1. What is Stellar?
Stellar Lumens (XLM for short) is a cryptocurrency based on blockchain technology, built on the Stellar blockchain. Stellar is a decentralized, open-source network designed to move and store money, providing an open payment system. Lumens (XLM) is the network’s native currency and is used to convert various currencies and pay fees.
Stellar was founded in July 2014 by Jed McCaleb and Joyce Kim. McCaleb founded Stellar in 2013 after leaving Ripple over differences over its future direction. Stellar's goal is to provide cross-border, fast and low-fee payment services for individuals, and it has cooperated with multiple payment platforms.
Stellar is designed to allow users to hold both legal and virtual currencies and transfer money to any account without going through an intermediary or third-party payment, without geographical restrictions, thus reducing the inconvenience of remittances. Stellar's non-profit organization enhances individuals' economic development potential and helps people escape poverty through low-cost financial services.
2. Advantages of Stellar compared with other blockchain networks
Stellar has many similarities with other blockchain networks, but differs in operational scenarios. The Stellar network can connect 180 currencies in the world within 2-5 seconds, connect banks, payment systems and users, reducing transaction fees and time delays in cross-border payments.
Stellar's transaction fee is only 0.0001 XLM, which is very attractive to small and medium-sized enterprises and ordinary users. In October 2017, IBM announced that it would use the Stellar protocol to open a blockchain cross-border payment system for large banks, and launched the World Wire project to allow large financial institutions to use the Stellar network for transactions.
Stellar’s decentralization and security are also among its strengths. The consensus algorithm used by Stellar can realize decentralized transactions and ensure transaction security. Users can vote to determine the allocation of community funds to support ecological chain development plans. Instead of minting new coins through mining, the supply of XLM is generated weekly at an annual inflation rate of 1% and distributed through a community voting mechanism.
3. Stellar’s technology and unique features
Stellar is a platform built on Layer-1 blockchain with the purpose of accelerating currency transactions and cross-border transfers. Stellar, which was originally based on the Ripple Labs protocol, was subsequently forked and completely rewritten. Stellar's XLM currency is a currency that serves as a bridge, allowing users to conduct different transactions on the platform.
Stellar allows users to trade tokens peer-to-peer, create tokens that can be exchanged for any asset, and send the value of a specific currency to other users. For example, user A can send USD to friend B, who will receive the Bitcoin value of those USD.
4. Stellar’s consensus mechanism and network security
The Stellar Consensus Protocol (SCP) is a consensus mechanism that protects the Stellar network and is built on the Federated Byzantine Agreement (FBA). SCP allows anyone to join the consensus process, ensuring that no single individual can control transactions. Transactions are confirmed within seconds at low fees, and security mechanisms are in place to control inappropriate behavior.
Four major features of SCP:
Decentralized mechanism
Low latency features
resilient trust
Progressive security
Stellar ensures network security through its consensus protocol, provides users with efficient and low-cost transaction services, and continues to promote the popularization of global financial services.
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