Today we want to tell you some of the fundamental reasons why Stellar blockchai n has been the basis of many projects, and why it is the platform of choice when implementing blockchain technology in business processes.
The Stellar consensus model was developed to meet the needs of the real world
A few years ago, Stanford University professor David Mazires developed a blockchain system that is a faster, more flexible and secure counterpart to Bitcoin. The Stellar Consensus Protocol (SCP) fits well into the existing model of business agreements.
In the Stellar blockchain, as in the real world, each participant chooses who to entrust the information to. Participants in a transaction don’t need to use the entire network to validate it. Instead, each transaction participant and trusted users form what is known as a quorum slice.
Nevertheless, participants can belong to an unlimited number of different “quorum slices”, the intersections of which are called “quorum intersections”. Such quorums allow for stable and safe system-wide agreement.
Transferring money should be as easy as sending email
Stellar users can link their wallet address to their account ID. It turns out that instead of using a long, hard-to-remember wallet address, you can use an email address or some short word to send cryptocurrency A similar service exists in the Ethereum network and is called ENS, but unlike Ethereum, this Stellar service is completely free.
It won’t be long before you and I witness email providers integrate the Stellar payment system into their platforms, which in turn will allow cryptocurrency wallet addresses to be combined with users’ email names. Thus, in the near future, users will be able to send digital tokens in a simple and affordable way to anyone in the world who has email.
В свое время основатель блокчейна Litecoin Чарли Ли заявил следующее:
In his time, Litecoin blockchain founder Charlie Lee said the following:
“The fact that Gavin Wood, the creator of the Solidity programming language himself, is unable to create a secure cryptocurrency on Solidity confirms once again that the Ethereum blockchain is a ‘paradise’ for hackers.”
Most blockchain companies are not known to require complex smart contracts, which are at high risk of hacking. All transaction security measures must be respected when it comes to large corporations.
Stellar’s blockchain provides security by restricting access to untrusted users without the Turing-complete system. The developers of the network have given the payment system a broad functionality while reducing the threat of hacking.
Liquidity of network tokens
It is known that in order to ensure token liquidity, it is necessary to place it on several cryptocurrency exchanges, which in turn is very costly from a financial point of view. The Stellar platform has its own decentralized exchange, which is integrated into the platform.
This suggests that tokens created on the Stellar blockchain can be traded on that exchange the day they are created. Thus, this solution allows building a fairer ecosystem in general.
Documentation and technical support
One of the main developers stated that “the work with Stellar’s documentation was above and beyond praise. So it’s worth noting that the documentation, as well as the support from the community, is presented at a very high level. Everything is clear and simple.
The large number of Stellar blockchain developers and other community members makes it possible to resolve any issue that arises in no time, thanks to lively discussions and a desire to help. This explains the desire of banks and financial institutions to build a payment system based on the Stellar network.
A properly set goal
Stellar’s blockchain is an amazing combination of things like low fees, high performance, and constant improvement in technology, with transaction fees collected to keep the network running. According to blockchain testing, the Stellar network can safely process about 1,000 transactions per second. The average time to process a money transfer is 3 to 5 seconds.
Work is currently underway to improve and scale the network, which will eventually allow for more transactions per second, as well as a reduction in processing time. It is important to note that ad technologies require high performance and scalability of the blockchain, which is why new product development teams choose the Stellar platform.
Also, the integration with Blockdaemon allowed the developers of Stellar to expand their toolkit, which further ensures the easy deployment and management of the blockchain-enabled platform.
Platform’s team is composed of the best experts in cryptocurrency, fintech and security. For example, co-founder Jed McCaleb pioneered p2p file exchanges, created the first Bitcoin exchange, and co-founded Ripple. The list of other team members includes blockchain pioneers such as Greg Brockman, Sam Altman, Dan Kaminsky, Patrick Collison, Kate Rabois, and many others.
The Stellar network is primarily aimed at moving into the global financial sector of the economy. The platform offers the latest innovations from the world of blockchain and fintech. While other blockchain startups take years to solve today’s problems, the Stellar platform already offers a ready-made, high-performance solution.