What is Stellar (XLM)?
Stellar (XLM), a blockchain-based network for quick and inexpensive cross-border payments and the exchange of digital assets, is the last point. With a focus on offering financial services to unbanked and underbanked populations, it seeks to connect financial institutions and individuals globally.
The History of Stellar
The inefficiencies and high costs associated with conventional cross-border payments were the motivation behind the development of Stellar. The platform runs on the Stellar Consensus Protocol (SCP), a consensus method that enables quick and secure transaction processing. It is based on a decentralised, open-source blockchain.
The Use Case of Stellar
Stellar's main goals are to make cross-border payments easier and to give unbanked and underbanked people around the world access to financial services. The platform intends to link individuals, payment networks, and financial institutions, enabling simple, inexpensive transactions all over the world. The Stellar network is powered by the native cryptocurrency of Stellar, called XLM, which is also used to carry out transactions and cover transaction fees.
Stellar supports the issuance and transfer of other digital assets, such as stablecoins, tokens, and smart contracts, in addition to cross-border payments. This makes it a flexible platform that may be used for a range of use cases, such as peer-to-peer transactions, micropayments, and remittances.
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