Stellar is a decentralized blockchain platform designed to facilitate fast, low-cost cross-border transactions and enable the issuance and exchange of digital assets. It was created in 2014 by Jed McCaleb, one of the co-founders of Ripple, with the goal of providing an inclusive financial infrastructure for individuals, institutions, and enterprises around the world.
The native cryptocurrency of the Stellar network is called Lumens (XLM). It operates on a consensus protocol known as the Stellar Consensus Protocol (SCP), which allows for quick transaction settlement times and high scalability.
Bitcoin is the first cryptocurrency that was created to make the online payment platform decentralized and less time-consuming. Following the footsteps, more cryptos have arrived with more advanced technologies and alluring features. Steller is such a coin, which was invented to simplify the process of exchange of value across different currencies.
In more details
Stellar (XLM) is an open source global decentralized platform created by the same developer of eDonkey. By birth, it was following the Ripple protocol, but it took a different course due to a changed consensus code. A new consensus algorithm was created by the Stellar Development Foundation in April 2015 and was introduced to the community in November 2015. From then, more than 8 Billion Lumens have been circulated in the market.
Prominent Faces of Stellar
Over 1,000 developers are working altogether to take the project ahead. The leading roles are being played by Naval Ravikant (Founder of AngelList), Matt Mullenweg (Founder of WordPress), Sam Altman (President of Y Combinator). Co-founder of Stellar, Mr. Joyce Kim was a VC at Freestyle Capital and is in charge of MIT media lab at present.
The Purpose of Origination
The sole purpose of Stellar is to provide an open source and decentralized transaction platform to the users. It facilitates reliable and quicker transaction of value across borders and cost very little fees to the customers and creates an opportunity for a user to be a part of a global financial network.
Features of Stellar
Although the invention of cryptocurrency cut short the problems and obstructions related to worldwide transaction and payment system, there are still some scopes to expedite. It looks forward to making the exchange of value across the border of both fiat currency and cryptocurrency faster and cheaper than other cryptos provides their facilities.
Micropayments and articles are pretty basic needs in the age of streaming. The network aims to reduce the cost of transactions which are small in amount and to increase the potency. Scope for micropayments allows the merchants to provide incremental payment options to the consumers.
Facilities for the Underbanked
Stellar allows everyone to bank fresh customers by cutting cost. Therefore, both banked and unbanked have to stand on the same platform. Numerous users are getting benefitted by loans, cheaper cost and micropayments and other facilities provided by the currency.
Mobility of Money and Branches
Mobility is an important feature to be an open source, decentralized cryptocurrency. Stellar is such a coin that can be sent to various providers because of its interoperability. The mobility of the branches also makes it more acceptable to the users.
Stellar cuts zero cost to set up and is totally free to the customers. But technical assets are required to integrate with Stellar.
Market Capitalization and Total Supply
The circulated amount in the market is about 17.9 billion stellar coins and the maximum amount of circulation will be 103, 649, 583, 897 stellar coins. Market cap is 9,425,154,066 USD. At present, each coin is worth 0.527467 USD.
Conclusion: Future of Stellar
Stellar has a firm base composed of the support from the founders of various institutions like AngelList, WordPress etc. day by day this coin is becoming a strong competitor of other ones like Ripple and so on. In the near future, it will have a huge portion of the crypto-world in its possession.