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Stellar was born in 2014 as an offshoot of Ripple because Jed McCaleb, the co-founder, had philosophical differences with the rest of the Ripple board. While Ripple is focused on providing solutions to banks, Stellar intends to help facilitate payments between people. Stellar Lumens are the currency used by the Stellar network and when the network was started 100 billion Lumens (XLM) were created. In this article, we will debunk Stellar and see why it shows such great potential as a cryptocurrency.
What is Stellar?
Stellar is one of the platforms that use the blockchain to make moving money fast and reliable. This hybrid blockchain is decentralized and completely open-source, so anyone can benefit from it. With the foundation behind Stellar, it is easy to transfer assets between users regardless of country. Users only need to integrate with the network to use the system. Best of all, in contrast to traditional money-transfer systems, banks, payment networks, and people all have the same economic participation and access.
How do Transactions Work?
Stellar Lumens can process up to 1,000 transactions per second at a fraction of a penny each. The fee is mostly used to prevent the network from experiencing attacks. You can send cross-border payments to anywhere in the world using Lumens.
Unlike Bitcoin, Stellar does not use Proof of work; instead, it uses what is named the Stellar Consensus Protocol (SCP). Stellar’s SCP allows payments to be made quickly and securely with anyone anywhere in the world.
The Potential of Stellar:
- Most of the transactions happening on stellar network bear a small fee compared to what banks and other financial institutions charge. You will be charged for your transactions only with 0.00001 XLM.
- The success or failure of a cryptocurrency relies on its relationship with big institutions as well as mass adoption. Besides Barclays and IBM, Stellar has pulled in the consideration of numerous financial institutions as well as cryptocurrency traders.
- You can become the lucky user of the Lumens’ give away. The Stellar Lumens network gave away already around 1.7 trillion lumens for free. They assure users that such a process is helping the network to grow bigger every year.
- The Stellar Lumens network facilitates multi-currency transactions. The token XLM can be traded on every marketplace with all existing cryptocurrencies.
The Pitfalls of Stellar:
- Stellar has around 18 million tokens available for use and an aggregate of more than 100 billion tokens. Specialists expect that in light of present conditions, there are around 85 billion tokens which could cheapen the present tokens available for use.
- It is difficult to buy Stellar. You cannot mine it and to buy them you have to first buy some other cryptocurrency and then exchange it for stellar.
- Every transaction can be found and read with a blockchain explorer. This creates a bit of trust issues for a newbie who plans on whether to buy Stellar or not.
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With the growing price of Stellar, it very well may be a decent place to invest in. We read how it provides various features, like, smart contracts, faster transactions, streamlining cross-border payments, and ease-of-use, etc. It is definitely a good place to start trading with.
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