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What is Stellar? Founded in 2014 by Jed McCaleb, one of Ripple’s co-founders, along with the Stellar Development Foundation (SDF), the Stellar network is an open-source blockchain platform designed to enable seamless, efficient and cost-effective interoperability between global financial systems and their currencies on a single network. The Stellar network operates through a decentralized system of validators, akin to nodes in other blockchains, which achieve consensus on transactions. These validators are trusted by stakeholders, including other validators and XLM holders, ensuring secure and fast transaction processing without central control. While Stellar leverages blockchain technology similar to Bitcoin and Ethereum, it stands apart with its unique proof-of-agreement consensus mechanism. This design makes the network faster, cheaper and significantly more energy-efficient than many other blockchains. The Stellar Development Foundation, a nonprofit organization, drives the network’s growth and development. SDF shapes the network’s strategic direction, provides funding, fosters partnerships, promotes adoption of Stellar’s blockchain technology and builds open-source tools for developers to leverage in expanding the ecosystem. SDF’s work to support the network’s growth and future is outlined in an annual road map. The road map and foundation’s progress against it is tracked in the open, just like the network’s code. What is Lumen (XLM)? The Stellar network supports digital representations of any currency but also has its own native token, Lumen (XLM), which plays a key role. Every account must hold a small number of lumens to function. Unlike other blockchain tokens, lumens are not mined or awarded. Initially, 100 billion lumens were created, with a 1% annual inflation rate. However, this inflation was ended by a community vote in 2019, reducing the total supply to about 50 billion lumens, with no new tokens to be created. Of these, 20 billion are in circulation, while around 30 billion are held by the…

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Filed under: News - @ January 18, 2025 8:21 pm