Created in 2015
Created by Joyce Kim and Jed McCaleb
Stellar is a non-profit payment network based on blockchain which eliminates the need for the bank by giving substitute of any bank institution. It is a distributed blockchain ledger that provides cross-asset transfers in no time along with its robust database system. Its digital asset is Lumens (XLM).
This project is influenced by significantly major names of blockchain industry.
Stellar has presented its own Stellar Consensus Protocol(SCP) which makes no assumptions about attackers. It has surpassed both existing consensus proof-of-stake & proof-of-work algorithms and opened a new door to modest computing & finances. By the use of SCP barriers to enter and open financial system is lessened.
In official whitepapers, they have explained in detail all about stellar consensus protocol along with its implementation and working on the Stellar platform. One of the parts consists of limitations that are associated with SCP.
Stellar known to be a substitute for banks; provides all expected services but the difference is all this happen on a decentralized network. Users can use stellar to transfer their funds from one to other without paying large fees of any third party. It let the remittances to simple enough by sending money across borders. The user can use any currency to transfer by using XLM, a digital asset of Stellar. The transaction price is a tiny part of XLM which ultimately beats the big names money transfer companies.
A decentralized network with its own SCP and runs each transaction independently and eliminates any single party to be a primary source. Stellar doesn’t rely on any third party while processing transaction as the idea behind this is to make the system robust and transparent by independent servers.
SCP cannot give a blocked state until unless failure from a participant side has occurred. SCP is proved to be the secure consensus mechanism with key properties including decentralized control, Low latency, flexible trust, and security.
Along with above-stated goals Stellar is aimed to:
Being no-profit organization, they are expected to bring a noticeable change in finance around the world. Another benefit of the growth of Stellar is to provide services to those who are not connected to the bank. Stellar is positive in all way user-friendly, transparent, open-source and the most important low-cost transactions.