Stellar

Stellar is a platform that connects banks, payment systems and people to allow for fast and reliable money transfer at low costs. The project was a result of a fork in 2014 from Ripple. Since then, Stellar has created its own network with a new code base and a new algorithm.
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Price
Basic
Announcement Date:
2014-01-01
Initial release:
2014-01-01
Smart Contract Support:
No
Consensus Mechanism:
Federated Byzantine Fault Tolerance
Stellar101

What is Stellar?

Stellar is a platform that connects banks, payment systems and people to allow for fast and reliable money transfer at low costs. The project was a result of a fork in 2014 from Ripple. Since then, Stellar has created its own network with a new code base and a new algorithm.

 

How does Stellar work?

Similar to Ripple, Stellar is designed to facilitate factionless cross-border payments at low cost. Lumens are the native asset used by the Stellar network and the consensus algorithm used is called Stellar Consensus Protocol (“SCP”). Also similar to Ripple, the Stellar consensus protocol is not mineable, and all the Lumens have already been created. Unlike Ripple, however, Stellar is more open-source by targeting regular communities rather than strictly banking systems.

The greatest feature about the Stellar Network is that you can send and receive different kind of currencies, such as Fiat (e.g. USD, TRY, JPY, EUR, GBP, KPW), Digital currencies (e.g. Bitcoin) or even your own kind of asset (e.g. airline miles, hotel points). This is not possible with Bitcoin and many other cryptocurrencies.

These multi-currency transactions are made possible by a built-in market mechanism in which people can make offers to buy and sell different types of currencies. This system is called Distributed Exchange. Stellar will automatically find the best prices to exchange currencies for the user.

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