Stellar is a distributed blockchain based ledger and database. It is used to make transfers of values without third party. Stellar shares some similarities with Ripple. Both of them aim to connect financial institutions. They shared the same protocol initially. But there are some important features that Ripple doesn't have. Stellar is focused on developing markets. And it is an open-source technology. Stellar has its token. It is called Lumens (XLM). Lumens are being used within the network. All the users are required to keep a minimum amount of 0.5 lumens on their accounts. That allows identifying inactive accounts.
The founder of Stellar is Jed McCaleb. He was a co-founder of Ripple. In 2014 he with Joyce Kim, the lawyer, launched the network system. Originally it was released as a decentralized payment network and protocol with its native asset called stellar. Its native currency was later called Lumens (XLM). In August 2014 Mercado Bitcoin, the first Brazilian exchange, announced that they were going to use the Stellar network. By 2015 Stellar had more than 3 million registered users. In April 2015 the upgraded protocol was released. It had a new consensus algorithm, which used SCP. In 2016 Deloitte announced integration with Stellar to build a cross-border payment application. In September 2017 a benefit program was announced. Stellar’s network was expanding and including more and more partners. Among them were ICICI Bank in India, African mobile payments firm Flutterwave, and French Tempo Money Transfer. Later Stellar also partnered with IBM and KlickEx to facilitate cross-border transactions in the South Pacific Region.
Although Stellar is considered to be one of the best networks, it has some disadvantages. - Basically Stellar is a fork of Ripple
And Ripple is considered to be its main competitor. In terms of popularity, Ripple is ahead.
Let’s say you want to buy Stellar. What should you do? We suggest you go to the SimpleSwap homepage and follow the instructions below:
This is everything you need to know to buy XLM.