What Is Stellar Lumens?
Stellar is a decentralized, hybrid blockchain that is fully open-source founded in early 2014
by Jed Mcaleb and Joyce Kim. The protocol and continuous developments are supported by
the Stellar Development Foundation.
The technology of Stellar was created with the idea of facilitating the cross asset-transfers
of value, including the aspect of payments. The unique aspect of Stellar is that it will allow for
one to be able to move money across different national borders in quick, reliable and very
cost efficient manner. The project is aiming to be so cost efficient in the transfer of payments
that they are aiming to set the cost at a mere fraction of a penny.
Potential partners and users will be able to benefit from the Stellar network by integrating and
having access to an open and global financial network where all parties and entities (banks,
payment networks and individuals) are able to be equal in their access and economic
An important note is that Stellar operates as a non-stock non profit organization with a
mission of connecting people to low-cost financial services to fight poverty and maximize
Differences From Bitcoin
The Stellar network runs on a consensus algorithm as opposed to mining. The consensus
algorithm allows for transactions to processed in a matter of seconds.
Lumens, their unit of digital currency, will continue to increase at a fixed rate of 1% per year.
The Stellar payment network allows the user to transact via fiat or or digital currency.
Different applications of the Stellar Network are present in the world today. There are
several examples of the use of Stellar as financial infrastructure in emerging markets
and developing countries.
The Praekelt Foundation, will be utilizing the payment network by integrating it into its
open source messaging application, Vumi. The messaging application enables youth
in the Africa to minimize their costs in airtime credits.
Coins.ph, a mobile first financial services provider in the country of Philippines, is
utilizing stellar to provide needed banking services to the southeast asian region.
Consumers from all over the world are able to use the Stellar Wallet to send
remittances to people located in the Philippines.
A company called Flutterwave, uses Stellar to facilitate cross-border payments for
mobile platform called M-Pesa. The mobile platform supports money transfers in various
countries from Kenya, India, Afghanistan, and other markets. Stellar improves the
process by allowing for users in various countries to send payments regardless of their
The non profit continues to stick to its mission of empowering individuals by connecting
them to low-cost financial services, helping them to ward off and escape poverty.
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