What is Stellar | Stellar Coin, Is Stellar Safe.

what is stellar

Stellar Coin

Stellar (XLM) – Definition

Stellar is an open network that allows you to move and store money. When it launched in July 2014, one of its goals was driving financial inclusion by reaching the world’s unbanked, but soon after, its priorities shifted to helping financial companies connect with each other through blockchain technology.The network’s native token, lumens, serves as a bridge that makes it less expensive to trade assets across borders. All of this is meant to challenge existing payment providers, who often charge high fees for a similar service.If all of this sounds familiar, it should be noted that Stellar was originally based on the Ripple Labs protocol. The blockchain was created as a result of a hard fork, and the code was subsequently rewritten.

Stellar (XLM)

Stellar (XLM) – History

Stellar’s beginnings take us to Jed McCaleb, founder of the Mt. Gox exchange and also co-founder of Ripple. Together with a lawyer call, Joyce Kim launched the project in 2014. Shortly after, the Stellar Development Foundation was born, in collaboration with Patrick Collinson. Mr. Collinson is the CEO of Stripe, a company that develops an electronic payment system. Finally, in the month of July 2014, Stellar is officially launched, with a Stripe inversion of 3 million dollars. With the idea of ​​raising funds for the future development of the same project, the project launched an initial currency offer (ICO). During the duration of this ICO, recover up to 39 million dollars and spread over 100,000 million lumens. The success of this ICO, Bitcoin Market, a Brazilian exchange announced that it would adopt a lumen in the month of August 2014. Following this, many other exchanges began to accept crypto money on their platforms.

Stellar Coin (XLM) – Economy

Stellar allows us to carry out multicurrency transactions between different cryptocurrencies and also between fiduciary pairs. For it, there is a book of Stellar orders that you can use to enter the global market by creating buy or sell offers, which allow you to move very quickly from USD to CLP, from ARS to ETH, or from XLM to BTC.

How Stellar Works

The decentralized protocol of open code for Stellar Calling (XLM) does not allow to carrying out of encryption transfers to fiat and vice versa. This is for the purpose of allowing us to secure cross-border transactions between any pair of currencies in a quick, sensitive and secure manner. The development of this protocol is supported by a non-profit organization called the Stellar Development Foundation. The monetary unit receives the name of Lumen, and this is the native crypto of the red. Unlike Bitcoin, this blockchain is not created to be a direct payment method, but it is the best option to be an intermediary in currency conversion. In this way, it seeks to convert it into a system that competes head to head with Ripple (XRP). On the contrary, Lumen is not just minable crypto money, in its beginnings, 100,000 million tokens were created. These tokens are in hands of the Stellar Development Foundation. The foundation has the objective of distributing 95% of tokens. Divided between; random users (50%), companies or organizations of the ecosystem (25%), and holders of Bitcoin or Ripple (20%). The remaining 5% remains reserved to maintain its operating costs and continue with development.

Stellar (XML) – Wallet

An XLM address is a way of unique identification for each one of the users of the red, which fulfills the objective that we can carry out transactions (to send or receive) cryptocurrencies in a quick and sensitive way. In the world of crypto-moneys, the directions fulfill the same objective as in the traditional fiduciary system, both for sending and receiving money. Where we want to decide that it works as a kind of bank account.

Stellar (XML) – Transaction

A transaction performed with XLM is nothing less than a transfer of values ​​between cards where the drop is registered in the blockchain. In order for money to be sent from a bill of exchange, the emissary will first have to sign the transaction with their unique private key to demonstrate that it is due process.

Stellar (XML) – Minig

Unlike Bitcoin (and many other crypto money, actually) Stellar does not use the Proof of Work (PoW) consensus protocol, instead, it uses its own called Stellar Consensus Protocol (SCP), otherwise, the Lumens cannot be undermined. From now on, 100% of the XLM tokens will be issued in their totality at the time of the creation of the same ideas.

Stellar (XML) – Privacy

For each one of the transactions executed inside your blockchain that produces inside this one, we are allowing the investigation of the history of a cryptocurrency in order to avoid robots, copies, or that someone intends to undo transactions.

 

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