Stellar: All You Need To Know

Stellar: All You Need To Know

The unbelievable rise of cryptocurrency shocked everyone back in 2016 and in early 2017. Moreover, after looking at the growth rate and achievements of cryptocurrencies in the market, it seemed like sky is the only limit for cryptocurrencies. So, today, let’s talk about another cryptocurrency named Stellar. It is a decentralized protocol, which let the users to transfer money to anyone worldwide without any cost irrespective of the currency.

What’s Stellar?

What’s Stellar

Stellar is an open-source protocol for global value exchange, which provides a platform to connect with people worldwide, payment system, banks to integrate to transfer money swiftly with ease.

The Stellar protocol is maintained by the non-profit Stellar Development Foundation. Earlier it was based on the Ripple protocol but in 2018, it was bifurcated with proprietary code.

History Of Stellar

Stellar is an open-source protocol for global value exchange that was first introduced in first-quarter of 2014. It was developed by Jed McCaleb and Joyce Kim. Jed McCaleb also created eDonkey2000, which became one of the largest file-sharing networks of its time.

The Stellar Development Foundation (Stellar.org) integrated the company as a non-profit organization. The aim of the Stellar cryptocurrency is to grow financial access and literacy across the world.

Also Read: Top Feats That Will Rekindle Your Faith In Cryptocurrency

What’s Stellar Lumens (XLM)?

Wallets Of Stellar Lumens

The Stellar cryptocurrency is called Stellar lumens. According to the Stellar official website, Stellar Lumens is a distributed payments infrastructure and an open-sourced platform, which is built on the basis international community needs. The goal of XLM is to connect institutions, individuals and payment systems via its platform.

The aim of the XLM team is to make financial transactions cost-effective, dependable and swift as compared to the current systems. The Stellar protocol will help people to connect with the people across the globe by accepting extra effective cross-border payments.

Wallets Of Stellar Lumens

Stellar Lumens are supported by a huge range of various wallets. It is also available for mobile, desktop and web wallets to download from its own website.

It is also supported by the Ledger Hardware wallet, which is considered as one of the secured and protected ways to store the cryptocurrencies for the longer duration.

Where To Buy Stellar?

If you’re looking forward to investing in Stellar lumens, then you can use the well-known giant cryptocurrency exchanges such as Binance to buy and sell Stellar. However, first you need to exchange your fiat money to a cryptocurrency such as Ethereum, Bitcoin at CoinBase.

You can get a list of all the cryptocurrency exchanges that are supported by XLM from the official website. (Stellar.org)

By Whom Stellar Is Supported?

Deloitte, eToro, Stripe and IBM are in partnership with Stellar. The aim of the partnership is to give a push when getting new ICOs to the platform. 

This cryptocurrency is increasing in cryptocurrency exchanges and the giant has plans to start its own ATMs in Singapore by the end of this year.

In fact, the cryptocurrency giant is paying attention on underdeveloped area of Africa so that unprivileged people with no access to monetary services, could get the most of it. Unlike other cryptocurrencies this business model aims to battle Moneygram and Western Union.

Stellar has come up as an alternative to the Ethereum platform and developers look up to it when face issues with the Ethereum.

Also Read: Things That Make Us Doubt Cryptocurrencies

Community

Community

Stellar is supported by numerous online platforms. Twitter, Slack, Reddit, Facebook Group are some of them.

Is Stellar Chargeable?

The network of Stellar is available for free. The cryptocurrency has the license that permits it for commercial use, amendment and distribution. However, you need your own technical resources to integrate with it. Normally, the integration needs around 120-200 hours’ worth of technical development based on size and experience.

Why Use Stellar Network?

Firstly, using the Stellar Network is easy and straightforward method.  All you need to do is, create an account to send and receive money. In fact, Stellar Network shared the step by step instructions on its website to facilitate users with the process.

The Bottom Line:

Just like Ethereum, Stellar is a smart contract network but it comes without any drawbacks.

Bhoomika Basera is an analyst and blogger at Systweak Software. She likes to explore and discover latest technological updates and hacks.She is a backpack traveller and loves to explore cities and off beat places!

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