What is Stellar Cryptocurrency?

What is Stellar Cryptocurrency?

Stellar is an open-source protocol for value exchange founded in 2014 by Jed McCaleb (the founder of Ripple and eDonkey) and Joyce Kim. The Stellar network is supported by a nonprofit, the Stellar Foundation.


The Stellar network has a built-in decentralized exchange where you can trade any asset on the platform, including other cryptocurrencies such as bitcoin, litecoin and ethereum.


Stellar also has its own native cryptocurrency called Lumens (XLM), which is used to facilitate trades on the platform. In fact, every transaction that takes place on Stellar's ledger requires a small fee paid in Lumens to support operation of the network.


Stellar provides fast confirmation times (5 seconds), minimal fees and multi-signature security features that make it attractive for businesses looking to leverage blockchain technology without making major changes to their existing financial systems.

Stellar aims to be a global payment network that connects banks, payments systems and people to move money quickly, reliably and at almost no cost. It is similar to Ripple in some ways but it's not as centralized as Ripple. 

Stellar is also an open source protocol where anyone can use the platform for their own applications or build their own custom cryptocurrency tokens on top of Stellar Network. Users can buy, sell or trade XLM coins on exchanges such as Binance and Coinbase Pro.

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