Stellar is a blockchain-based platform designed for quick currency exchange and money transfer. Stellar forked and rewrote his code after using Ripple's (XRP) for a while. Like XRP, Stellar's XLM currency serves as the connecting currency for carrying out various transactions on the Stellar platform. This is why each XLM token has a very low value compared to most of the other 10 major cryptocurrencies.
Stellar plans to reduce poverty and help companies that don't have a banking system.
Stellar has always promoted the image of an organization attentive to the social and which has its main catchment area in Africa and Southeast Asia. In these areas it aims to become the reference network to receive remittances from migrants directly on the smartphone to finance social enterprises, to take advantage of micropayments and more.
How it works?
The Stellar protocol does not require any "intermediary" or third parties to transfer funds. So even those who don't have a bank account can take advantage of basic banking services. In addition, users can quickly convert different payment methods. For example, an application of the platform offers the possibility of converting telephone credits into money.
On the Stellar network there are multiple servers that communicate with each other at 2-5 second intervals. Each server contains a copy of the public register that records all transactions on the network. The log is also updated every few seconds. For each order on the network the Stellar protocol uses the best exchange rate for the transaction. The algorithm can also create a conversion that goes through various currencies if the end result is beneficial for both parties. Each transaction carries a small commission charged in XLM.
In October 2017, IBM announced that it will use the Stellar protocol to develop a blockchain-based cross-border payment system for banks.
Stellar can also be used as a platform for the creation of new tokens and therefore host the initial coin offering (ICO). For example, the Kik messaging service has decided to move its tokens from Ethereum to Stellar, considered a higher quality platform.
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