Stellar is an open-source, decentralized payment platform that permits quick, international transactions between currency pairs, and in a similar way to other cryptos, it relies on blockchain technology. Its coin is called the lumen (XLM). Lumens underpin the Stellar network. They are used as a method of payment for all activities that take place on it. Each and every transaction on the Stellar network is recorded in its decentralized public ledger, which ensures maximum public transparency.
To validate transactions with such speed and accuracy, Stellar has taken its own unique approach. Stellar’s method of consensus can prove that transactions are valid in as little as a few seconds because each network node involved also employs its own mini-network of trusted associates known as quorum slices. If there is an overlap between them, then the overall Stellar network can agree on which transactions are bona fides that can be committed to the ledger without further delay.
This is important because exchanging cryptos for other cryptos and fiat currencies can be a very costly and laborious process, but Stellar cuts down on both the expense and time involved thanks to its unique approach. Stellar can handle thousands of currency and token transactions every second, which gives it a distinct advantage over some of the older cryptocurrencies out there.