What is Stellar Blockchain?

 What is Stellar Blockchain, and what are its benefits?

Stellar blockchain "is the platform that connects people, banks, and payment systems" and it is meant to "move cash quickly, reliably, almost without cost."


What is the Stellar Blockchain unique among other blockchain networks?

  • It is an open-source platform that can be used decentralized.
  • Supports thousands transaction per second
  • Smart contracts and multisignatures are leveraged
  • It has 1% annual inflation.
  • Confirmation time is approximately 3-5 seconds

How does Stellar Blockchain operate?


Stellar is just like other blockchain platforms. Transactions are added to a public, shared ledger. Stellar uses a consensus algorithm, called the "Stellar Consensus Protocol", which is based upon the Federated Byzantine Agreement.


SCP allows for fast transactions and lower costs. Everybody on the network can agree within seconds as to whether a transaction is valid. Each participant (called node) who helps add transactions into the global ledger creates his/her mini network of trusted participants. Quorum Slices is the name of these mini networks. Stellar's vast network can quickly reach consensus on valid transactions, and add those to the ledger fast as long the Quorum Slices overlap.


What are some examples of business applications of Stellar Blockchain?


  • Microinsurance
  • P2P Lending
  • Loyalty Point Programs
  • Timebanks
  • Conditional Cash Transfers
The Stellar Blockchain platform looks promising. It may lead the way for a global decentralized network of financial services that is accessible to all. It ensures that all participants are accurate in recording transactions and maintains integrity by agreeing on each other's validity or authenticity of transactions.


Read More : https://www.leewayhertz.com/what-is-stellar-blockchain/

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