About Stellar & Where To Trade It
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Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Your capital is at risk.
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What is Stellar?
Stellar is a consensus-focussed blockchain cryptocurrency that shares similarities with the Ripple cryptocurrency and blockchain system. The similarities don’t end there as the co-founder of Ripple is also the founder of Stellar – Jed McCaleb. It is a payment technology that wants to connect financial bodies in order to reduce costs and time drastically.
Why the big fuss?
A lot of people don’t like that Ripple is a centralized organisation. The co-founder of Ripple had other ideas. He founded Stellar as an alternative response. Stellar is an open source technology that isn’t focused on institutional investors – like Ripple. It is focused on developing markets and the unbanked populations in order to help improve global access to banking facilities.
Stellar works on a decentralised payment structure. The biggest difference between Stellar and Bitcoin is a “consensus protocol”. This means that the distributed ledger updates every 2-5 seconds across all nodes. Here are some of the unique selling points:
- Stellar doesn’t rely on ‘entire miner network’ systems
- Stellar uses Federated Byzantine Agreement (FBA) algorithms to enable faster transactional processing – this is done by protecting a quarter of the network just for transactions
- The node system works on the ‘trustworthy’ context whereby a node chooses a ‘set’ of nodes and once this set has validated a process, the approval is granted.
Stellar has one of the fastest processing networks.
What can I buy with Stellar?
Several companies have started to partner with Stellar. IBM is working with Stellar in providing South Pacific Islanders with access to a cryptocurrency blockchain payment system that will speed up cross-region bank transfers. Stellar have also partnered with Deloitte to work on a payment app. Furthermore, Stellar has announced a range of bank partners who are working on cross-border payment systems. These have yet to “go live”, so your ability to use Stellar remains limited.
Where can I buy, sell or trade Stellar?
We recommend you buy, sell or trade Stellar at a trusted broker. Our favourite is at the top of this page. You can read our reviews of the top brokers here.
Choose A Regulated Broker
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