Stellar (XLM) is a decentralized peer-to-peer (P2P) system established in 2014 by The Stellar Development Foundation. It first came onto my radar years ago due to its ethos of boosting financial inclusion by reaching the world’s unbanked.
With people in developing nations still at its core, its primary objective is to facilitate global financial connectivity by establishing a standardised payment protocol. By connecting individuals, banks, and payment processors, Stellar makes it possible to create, send, and trade digital representations of all forms of money: dollars, pesos, bitcoin, swiss francs, etc. all over the world.
The basis of the network is its native digital currency - XLM or Lumens. XLM acts as an intermediate currency for operations and is also used to pay transaction fees. The protocol converts money in a few seconds, first into XLM, and then into the requested currency. This feature is beneficial when a transaction is made between currencies without widely traded pairs.
New developments with this project have been recently occurring, which is why I have put the Stellar Network in the spotlight - see my progress review. Show Less
