Overview of Stellar
- Stellar, or Stellar Lumens, is an open source, decentralized protocol for digital currency to fiat money transfers which allows cross-border transactions between any pair of currencies. The Stellar protocol is supported by a Delaware nonprofit corporation, the Stellar Development Foundation, though this organization does not enjoy 501(c)(3) tax-exempt status with the IRS.
- Stellar USDC pairs the world’s leading digital dollar stablecoin, which has seen over 1,000% year-over-year growth and now has nearly $6B USDC in circulation, with the Stellar network, an established and proven blockchain, which has processed more than 1.5 billion total operations and last year saw a 104% YoY growth in total payments on the network.
- Stellar price today is $0.511601 USD with a 24-hour trading volume of $1,749,073,296 USD. Stellar is up 2.18% in the last 24 hours.
3 nodes are operated by the Stellar Development Foundation, in conjunction with 21 other organizations, providing for a total of 66 validator nodes. Transactions among accounts occur not through mining but rather through a consensus process among accounts in quorum slice. The current network fee is 100 stroops, equivalent to 0.00001 XLM or 1/10,000th of a cent. Each server stores a ledger of all the accounts in the network. Servers run a software implementation of the protocol, and use the Internet to connect to and communicate with other Stellar servers.
25 percent of those would be given to other non-profits working toward financial inclusion. Stripe received 2 percent or 2 billion of the initial stellars in return for its seed investment. The cryptocurrency, originally known as stellar, was later called Lumens or XLM. In August 2014, Mercado Bitcoin, the first Brazilian bitcoin exchange, announced it would be using the Stellar network. By January 2015, Stellar had approximately 3 million registered user accounts on its platform and its market cap was almost $15 million. At its launch, the network had 100 billion stellars. Before the official launch, McCaleb formed a website called “Secret Bitcoin Project” seeking alpha testers. The nonprofit Stellar Development Foundation was created in collaboration with Stripe CEO Patrick Collison and the project officially launched that July. Gox and co-founder of Ripple, launched the network system Stellar with former lawyer Joyce Kim. In 2014, Jed McCaleb, founder of Mt. Stellar received $3 million in seed funding from Stripe. Stellar was released as a decentralized payment network and protocol with a native currency, stellar.
A Stellar blockchain explorer will provide you with live insights on recently mined blocks on the Stellar blockchain and a live feed of all the blocks added to the blockchain. Furthermore, it presents detailed statistics, pricing history, and insightful reports for all the assets on the Stellar network, which helps better decision-making.
“We don’t even have that as a thought process for us […] We’ve been giving XLM away since our inception in 2014, so from our standpoint, the giving away of the XLM is our mandate, and it’s one of the things that was originally set up with respect to the mission and how the organization was going to make its mark on the world. We maintain and support the development of the codebase for the Stellar network, and in order to bring attention and focus and education to the Stellar network and blockchain technology, this is a great way to be able to do that […] Our focus is on that part versus anything else that might have been. We’re not doing anything for any regulatory piece.”
Due to regulations, as well as several other factors, the cryptocurrency market as a whole has dropped, and Stellar is no exception. Many analysts seem to have high expectations in their XLM price predictions, saying that the price will not only recover but recover big! Up However, this could potentially be the perfect time to buy Stellar.
History of Stellar
- In 2015, it was announced that Stellar was releasing an integration into Vumi, the open-sourced messaging platform of the Praekelt Foundation. Vumi uses cellphone talk time as currency using the Stellar protocol. Stellar partnered with cloud-based banking software company Oradian in April 2015 to integrate Stellar into Oradian’s banking platform to add microfinance institutions (MFIs) in Nigeria.
- In 2016, prominent technology consulting firm Deloitte also announced a partnership with Stellar to develop a payments app.
- In 2017, there are already 30 banks confirmed they have signed up to use Stellar’s blockchain for cross-border transfers.
- In 2018, Stellar signed a deal with TransferTo for cross-border payments to more than 70 nations. It also became the first distributed technology ledger to obtain a Shariah-compliance certificate for payments and asset tokenization and was selected as a partner by IBM (IBM) for a double-pegged stablecoin project.
- In 2018, the Stellar Lumen’s team announced that 30 banks and up to 60% of the South Pacific island’s retail corridor will be using Lumens.
- In 2019 and 2020, Stellar’s price varied from about $0.06 to $0.1, however, it’s time to see what the new year brings.
- In 2019, Stellar hired ex-Mozilla executive Denelle Dixon who is known for her advocacy for net neutrality and personal data control.
- In 2019, the Stellar Development Foundation announced that it was burning over half of the cryptocurrency’s supply.
- In 2020, Protocol 13 was launched which introduced three fundamental updates:-
- In 2021, altcoins posted strong gains amid growing retail demand.