Stellar is a blockchain platform. It focuses on integrating the ledger technology in to the existing financial infrastructure. In simple words, it is an open source protocol for the exchange of money that uses blockchain. Stellar has presented itself as the future of banking. It wants to fill the gaps between the current financial system and the new world of cryptocurrencies.
The mission of Stellar is to connect the banks, people and payment systems and make transactions easier, faster and at almost no cost. It is a non-profit organization that wishes to fight poverty and make cross border financial transactions easier for the developing countries and the poor people.
Currently it stands as the 7th largest cryptocurrency, growing immensely over the last year. The digital asset of Stellar is known as Lumens. This basically means that Stellar is the digital payment network and Lumen is the cryptocurrency. Stellar Lumens are also known as XLM.
The main attention that Stellar Lumens has recently been getting is due to it partnership with IBM . IBM with Stellar wants to develop a payment system for the South Pacific countries. Currently it is only working for Fijian dollars and British pounds but it is planned to include seven other fiat currencies. Through Lumen, IBM will be able to bring all these currencies together, reduce the cost and make transactions incredibly fast.
KlickEx also recently joined Stellar in order to create a better payment system for the poor countries.
World’s only cryptocurrency mobile network YOVO, will be stepping into Malta with Stellar.