Stellar (XLM)

The Stellar network is an open source, decentralised, and community-owned network that enables value exchanges across assets. Stellar seeks to create an open financial system that provides individuals of all income levels access to low-cost financial services by facilitating cross-asset value transfer for a fraction of a penny. Stellar can manage both cryptocurrency and fiat currency trades. 

Stellar.org, the Stellar-supporting organization, is centralized like XRP and designed to manage cross-platform transactions and micro-transactions like XRP. Stellar.org, in comparison to Ripple, is a nonprofit organization, and its platform is open source and decentralized. Jed McCaleb created Stellar in 2014.

Jed McCaleb, the founder of Ripple and the founder of Mt. Gox founded the network system Stellar with former lawyer Joyce Kim. Stellar is a payment system that seeks to connect financial institutions and decrease the cost and time necessary for cross-border payments. In reality, both payment networks began with the same protocol. Distributed Exchange- A user can send any money they hold to anyone else in a different currency by using its intermediate currency Lumens (XLM). XLM is the digital intermediate that allows multi-currency transactions to occur at a reasonable cost. Every transaction that takes place on the Stellar network is subject to a tiny cost of 0.00001 XLM in order to stop the DoS attacks (also known as spams) that would inevitably happen. This price is small enough that it does not significantly affect transaction costs but is big enough to prevent unwanted agents from spamming the network. 

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