StellarPrice

(XLM)

Stellar is a decentralized, open-source blockchain network designed to enhance the global financial infrastructure by enabling fast and low-cost cross-border transactions. Launched in 2014 by Jed McCaleb and Joyce Kim, the project is maintained and supported by the Stellar Development Foundation, which is a non-profit organization. The primary mission of Stellar is to create a more inclusive global financial system. It aims to connect banks, payment systems, and individuals, allowing for the seamless transfer of value regardless of geographic location or the type of currency being used. Unlike many other blockchain platforms that focus on complex smart contracts or store-of-value applications, Stellar was specifically built to optimize asset issuance and payments. At the core of the network is the Stellar Consensus Protocol. This mechanism allows the network to reach agreement on transactions without relying on traditional energy-intensive mining processes. Instead, it uses a federated Byzantine agreement model, which prioritizes speed and efficiency. This enables the network to process transactions in a matter of seconds. The native digital currency of the network is the Lumen, which is identified by the ticker symbol XLM. Lumens serve two main purposes within the ecosystem. First, they act as a requirement for creating accounts and initiating transactions, which helps prevent spam on the network. Second, they function as a bridge currency, facilitating trades between different pairs of fiat currencies or other digital assets that may not have a direct liquid market. One of Stellar's unique features is its use of anchors. Anchors are regulated financial institutions or money service businesses that act as bridges between the Stellar network and traditional financial systems. They allow users to deposit fiat currency and receive a digital representation of that asset on the blockchain. This enables users to send digital versions of various national currencies globally with the speed of a digital asset. Recently, the network expanded its capabilities with the introduction of Soroban, a smart contract platform that allows developers to build decentralized applications directly on Stellar. This development brings more sophisticated functionality and decentralized finance tools to the platform. The network is also designed for high interoperability, aligning with international financial messaging standards. Stellar has established partnerships with several major global companies to facilitate real-world use cases such as remittances and the issuance of stablecoins. By providing a common platform for financial institutions and individuals, Stellar seeks to reduce the friction and high fees typically associated with international money transfers. Learn more

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