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It may be difficult to swap between many different assets seamlessly. It takes too long to change Bitcoin for gold or Nigerian Naira to Ethereum (unless you are trading with FBS). Stellar tries to solve this puzzle.
What is Stellar?
Stellar (XLMUSD) is an open-source network designed to unite the world’s financial system on a single network. Just like all decentralized cryptocurrencies, Stellar has no single owner. Instead, it’s owned by the public. Compared to typical blockchain-based systems, Stellar developers made the network fast, cheap, and energy-efficient.
Does Stellar have its blockchain?
Stellar is built on decentralized blockchain technology. This network maintains a high level of security. XLM holders must have at least one token to remain active on the web. Stellar has its own currency called lumens to transfer value across the network.
What are Stellar lumens?
Lumens are an internal currency of a Stellar network. People use them to pay transaction fees and to activate their accounts. The minimum balance per account should be one lumen, and the minimum per-transaction fee is 0.00001 lumen. Stellar implemented this mechanism to get rid of measuring issues. Stellar developers want to create a universal system for digital money. Thus, the network doesn’t prefer any particular currency except lumens. Now, there are 4.3 million Stellar accounts, and each of them uses lumens to meet balance requirements and pay transaction fees.
Is Stellar better than XRP?
Ripple (XRPUSD) is another crypto created to transfer money between users. The difference between them is that Ripple works mainly for banks and financial institutions. On the other hand, Stellar aims at the general public. Also, there are rumors about the so-called ISO20022, which is a next-generation standard for data interchange between financial institutions. Both Ripple and Stellar are there so we wouldn’t call them rivals. They’re more like two sides of the same coin, offering value transfers across the globe.
What is the difference between Stellar and Ethereum?
Ethereum offers a wide variety of use cases with smart contracts. On the other hand, Stellar is a payment system and not an Internet computer.
You can read more about Stellar on the official website https://www.stellar.org/.
2022-11-22 • Updated