Featured
- Get link
- X
- Other Apps
What is Stellar?

Stellar is a blockchain-based payments network created in
2014 by Jed McCaleb and Joyce Kim. It is designed to be a fast, efficient, and
low-cost way to send money worldwide. Stellar is open-source and
permissionless, meaning anyone can use it to send and receive payments.
How does Stellar work?
Stellar uses a consensus algorithm called Stellar Consensus
Protocol (SCP). SCP is a Byzantine Fault Tolerant (BFT) algorithm, which means it
can still reach consensus even if some of the nodes in the network are
malicious or unavailable.
Stellar also uses a token called lumens (XLM) to facilitate
payments. Lumens are used to pay transaction fees and to create smart
contracts.
What are the benefits of using Stellar?
There are several benefits to using Stellar:
Fast and efficient: Stellar is designed to be a fast and
efficient way to send money worldwide. Transactions on Stellar typically take
only a few seconds to complete.
Low-cost: Stellar is a very low-cost way to send money. The
average transaction fee on Stellar is only a few cents.
Open-source and permissionless: Stellar is an open-source
and permissionless network, meaning anyone can use it to send and receive
payments. This makes it a very accessible and democratic way to send money.
Scalable: Stellar is designed to be a scalable network. It
can grip millions of transactions per second, which makes it well-suited for
high-volume payments.
How is Stellar used?
Stellar is used by various businesses and individuals to
send and receive payments. Some of the most common use cases for Stellar
include:
Cross-border payments: Stellar is a popular choice for
cross-border payments. This is because sending money internationally is a fast,
efficient, and low-cost way.
Remittances: Stellar is also a popular choice for
remittances. This is because it is a cost-effective way to send money to
friends and family who live in other countries.
Micropayments: Stellar is well-suited for micropayments.
This is because it has deficient transaction fees.
Smart contracts: Stellar can be used to create smart
contracts. This means that it can be used to automate payments and other
transactions.
The Future of Stellar
Stellar is a rapidly growing network. It has already
processed billions of dollars in transactions, and it is expected to continue
to grow. Some of the potential future applications of Stellar include:
Central bank digital currencies (CBDCs): Stellar is a potential
platform for CBDCs. This is because it is a fast, efficient, low-cost way to
issue and manage CBDCs.
Distributed ledger technology (DLT) for supply chain
management: Stellar can create DLT-based supply chain management systems. This
would allow trades to track the movement of goods and materials in real-time.
Financial inclusion: Stellar can be used to promote
financial inclusion. This is because it is a low-cost way to send and receive
money.
Conclusion
Stellar is a promising new blockchain-based payment network.
It has the potential to revolutionize how money is sent and received worldwide.
In the future, Stellar could be used for various applications, including
cross-border payments, remittances, micropayments, and smart contracts.
- Get link
- X
- Other Apps
Popular Posts
This EROS get a Heavy Discount on all the Beauty Products
- Get link
- X
- Other Apps
Comments
Post a Comment