Stellar (XLM)

About

Stellar is an open-source, decentralized blockchain network designed to facilitate fast, low-cost, and secure cross-border transactions. It was launched in 2015 by the Stellar Development Foundation, with the aim of connecting financial systems worldwide. Stellar's native cryptocurrency, Lumens (XLM), serves as a bridge currency and is used to pay transaction fees on the network. The network operates using the Stellar Consensus Protocol (SCP), which relies on a network of validators rather than miners, making it more energy-efficient. Stellar supports the issuance of custom tokens, allowing users to trade various assets without traditional financial constraints. It offers features like asset tokenization, micropayments, and remittances, making it ideal for financial inclusion, especially in underbanked regions. The network is compatible with multiple fiat and cryptocurrency currencies, enabling smooth cross-border transactions. Anchors, which are financial institutions, act as bridges between the Stellar network and traditional financial systems, facilitating currency conversions.