Stellar (XLM)
Stellar is an open-source, decentralized blockchain platform designed to facilitate fast, low-cost cross-border transactions between any pair of currencies. Its native cryptocurrency, Lumen (XLM), serves as a bridge currency and helps prevent network spam.
Key Features:
- Decentralization and Open-Source: Stellar operates on a decentralized network, ensuring no single entity has control, and its open-source nature allows for transparency and community-driven development.
- Stellar Consensus Protocol (SCP): Utilizing the SCP, Stellar achieves consensus without relying on a closed system to record financial transactions, enabling faster and more efficient transaction processing.
- Multi-Currency Support: Stellar supports numerous fiat and cryptocurrencies, facilitating seamless cross-border transactions and currency exchanges.
- Built-in Decentralized Exchange (DEX): Stellar features an integrated DEX, allowing users to trade assets directly on the network without intermediaries.
- Low Transaction Fees: With minimal transaction costs, Stellar is ideal for micropayments and remittances, making financial services more accessible.
- Smart Contract Capabilities: Through Soroban, a developer-friendly smart contracts platform, Stellar enables the creation of decentralized finance (DeFi) applications, enhancing its functionality.
