Review on Stellar by Olugbenga Ajayi
Stellar is a multicurrency project
Stellar was originally based on Ripple protocol and model. It is an open source, distributed and community owned network used to facilitate cross asset transfer of value. It was developed by Micaleb, one of the co-founder of Ripple.
Objective
It's aim is to expand financial access to everyone especially individuals and organizations part of the world where financial institutions are scarce or it's services is poor.
Stellar is not just a platform for exchange of cryptocurrencies but it is also used to facilitate exchange of flat Currencies. It also provides a platform for tokenization of other token types for instance flat money can be created to make cross asset transfer of value possible. Among the blockchains network that can handle initial coin offering is stellar network making it in the same category like ethereum network and Tron.
Stellar has its own wallet known as lumen wallet which can be used to store and send lumens.
Uses of stellar lumen
Stellar lumen is used to send any type of currency and have it changed to a different currency. I call it a cross currency exchange. It is used as moderator for multicurrency transaction in cases when a large direct market for currency pairs does not exist.
Stellar validates transactions, it uses a consensus protocol known as federated Byzantine agreement. With this any user can take the function of a validation node and is free to follow any node.
Stellar Lumen is supported by many cryptocurrency platforms. It is traded on:
Binance, bitfnex, Huobi, kraken, bitforex, Bittrex etc.
Pros
- Transaction cost is very low
- Transaction speed is very fast
- Security system is high profiled
Cons
- No negative comment
New products
Comments (1)
May 25, 2020
The target for stellar is to expand financial access to everyone especially individuals and organizations part of the world where financial institution are scarce. Stellar is not just a platform for exchange of cryptocurrencies but it is also used to facilitate exchange of flat currencies.
