![]() ![]() In 2016, Deloitte announced its integration with Stellar to build a cross-border payments application, Deloitte Digital Bank, and by the end of that year, it was announced that the Stellar payments network had expanded to include Coins.ph, a mobile wallet startup in the Philippines, ICICI Bank in India, one of the largest private banks in India, African mobile payments firm Flutterwave, and French remittances company Tempo Money Transfer. Since 2015, Stellar has amassed a considerable number of supporters and has been integrated into services such as Vumi, an open source messaging platform, which uses the protocol to provide a savings account feature on mobile, and Oradian, a cloud-based banking software companies, which uses Stellar to provide microfinance services in Nigeria. Last year, it acquired Chain, Inc., a blockchain infrastructure company, and the combined company was named Interstellar. Lightyear Corp., a for-profit entity of Stellar, was launched in May 2017 as the commercial arm of the company. The Stellar protocol is supported by a nonprofit called the Stellar Development Foundation, which contributes to the development of tools and social good initiatives around the network and financial inclusion. Stellar has also received donations from organizations like BlackRock, and FastForward. Stellar was launched in 2014 by Jed McCaleb, founder of MtGox and co-founder of Ripple, a competing protocol, with former lawyer Joyce Kim, and raised US$3 million in seed from Stripe the same year. A complete copy of the global ledger exists on each Stellar server. The ledger records every transaction in the system for people and companies alike. Transactions that take place on the Stellar network are added to a shared, distributed, public ledger, a database accessible by anyone worldwide, also called a blockchain. This function is possible when there is a liquid market between the lumen and each currency involved. ![]() Second, Stellar Lumens can be used to facilitate multi-currency transactions. The transaction fee prevents users with malicious intentions from flooding the network and the minimum balance incentivizes users to declutter the ledger by eliminating abandoned accounts. Stellar Lumens are needed for transaction fees (0.00001 lumens per transaction) and a minimum balance of 0.5 lumens on accounts on the Stellar network is required. Stellar has a native cryptocurrency called lumens (XLM), which powers the network and all of its operations, similarly to how ether (ETH) powers the Ethereum network. With a focus on fast transaction time and low transaction fees, the protocol intends to assist in remittances, especially in developing economies, by providing a global network capable of hosting thousands of exchanges between currencies and tokens per second. Stellar is an open source, decentralized protocol that allows cross-border transactions between any pair of currencies. ![]()
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |