XLM
Stellar is a decentralized blockchain payment network with a compelling vision: to combine both traditional and decentralized payment systems into a single, unified platform.
Stellar (XLM) was founded in 2014 by Joyce Kim and Jed McCaleb and emerged as an alternative to international asset transfers. A year after the launch of the Stellar project, the ecosystemâs cryptocurrency, XLM, was launched.
Stellar (XLM) is an open source payment system that uses distributed ledger technology. Its main purpose is to enable asset transfers between banks. When international asset transfers are made through banks, they are cumbersome in terms of both time and cost. With XLM, asset transfers can be made quickly and with low fees
Unlike Bitcoinâs Proof of Work (PoW) and Ethereumâs Proof of Stake (PoS) consensus mechanisms, Stellar uses the âStellar Consensus Protocolâ (SCP), a federated consensus mechanism that uses a system of trusted nodes to reach consensus. Stellar is an open-source, decentralized protocol that people can use to convert and transfer cryptocurrency to fiat currency, making it faster and cheaper than traditional financial (TradFi) systems.
Transaction fees on the Stellar blockchain are as low as 0.00001 XLM. The fast and efficient system on the Stellar network allows more than 1000 transactions per second
The Stellar blockchain uses the Stellar Consensus Algorithm, which is defined as having four main features. These four main features are; decentralized control mechanism, low latency, flexible trust and asymptotic security. @stellar
