Things To Know About Stellar
Stellar, which was initially forked from Ripple, is a payment network.
Though it came into existence after splitting from Ripple but after the introduction of the
protocol of Stellar Consensus it gained popularity as a unique payment network
Problems solved by Stellar
Banks and other financial institutions used to charge transaction fees higher than the
Along with higher transaction fees it used to take several days to complete such
Both of these problems were solved by Stellar by making money transfers across
the world easier and faster at a very reasonable cost.
How stellar solved the transaction problems?
Being similar to Ripple, stellar was designed to make the process of payment
between its users, whether they are individuals or major financial
For this purpose, its used anchors as mediators between the ledger of the
Stellar and the traditional money like USD.
The traditional financial institutions used banks as well as PayPal as their anchors
for transferring money across borders but its used Stronghold, Remitr, and Tempo
as anchors for this purpose.
In this way, its has simplified the process of sending money across borders
all over the world by using anchors.
Each of the anchors used by its for transferring money can make the process
faster and easier by interacting with each other instead of interacting through
the network of Stellar.
The money deposited in your online account with the anchor of the Stellar is
credited to your account which you can use to receive or send payments across
the world to the users of the same network.
The credit in your account will be converted by Stellar into the currency of your
choice at the best exchange rates.
How to buy stellar?
You cannot buy its a payment platform. To make the transactions
easier and more affordable Stellar has introduced its own cryptocurrency,
You can buy Lumens or XLM from various popular exchanges and markets
dealing in cryptocurrencies.
Introduction with Stellar Lumen
its Lumen is the indigenous asset of the network of its like USD belongs
to the economy of America.
In 2014, the native asset of Stellar was initially known as Stellars, before launching
the protocol of its consensus.
on in 2015, the name of its was changed to Lumens.
The fee of every transaction made on the network of its was as
low as 0.00001 lumens.
The approximate value of one lumen can be equal to $0.40. In this way,
the transaction cost became very inexpensive as it
costs nearly $0.000004.
How to store Stellar Lumens?
Lobstr is considered as the only wallet to store its Lumens.
The users of Android or iOS devices can use Lobstr to store their Lumens.
Ledger Nano S is a hardware option in which its Lumens can be stored
Who can use Stellar Lumens?
its Lumens are liked by almost all the online as well as traditional
financial institutions including banks and financial companies etc.
as it can help in making the transactions in different currencies
inexpensive, easier and faster.
In this way, its a payment network that helps people in transferring
their cryptocurrency across the world fast and inexpensively.
Written By : YOUSSEF J A ALMEER