOML
The stellar.toml file is a common place where the Internet can find information about an organization’s Stellar integration. Regardless of which type of transfer we want to use (SEP-6 or SEP-24), we'll need to start with SEP-1.
📄️ SEP-10: Stellar Web Authentication
Similar to the SEP-1 information, both SEP-6 and SEP-24 protocols make use of SEP-10 for authentication with the user. The user must prove they own the account before they can withdraw or deposit any assets as part of SEP-10: Stellar Web Authentication.
📄️ SEP-6: Deposit and Withdrawal API
SEP-6 allows wallets and other clients to interact with anchors directly without the user needing to leave the wallet to go to the anchor’s site. In this integration, a user’s KYC information is gathered and handled by the wallet and submitted to the anchor on behalf of the user.
📄️ SEP-24: Hosted Deposit and Withdrawal
SEP-24 provides a standard way for wallets and anchors to interact by having the user open a webview hosted by an anchor to collect and handle KYC information. In this integration, a user's KYC information is gathered and handled entirely by the anchor. For the most part, after the anchor's webview has opened, BasicPay will have little knowledge about what's going on.