Understanding the Effect of Stellar on the Blockchain Community

For several years now, cryptocurrencies have created quite a bit of noise in the financial industry. The concept of having a digital asset, which wasn’t tied down to any specific country, government or institution has resonated with and intrigued a huge audience all around the world.

In addition to this industry, new concepts, businesses, and ideas have also been formed, many of which can be read about on Filthy Lucre. One concept that has been especially innovative is the blockchain based payment networks. These are seen to be a positive development by many people and they have challenged the traditional ideal of payment transfers while offering a radical, new way for people around the globe to both receive and send money.

One network that has emerged recently as a leader is Stellar. This has grown in popularity for several reasons.

What is Stellar?

Stellar is a type of distributed blockchain based and open source network that is designed for instant transfers for payments. It was originally founded by Jed McCaleb, who was also responsible for founding Ripple. The goal of creating Stellar was to provide financial services at low costs – especially for those who were outside of the ambit offered by traditional banking.

When Steller is used, it lets users send or receive any type of currency, which includes cryptocurrencies from anywhere in the world. The payments are able to be both received and paid instantly. In fact, the network takes, on average, two to five seconds to complete the transaction. What makes this option even more appealing is the high-level security it offers users.

How Stellar Works

Just like other blockchain based programs, the Stellar platform uses several decentralized services. It is made up of a distributed ledger that keeps track of all transactions and that is updated every two to five seconds.

For those who have not heard of or used Stellar in the past, it’s time to learn more about it. This information is available on Filthy Lucre. Being informed and knowing the options that are available is the best way to ensure that the right blockchain tools are used, regardless of the cryptocurrency being sent or received.