Stellar is an open-source, decentralized payments network that allows users to send and receive payments or money transfers in any currency, from anywhere in the world. It was founded by Jed McCaleb and Joyce Kim in 2014 as a fork of the Ripple protocol. The Stellar Network utilizes its own cryptocurrency, Lumens (XLM), which is used to facilitate transactions on the platform.
The Stellar Network provides two primary services: a distributed exchange technology that enables cross-asset transfers between different currencies and assets; and a low-cost payment network with fast transaction times across borders without reliance on traditional banking systems. Transactions are verified using consensus algorithms similar to those used by Bitcoin, but at much lower costs compared to conventional payment networks such as SWIFT or ACH.
The main goal of Stellar is to provide financial access for everyone around the world regardless of their economic status or geographical location – allowing users to send money easily, quickly and securely over long distances with minimal fees charged per transaction. In addition, it provides businesses with tools for building financial products tailored specifically for their customers’ needs. This includes support for fundraising activities such as ICOs (Initial Coin Offerings) through its Stellar Development Foundation (SDF).
To use the platform’s features you need XLM tokens – these can be purchased directly from exchanges such as Coinbase or Kraken via fiat currency like USD/EUR/GBP etc., or other cryptocurrencies like Bitcoin or Ethereum. You’ll also need appropriate wallets where you can store your XLM tokens securely from potential hackers – popular choices include Blockchain Wallet and Atomic Wallet among many others.
Once you have all your necessary requirements ready, simply create an account by visiting stellar’s official website https://www.stellar.org/. From there you will be able to buy lumens using your preferred method of payment – credit card/bank transfer etc.. Once completed you should then see them appear into your wallet address within minutes!
