Stellar is a decentralized, open-source blockchain that aims to make crypto accessible to everyone. It was co-founded by Joyce Kim and Jed McCaleb in 2014, who also co-founded Ripple. The Stellar blockchain utilizes its native token, Lumens (XLM), to fund its digital network. Sitting at number 13 on CoinMarketCap, with a price of $0.08, here are some facts to help you learn about what Stellar is.
What makes Stellar unique?
Stellar uses a proof of stake consensus system to run its network. Wallets that hold Stellar are required to hold a small amount of Lumens in order to prevent spamming against the network. Stellar signed a partnership with IBM in 2017, to help set up multiple currency corridors for ease of payment.
Stellar also boasts fast transaction speeds, where transactions can be confirmed within 5 seconds.
One of the main purposes of Lumens are to allow transactions between different users using different currencies. Stellar automatically uses the current exchange rate to exchange the different currencies.
