Founded in early 2014, with an objective to connect people to low-cost financial services and build their individual potential. It's an open-source decentralized protocol for exchanging money which allows real-time settlement of money anywhere in the world to anyone and in any currency for free using a crypto-asset called Lumenss (XLM) as a bridge.
How it works
Stellar uses the internet to connect and communicate with the network of decentralized servers spread across locations that form the distributed ledger. Each server stores the information and records of all transaction on the network and the database is called ledger. The servers communicate with each other to verify the transaction and sync the records every 2-5 seconds. The mechanism is called consensus.
The ledger records your credit transaction which was issued by an anchor (banks, payment gateways) and then it is added to your online account or virtual account. Then the issued credit can be sent and received by the users on the network. With the distributed exchange, one can send USD credits using other currency credit balance. The system then automatically converts it at the lowest rate and the user can withdraw using an anchor which supports the currency.
Immutability and Security: All the transactions recorded in the Stellar network cannot be reversed or deleted. The system is very secure and has the least probability of system hack due to its distributed network.
Free and no usage restriction: Stellar.org operates as a non-stock nonprofit organization to give low-cost access to financial services. The services are free on the network and with no commercial limitation on the use of the network.
Privacy of transactions: Though all the transaction occurs in the network are public but with third-party tools like lightning private transaction on the network are possible.
Freezing: This allows the user to lock the credit if it reaches the wrong users. Freezing of a credit is a simple process and generally requires 3-5 seconds to complete.
Founders and History of Stellar
Stellar was co-founded by Joyce Kim with support from Khosla Ventures, Stripe, InVenture. At the launch, Stellar was based on Ripple protocol but after necessary changes to consensus mode, Stellar network forked.
How to Buy Stellar Lumens (XLM)
1. The first step requires having bitcoin (BTC), Ether (ETH) or Tether (USDT) in your wallet
2. Open an account with an exchange which supports Stellar Lumens coins. Some top exchanges which support Stellar Lumens coins are Poloniex, BITTREX, Kraken, Qryptos.
3. Transfer bitcoins to your account you have created in one of the exchanges above
4. Then Convert Bitcoin(BTC) to Stellar Lumens (XLM)
5. Secure your coins to safer off-exchange wallet (hardware) or a desktop wallet
Wallets for to store XLM
Total ten wallets are allowed to store XLM. There are three Desktop wallets, 4 Mobile wallets and 7 web wallets.
Ledger, Stellar Desktop Client, Stargazer
Lobstar, Stargazer, Centaurus, Papaya
Ledger, Stronghold, StellarTerm, Blackwallet, SAZA, Papaya, Lobstar
Poloniex, BITTREX, Kraken, Qryptos, Bitcoin Indonesia