Stellar (payment system)

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Stellar
Stellar.org logo.png
symbol XLM
Publishing year 2014
developer Jed McCaleb
Joyce Kim
Blockchain No
Mining No
Website www.stellar.org

Stellar is an open source value-sharing protocol founded in early 2014 by Jed McCaleb - creator of eDonkey - and Joyce Kim. His board and advisory board members include Keith Rabois, Patrick Collison, Matt Mullenweg, Greg Stein, Joi Ito, Sam Altman, Naval Ravikant, and others. The Stellar Protocol is supported by a non-profit organization, the Stellar Development Foundation. In October 2017, Stellar and IBM formed a partnership. IBM uses the Stellar network to simplify international payments. IBM also supports the stablecoin "Stronghold USD", which has an almost 1: 1 ratio to the US dollar , as exactly one US dollar is reserved for each full coin - similar to the crypto currency Tether .

The specially developed crypto currency Stellar Lumens (XLM) reached a market capitalization of almost 16 billion US dollars in January 2018 and is currently one of the ten most valuable crypto currencies .

history

At the start, Stellar was based on the Ripple protocol, which, however, was overloaded after some adjustments to the critical consensus code for the Stellar network. Stellar co-founder Joyce Kim subsequently claimed that this was a bug in the Ripple protocol, but this statement was questioned in a blog post by Stefan Thomas - Ripple's CTO . The Stellar Development Foundation then created an updated version of the protocol with a new consensus algorithm based on completely new code. The code and white paper for this new algorithm were published in April 2015 and the upgraded network went live in November 2015.

functionality

Stellar is an open source protocol for currency exchange. Various servers run a software implementation of the protocol and use the Internet to connect to and communicate with other Stellar servers, creating a global network for the exchange of values. Each server stores a record of all accounts on the network. These records are stored in a database called a ledger. Servers suggest changes to the general ledger by suggesting transactions that move accounts from one state to another, by settling the balance, or by changing a property of the account. If all of the servers match the set of transactions for the current ledger, a process called consensus is performed. The consensus process takes place at regular intervals, typically every two to four seconds. This keeps the copy of each server's ledger in sync and identical.

Individual evidence

  1. ↑ Michael Casey; Paul Vigna: Mt. Gox, Ripple Founder Unveils Stellar, a New Digital Currency Project . Wall Street Journal. July 31, 2014. Retrieved September 3, 2014.
  2. ↑ Jillian D'onfro: PayPal's Cofounder Is Supporting A New Non-Profit That Will Tackle The Vision PayPal 'Never Accomplished' . Business Insider. July 31, 2014. Retrieved April 23, 2015.
  3. ↑ What is Stellar? In: Coin-Helper.com. Accessed August 28, 2018 .
  4. ↑ IBM supports Stablecoin Stronghold USD. In: Coinwelt.de. Retrieved August 28, 2018 .
  5. ↑ Blockchain for Global Payments Processing. In: IBM.com. October 16, 2017, accessed October 25, 2017 .
  6. ^ Historical data for Stellar.
  7. ^ Stefan Thomas: Why the Stellar Forking Issue Does Not Affect Ripple . Ripple Labs. December 7, 2014. Retrieved March 7, 2015.
  8. ^ Cade Metz: An Algorithm to Make Online Currency as Trustworthy as Cash . Condé Nast. April 8, 2015. Accessed April 23, 2015.
  9. ↑ Stellar.org . Retrieved January 14, 2015.
  10. ↑ How it works . Retrieved January 14, 2015.

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