Stellar

While we wait for one Bitcoin transaction to be processed, another digital currency called Stellar can make between 120 and 200 transactions at the same time.

What is Stellar Digital Currency?

You may have heard about it before, in 2014, Stellar tried to bridge the gap between cryptography and the financial world. Since then, Stellar Digital Currency has gained the field of cooperation with some of the largest technical and financial companies.

The results included IBM, Stripe, and Deloitte, as well as at least a dozen payment processors and financial institutions in Europe and Asia. Stellar's main goal is to become the digital payment line of the world by connecting people, banks, and payment systems, and it will allow you to quickly and confidently give money to anyone, with a fee of fewer than one thousand tomans and move that anywhere.

Some claim that Stellar cryptography started as a copy of the Ripple protocol. Interestingly, Jed McCaleb founded Stellar Currency, he also founded Ripple. However, Jed McCaleb's grandfather said on his Twitter page that the two codes have different passwords and are not copies.

If Stellar is not a copy of Ripple, then what is it?

The main difference between currencies is that Stellar targets individuals, while Ripple targets financial institutions, including the world's largest banks.

To take a closer look, Stellar's target audience is the general public, who use the XLM digital currency for fuel and retail. Ripple, on the other hand, has targeted some of the world's largest banks, such as Santander, Bank of America, and HSBC.

Stellar's digital currency is also different from Ripple because of the type of business, as the Stellar Foundation is a non-profit organization. This means that they receive tax exemptions, there are no shareholders and no dividends.

How to use Stellar?

You can imagine Stellar as a faster and scalable Bitcoin cousin that does not need to be mined. Stellar can be traded anywhere in the world in just 3 to 5 seconds. This is ideal for overseas payments (eg overseas transactions). All over the world, if you are in a remote place without access to banks, cheap and fast transactions through your mobile phone, tablet or desktop will be very useful.

Stellar has an in-house exchange through which you can trade currencies such as Bitcoin, Ethereum, or Repo Coin with Stellar.

From January to August 2017, Stellar realized that the initial currency offers of this platform are more than $ 1.3 billion in just 8 months. ICOs like Mobius (which earned just under $ 40 million) chose it over the more popular blockchain because of its scalability and Stellar consensus protocol.

Is Stellar safe?

Stellar has a layer of security that the Stellar exchange and network have never been hacked. However, there was one case where some Stellar was stolen from an online wallet website, but this was beyond the control of XLM. This was a flaw in the wallet, not in Stellar technology.

The very small fee you pay for each Stellar transaction is also used to prevent attacks called Denial of Service (DDoS). This type of attack usually occurs when servers overflow. Therefore, for a small fee, security services and the prevention of attackers are paid, which is very expensive.

Strengths and weaknesses of Stellar digital currency

Stellar Pros

• Extremely low transaction costs

• Fast deals

• Scalability

• Support large financial organizations

Cons

• Lack of confidence in some people behind Stellar's work

• Concentrated