Stellar is a decentralized open-source blockchain platform that aims to facilitate cross-border transactions and enable quick and low-cost money transfers. It was created to connect individuals, banks and payment systems to make sending money more efficient and accessible.
The cryptocurrency associated with the Stellar network is called Lumens (XLM). Lumens act as a bridge currency that helps facilitate transactions between different currencies. They also serve as a means to prevent spam on the network by requiring a small fee for each transaction.
One of the key features of Stellar is its consensus protocol, which allows for fast transaction processing times of around 2-5 seconds. This makes it suitable for microtransactions and other quick transfers of value. Stellar also employs a federated Byzantine agreement (FBA) algorithm to ensure the security and reliability of the network.
Overall, Stellar aims to make financial transactions more inclusive and efficient by providing a platform for seamless cross-border payments and collaborations between different financial institutions and individuals.
