Stellar blockchain Foundation has identified memo data provision on exchanges as a major problem that hinders users from executing transactions when they forget their memo ID, hence, they made provision for a memo-less payment solution on exchanges.
Stellar developers, in a statement, said it has proffered solution to the “I forgot my memo” problem users encounter on exchanges and wallets. To successfully receive incoming Stellar payments, memo is required on exchanges and wallets.
Memos are available on Stellar network as support for Stellar accounts on exchanges.
For exchanges like CoinBene, Coinbase, and Binance, they provide a unique memo ID for each user. This memo ID is required for account to be successfully credited when payment is made into an account on the Stellar network.
For users, this has been an agelong issue as they feel perturbed when a fund is transferred into their account and the account does not get credited due to the memo ID problem.
Stellar developers said it perceives this problem as a bugbear, and it is now a thing of the past as the Stellar community approves SEP-29 as a suitable solution to the problem.
“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,” Stellar developers stated.
The developers appreciate the efforts of the SDF Horizon team and the SDK maintainers for the quick implementation of the new solution.
