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Stellar (payment network) – Wikipedia


Plural lumens
Symbol *
Code XLM
Precision 10−7



White paper The Stellar Consensus Protocol: A Federated Model for Internet-level Consensus[1]
Initial release July 31, 2014 ; 7 years ago ( )
Development status Active
Circulating supply 24 billion
Supply limit 50 billion

Stellar, or Stellar Lumens, is an clear informant, decentralized protocol for digital currency to fiat money low-cost transfers which allows cross-border transactions between any copulate of currencies. [ 2 ] The Stellar protocol is supported by a Delaware nonprofit corporation, the Stellar Development Foundation, though this organization does not enjoy 501 ( hundred ) ( 3 ) tax-exempt condition with the IRS. [ 3 ] [ 4 ]

history [edit ]

In 2014, Jed McCaleb, laminitis of Mt. Gox and co-founder of Ripple, launched the network system Stellar with erstwhile lawyer Joyce Kim. Before the official launch, McCaleb formed a web site called “ Secret Bitcoin Project ” seeking alpha testers. [ 5 ] The nonprofit organization Stellar Development Foundation was created in collaboration with Stripe CEO Patrick Collison and the project officially launched that July. Stellar received $ 3 million in seed fund from Stripe. [ 6 ] [ 7 ] Stellar was released as a decentralize requital network and protocol with a native currency, stellar. At its launch, the network had 100 billion stellars. 25 percentage of those would be given to early non-profits working toward fiscal inclusion. [ 8 ] [ 9 ] Stripe received 2 percentage or 2 billion of the initial stellars in rejoinder for its seeded player investment. [ 10 ] The cryptocurrency, originally known as stellar, was late called Lumens or XLM. [ 11 ] In August 2014, Mercado Bitcoin, the first Brazilian bitcoin exchange, announced it would be using the Stellar network. [ 12 ] By January 2015, Stellar had approximately 3 million registered user accounts on its platform and its market detonator was about $ 15 million. [ 13 ] The Stellar Development Foundation released an promote protocol with a new consensus algorithm in April 2015 which went live in November 2015. [ 14 ] The new algorithm used SCP, a cryptocurrency protocol created by Stanford professor David Mazières. [ 15 ], a for-profit entity of Stellar, launched in May 2017 as the commercial branch of the company. [ 16 ] In September 2017, Stellar announced a benefits platform, partially of its Stellar Partnership Grant Program, which would award partners up to $ 2 million deserving of Lumens for project development. In September 2018, Lightyear Corporation acquired Chain, Inc and the combine company was named Interstellar. [ 17 ]

custom [edit ]

In 2015, it was announced that Stellar was releasing an consolidation into Vumi, the open-sourced messaging platform of the Praekelt Foundation in South Africa. [ 18 ] Vumi uses cellular telephone speak fourth dimension as currency using the Stellar protocol. [ 19 ] Stellar partnered with cloud-based bank software company Oradian in April 2015 to integrate Stellar into Oradian ‘s bank chopine to add microfinance institutions ( MFIs ) in Nigeria. [ 20 ] [ 21 ] Deloitte announced its integration with Stellar in 2016 to build a cross-border payments lotion, Deloitte Digital Bank. [ 22 ] In December 2016, it was announced that Stellar ‘s payment network had expanded to include, a mobile payments inauguration in the Philippines, ICICI Bank in India, African fluid payments firm Flutterwave, and french remittances company Tempo Money Transfer. [ 23 ] In October 2017, Stellar partnered with IBM and KlickEx to facilitate cross-border transactions in the South Pacific region. The cross-border requital organization developed by IBM includes partnerships with banks in the area. [ 24 ] [ 25 ] The Lumens digital currency was ranked thirteenth in market capitalization at the time of the IBM partnership. [ 26 ] In December 2017, TechCrunch announced Stellar ‘s partnership with SureRemit, a nigerian -based non-cash remittances platform. [ 27 ] On January 6, 2021, the Ministry of Digital Transformation of Ukraine announced cooperation and partnership with Stellar in growth of Ukraine digital infrastructure after which Stellar respect increased by 40 %. [ 28 ]

ecosystem [edit ]

Stellar has an active community ecosystem and supports projects that utilize the Stellar Network with the Stellar Community Fund. [ 29 ]

overview [edit ]

Stellar is an open-source protocol for exchanging money or tokens using the Stellar Consensus Protocol. [ 1 ] The platform ‘s source code is hosted on GitHub.

Servers run a software execution of the protocol, and use the Internet to connect to and communicate with other leading servers. Each server stores a ledger of all the accounts in the network. 3 nodes are operated by the Stellar Development Foundation, in conjunction with 21 other organizations, providing for a total of 66 validator nodes. [ 30 ] Transactions among accounts occur not through mine but rather through a consensus work among accounts in quorum cut. [ 31 ] The current network tip is 100 stroops, equivalent to 0.00001 XLM. [ 32 ]

See besides [edit ]

References [edit ]

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Category : Economy

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