Stellar (XLM) - A Cross-Asset Value Transfer Network
Asset Platform ID:
Categories: Cryptocurrency, Smart Contract Platform
Market Cap Rank: 23
Price Change Percentage in the Last 30 Days: 23%
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Introduction to Stellar
The Stellar network is an open-source, distributed, and community-owned network designed to facilitate cross-asset transfers of value. It aims to provide a low-cost open financial system that grants people of all income levels access to affordable financial services.
Stellar enables the exchange of both fiat-based currencies and cryptocurrencies. Unlike Ripple, the organization behind Stellar, Stellar.org, is a non-profit entity, and its platform is decentralized and open-source.
Features of Stellar
Stellar utilizes its intermediary currency, Lumens (XLM), to enable users to send any currency they own to others in a different currency. This is made possible by the use of "Anchors," trusted entities that hold people's deposits and can issue credit. Anchors serve as bridges between different currencies and the Stellar network. The network uses order books to find the best exchange rate for transactions, minimizing fees for users.
Lumens are the native digital currency of the Stellar network. They facilitate multi-currency transactions and prevent spam attacks. A small fee of 0.00001 XLM is associated with every transaction on the network to deter malicious actors from spamming the network. Lumens also play a role in the inflation mechanism of the network, although the inflation operation has been deprecated in recent protocol updates.
Founder and History
Stellar was founded in 2014 by Jed McCaleb, the co-founder of Ripple and creator of the now-defunct Mt. Gox exchange. McCaleb, along with former lawyer Joyce Kim, launched the network to connect financial institutions and streamline cross-border transfers. Stellar and Ripple initially used the same protocol, but Stellar.org focused on a non-profit, open-source approach.
For more information about Stellar, visit their official website.
What is Stellar?
Stellar is an open-source, distributed network used for cross-asset transfers of value. It aims to create a low-cost open financial system accessible to people of all income levels.
What is the role of Lumens (XLM) in Stellar?
Lumens are the native digital currency of the Stellar network. They facilitate multi-currency transactions and prevent spam attacks. XLM acts as the intermediary currency for exchanging different assets on the network.
Who founded Stellar?
Stellar was founded in 2014 by Jed McCaleb, the co-founder of Ripple and creator of Mt. Gox. McCaleb launched Stellar with the support of Joyce Kim, a former lawyer.
Is Stellar a decentralized network?
Yes, Stellar.org, the organization behind Stellar, follows a decentralized approach. The platform itself is open source, and Stellar.org is a non-profit entity.