Stellar is an open-source, decentralized blockchain network designed to facilitate fast and low-cost digital transactions. It serves as a bridge, connecting different financial systems to enable the efficient transfer of value across borders and currencies.
The network is primarily used for facilitating cross-border payments and remittances. It allows individuals, banks, and payment systems to issue, trade, and transfer various forms of money, including traditional currencies and digital assets, using its native token, Lumen (XLM), to facilitate operations.
Most people buy Stellar on a major exchange. Binance has the lowest fees and the widest selection — here's the quick version:
XLM, or Lumens, is the native cryptocurrency of the Stellar network. It is used to pay transaction fees and is required to hold balances on the network, helping to prevent spam.
Stellar transactions typically complete in 3-5 seconds with very low fees, often a fraction of a cent. This makes it particularly efficient for small payments and cross-border transfers.
Yes, Stellar is a decentralized, public blockchain. It is not owned by any single entity and is maintained by a distributed network of nodes run by individuals, businesses, and institutions worldwide.