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22 Oct 2021

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What is Stellar? – Work, Method Work, and More
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What is Stellar? – Work, Method Work, and More

Stellar is the open-source and decentralize payment protocol that allows for fast, cross-border transactions between any pair of currencies.

And like other cryptocurrencies, it operates using blockchain technology. Its native asset.

And the digital currency is called lumen (XLM). XLM powers the Stellar network and its operations, similar to how ether (ETH) powers the Ethereum network.

How does Stellar’s Blockchain Work?

  • Transactions on the Stellar network add the shared, distributed, public ledger, and the database accessible by anyone worldwide.
  • Also, it reaches consensus on transactions so quickly and accurately, and Stellar uses its unique consensus method.
  • How does Stellar’s Consensus in Method Work?
  • Stellar’s consensus is method allows for fast and cheap transactions, with everyone on the network reaching an agreement about transaction validity within a few seconds.
  • And every participant (called a node) who helps add Stellar transactions to the global ledger chooses its mini-network of other trusted participants that it agrees.
  • As long as these mini-networks (called quorum slices) overlap.
  • And also the overall its network can reach an agreement about which transactions are valid and can adds to the ledger quickly.

Also Read: What is the Litecoin? – Definition, Work, and More

Where is the Value Stellar Derived?

  • Stellar is valuable and valuable because its global exchange network can host thousands of exchanges between currencies and tokens per second.
  • And exchanging between cryptocurrencies and fiat currencies can lengthy and expensive process.
  • And also it makes exchanging swift and cheap. XLM, the asset supported within the Blockchain.com Wallet, is use to pay transaction fees maintain accounts on the Stellar network.

Also Read: What is the Solana (SOL)? – Benefits, Work

Also Read: What is Chainlink? – Definition, Buy Chainlink

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