Stellar is a platform that connects banks, payments systems, and people.
It is built on a completely decentralized consensus platform and is designed to support any type of currency such as the US dollar, RMB or Yen. Stellar platform’s native currency is the Stellar Lumens (XLM).
Stellar Lumens (XLM) can be traded on Binance Exchange.Stellar XLM Logo Features and Specifications Transaction speed: 3-5 second confirmation time Total Supply: 100B XLM created initially Supports thousands of transactions per second Uses Stellar Consensus Protocol (SCP) rather than Proof of Work Simple, clean API Multisig and smart contracts Decentralized distributed database 1% fixed annual inflation How Stellar works
A decentralized network consists of peers that can run independently of each other. This means that the Stellar network does not depend on any single entity. The idea is to have as many independent servers participate in the Stellar network as possible, so that the network will still run successfully even if some servers fail.
Like a traditional ledger, the Stellar ledger records a list of all the balances and transactions belonging to every single account on the network. A complete copy of the global Stellar ledger is hosted on each server that runs the Stellar software. Any entity can run a Stellar server.
These servers form a decentralized Stellar network, allowing the ledger to be distributed as widely as possible. The servers sync and validate the ledger by a mechanism known as consensus.
Stellar uses the Stellar Consensus Protocol (SCP) rather than Proof of Work. The Stellar Consensus Protocol (SCP) is a protocol that achieves optimal safety against ill-behaved participants. Basically, it aims to be more secure and offer better protection against malicious parties.
The Stellar servers communicate and sync with each other...