The Stellar Blockchain
Created by the Stellar Development Foundation in July 2014, Stellar is a decentralized, open-source blockchain and home of the XLM cryptocurrency known as Stellar Lumens, which grew astronomically in the 2017 crypto explosion and remains a top-10 crypto.
So far, so similar.
Stellar is different, though; their goals are nobler. This is no doubt thanks to the fact it was founded as a Non-Profit organisation by Jed McCaleb with the goal of using Blockchain Technology to help the poor, among other fine aspirations.
What happened next is perhaps unsurprising: Stellar ended up revolutionising banking just like XRP did before it (Stellar broke off from Ripple Labs previously) and exploded in value.
We’re going to inform you of some other things you might not know about Stellar, that influenced why we chose it as our Blockchain to build upon.
Features & Benefits of Stellar (XLM) Blockchain
Low transaction costs — notice how the value of the XLM coin is low compared to other cryptocurrencies? That’s deliberate, and because these little coins are the equivalent to transaction fees that take place on the Stellar chain.
Speed — near-instantaneous transactions of 2 seconds and up make it over twice as fast as Ripple XRP. This includes when money is crossing borders from country to country, which is one of the reasons it is so useful to financial institutions.
Target Audience — Everyone! Whilst many crypto projects target institutions, Stellar aims to empower every individual in the world, especially those who have little, known as the “underbanked”.
Unique Validations — Stellar’s consensus protocol is referred to as a federated byzantine agreement. What that really means is that anyone can get involved, making it truly decentralized, and also meaning that the validators do not receive any rewards for doing so — something quite unusual in this space.
Improved security — this one is really important. Due to the Stellar Blockchain utilizing multi-operation transactions, there is far less uncertainty than normal, and even if misuse occurs, the funds can be “frozen” and investigated. Given their aim to help more people than any other crypto, this is paramount.
Low cost to develop on — unlike Ethereum, which costs more the more it is used, Stellar’s transaction fees remain static and minuscule, meaning developers like us can build on it without needing huge amounts of investment. In fact, in 2017 alone this blockchain did over 1 billion in ICOs.
Strong Partnerships — IBM has joined forces with Stellar, which is a huge vote of confidence for the chain.
Future potential — the roadmap and future price trajectory of Stellar and very strong.
These are the reasons why we have built upon the Stellar ecosystem, and believe that you should too.
Gwallet.tech is a new Stellar Blockchain-based hybrid wallet with decentralised and peer-to-peer exchange soon to launch on Apple and Android.