Stellar
The Stellar network is an open source, distributed, and community owned network used to facilitate cross-asset transfers of value. Stellar aims to help facilitate cross-asset transfer of value at a fraction of a penny while aiming to be an open financial system that gives people of all income levels access to low-cost financial services. Stellar can handle exchanges between fiat-based currencies and between cryptocurrencies. Stellar.org, the organization that supports Stellar, is centralized like XRP and meant to handle cross platform transactions and micro transactions like XRP. However, unlike Ripple, Stellar.org is non-profit and their platform itself is open source and decentralized.
Stellar was founded by Jed McCaleb in 2014. Jed McCaleb is also the founder of Mt. Gox and co-founder of Ripple, launched the network system Stellar with former lawyer Joyce Kim. Stellar is also a payment technology that aims to connect financial institutions and drastically reduce the cost and time required for cross-border transfers. In fact, both payment networks used the same protocol initially.
Distributed Exchange
Through the use of its intermediary currency Lumens (XLM), a user can send any currency that they own to anyone else in a different currency.
For instance, if Joe wanted to send USD to Mary using her EUR, an offer is submitted to the distributed exchange selling USD for EUR. This submitted offer forms is known as an order book. The network will use the order book to find the best exchange rate for the transaction in-order to minimize the fee paid by a user.
This multi-currency transaction is possible because of "Anchors". Anchors are trusted entities that hold people’s deposits and can issue credit. In essence, Anchors serves as the bridge between different currencies and the Stellar network.
Lumens (XLM)
Lumens are the native asset (digital currency) that exist on the Stellar network that helps to facilitate multi-currency transactions and prevent spams. For multi-currency transactions, XLM is the digital intermediary that allows for such a transaction to occur at a low cost.
In-order to prevent DoS attacks (aka spams) that would inevitably occur on the Stellar network, a small fee of 0.00001 XLM is associated with every transaction that occurs on the network. This fee is small enough so it does not significantly affect the cost of transaction, but large enough so it dissuades bad actors from spamming the network.
Prior to Protocol 12, Stellar had a built-in inflation mechanism conceived to allow account holders to collectively direct inflation-generated lumens toward projects built on Stellar.
As the network evolved and grew, it became increasingly clear that inflation wasn’t working as intended — account holders either didn’t set their inflation destination or joined inflation pools to claim the inflation themselves, and the operational costs associated with inflation payments continued to rise — and so a protocol change to disable inflation was proposed, implemented, voted on by validators, and ultimately adopted as part of a network upgrade.
The inflation operation is now deprecated.
https://developers.stellar.org/docs/glossary/inflation/
Cryptocoins News / NewsBTC - 2 years ago
Payment giant MoneyGram International continues to cement its partnership with the Stellar ecosystem. Via an official post, the company announced a new stage for its collaboration by deploying a live cash-in and cash-out pilot initiative in the Unite...
by COINS NEWS - 2 years ago
I recently read that Stellar and Polygon finally got a token bridge, allowing XLM holders to use their tokens in the Polygon network. In terms of technicals, it says NewsCrypto built the infrastructure for it as well as Chainlink integration for boos...
Cryptocoins News / CoinJournal - 2 years ago
Stellar, the blockchain network dedicated to facilitating cheap cross-border financial transactions, is set to enable two more remittance channels between Europe and Africa.
According to an announcement released October 25, the Stellar Development Fo...
Cryptocoins News / The Cointelegraph โ - 2 years ago
Flutterwave is teaming up Tempo Payments to use USDC on Stellar to target Africaโs enormous remittances market. The Stellar Development Foundation (SDF) has announced...
Cryptocoins News / NewsBTC - 2 years ago
The Stellar ecosystem continues to expand. Today they have announced a partnership with global payments company Flutterwave to launch two new payment corridors between Europe and Africa.
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Cryptocoins News / NewsBTC - 2 years ago
MetaWars is ready to launch to the stars after raising $2.3 million in seed capital, with none other than major YouTube star Mr Beast completing the stellar list of seed investors.
The hugely popular American content creator and philanthropist has be...
by COINS NEWS - 2 years ago
The following excerpt from the article, https://www.ibm.com/blogs/blockchain/2021/10/fueling-the-financial-industry-with-open-source-cross-border-payments/ We designed the original IBM World Wire to reduce the cost and friction in cross-border paymen...
Cryptocoins News / The Cointelegraph โ - 2 years ago
Grayscale said it would proceed "once thereโs official and verifiable evidence of the SECโs comfort with the underlying Bitcoin market." Institutional asset manager Gr...
Cryptocoins News / NewsBTC - 2 years ago
The Stellar Development Foundation (SDF) has made a fresh bet on the financial services sector. According to a press release, the institution participated in a $145 million series E for Tala.
A global technology company working on providing millions...
Cryptocoins News / NewsBTC - 2 years ago
Up 10% in the daily and 36.3% in the 2 week chart, at the time of writing, Stellar Lumens (XLM) has been one of the best performing assets in the crypto top 30 by market cap. The cryptocurrency has managed to outperform Bitcoin, Ethereum, and other m...
Bitcoin News / Bitcoin.com - 2 years ago
Moneygram, one of the leaders in the cross-border payments and remittances market, has partnered with the Stellar Development Foundation to use the Stellar blockchain for settlements. The company will use the native version of USD coin (USDC), a popu...
Cryptocoins News / CoinJournal - 2 years ago
Customers will deposit or withdraw funds using their wallets at MoneyGram service providers
MoneyGram, a US-based cross-border payments and money transfer services company, has announced a partnership with Stellar in a deal that will see customers ac...
Cryptocoins News / The Cointelegraph โ - 2 years ago
The partnership will enable MoneyGram customers to fund and withdraw from their accounts using the USDC stablecoin at physical branches. Financial services company Mon...
by COINS NEWS - 2 years ago
I have been a true believer of XLM Stellar since early 2016 and have been hodling since! I have never sold a single XLM since, I have only been adding more and more to my initial bag... I remember many stories and opinions, on how XLM is dead and tha...