Stellar (XLM) is a Layer-1 blockchain with roots in cross-border transactions/remittances and operating as a decentralized peer-to-peer network for payments and asset tokenization.
Established in 2014 by the Stellar Development Foundation, Stellar has processed over 2 billion transactions from 6.5 million individual accounts.
Stellar officially launched in 2015, founded by Jed McCaleb and Joyce Kim after their departure from Ripple (XRP). McCaleb’s objective was to reduce the friction caused when converting fiat to crypto.
Initially, the Stellar project was intended for people in developing nations. However, the network’s speed and low fees, 0.00001 XLM or Lumens, have aided in its growing popularity amongst crypto users globally.
Stellar has a few unique features which allow users to:
- Send a particular currency to a recipient who then receives the value of the particular currency sent but in a different currency. For example, you send euros to your friend who receives the value of those euros in Bitcoin.
- Create tokens redeemable for any asset.
- Trade tokens peer-to-peer.
Stellar Consensus Protocol, also known as SCP, is the consensus mechanism securing the Stellar network. SCP is a new kind of consensus mechanism which is a construction of the Federated Byzantine Agreement (FBA), where consensus is achieved through a select number of trusted nodes.
To learn about recent Stellar price trends, go to Abra Trade in the Abra app.Download Abra
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