What is Stellar cryptocurrency and how does it work?

3 answers

• Nov 28, 2021 · 3 years ago
  Stellar cryptocurrency is a decentralized digital currency that operates on a blockchain network. It was created to facilitate fast and low-cost cross-border transactions. Stellar uses its native cryptocurrency called Lumens (XLM) to facilitate these transactions. The network relies on a consensus algorithm called the Stellar Consensus Protocol (SCP) to validate and confirm transactions. SCP allows for quick transaction settlement times and high scalability. Stellar also supports the creation and issuance of tokens, which can represent various assets like fiat currencies, commodities, or even other cryptocurrencies.
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• Nov 28, 2021 · 3 years ago
  Stellar cryptocurrency works by leveraging blockchain technology to enable secure and efficient transactions. The network consists of a decentralized ledger that records all transactions and account balances. When a user initiates a transaction, it is broadcasted to the network and validated by a group of trusted nodes. Once the transaction is confirmed, it becomes a part of the blockchain and cannot be altered. Stellar's unique feature is its ability to facilitate cross-border transactions with minimal fees and fast settlement times. This is achieved through the use of Lumens as a bridge currency, allowing for seamless conversion between different assets.
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• Nov 28, 2021 · 3 years ago
  Stellar cryptocurrency, developed by the Stellar Development Foundation, aims to provide financial services to the unbanked and underbanked populations around the world. It offers a decentralized platform for individuals and institutions to send and receive money globally. Stellar's network is open and accessible, allowing anyone to participate and contribute to its growth. With its focus on inclusivity and low-cost transactions, Stellar has gained popularity among individuals, businesses, and even other blockchain projects. It continues to evolve and improve its technology to provide a reliable and efficient financial infrastructure for the future.
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