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#1
08 search 
What is Stellar?

Stellar was announced on 2014-08-14 for sending and receiving money in any pair of currencies and released a white paper on their new consensus algorithm in 2015.


Quote:[Image: main-thumb-312265-50-dtrxgezfacbpsgcadta...vphnp.jpeg]
Mattias Petter Johansson, Cryptocurrency fetishist
10.4k Views

I can't believe I'm answering this before Brian Roemmele. He must be sick or something. 

Stellar is an open system for sending and receiving money in any pair of currencies (such as USD, GBP or NOK). 

Now, I know that this space is getting crowded and that your grandmother's Norfolk Terrier started his own new altcoin yesterday, but there are three things that, put together, really sets Stellar apart:

1. Almost free. Unlike Forex and similar solutions, Stellar is extremely cheap ($0.000000027 per transaction as of writing).

2. Fast. Unlike Bitcoin, Stellar transfers are completed and verified within seconds. 

3. Strong backing. Like Bitcoin, Stellar is open source and not owned by anyone. But unlike other open solutions, it has a very strong backing behind it. The Stellar Foundation (https://www.stellar.org/about/ma...), has really strong names among its board and advisors https://www.stellar.org/about/) including Mozilla foundation board members, the CEO of WordPress, CTO and CEOs of Stripe, the ex-COO of Square and senior exec at PayPal, the director of MIT Media Lab, the director of Apache Software Foundaton and a co-founder of Dogecoin to boot. In addition, to get things running, the payment companyStripe bought 2% of the Stellars for $3 million. 

How does paying someone with Stellar work?
First, you need to put some money into your Stellar account - to do this, you'll need the help of a Gateway. Let's say that you look around, and find that most of your friends seem to use Gateway Banana. 
[Image: main-qimg-94b8517749085584e7a9881e354fad..._webp=true]
Yes, the naming was just an excuse to use that picture, thanks for asking!

So you give Gateway Banana 200 USD, and in return they issue you credit for 200 USD on the Stellar network. These 200 USD credits from Banana Gateway is now under your control, and you can now transfer them to other parties in the Stellar system without involving Gateway Banana.

[Image: main-qimg-0e5a5f6155f7802cfe48616a054ae7..._webp=true]


Think of the Stellar network is a huge, decentralized ledger that is extremely tamper proof. Everyone can see the ledger and verify that it's correct at all times. In this enourmous public ledger, Gateway Banana has just declared that it owes you 200 USD. This is actually what money is on the Stellar network - a big, huge mesh of credit. In fact, this is what normal money is too - money is debt!

Anyway, on to the fun stuff - buying crap! Let's say that you've just stumbled across the works of the fantastic Swedish artist Simon Stålenhag, and you want to buy one of his paintings - this one, in particular:

[Image: main-qimg-2c0ecf4d600a69bdd571d0849ab94b..._webp=true]

Let's say that Simon accepts payments via Stellar, so in the checkout process, you send him 100 USD credits for the painting, he receives it, and can cash them out at his own, local gateway, Swedish Gateway. Banana Gateway now only owes you 100 USD. Payment done! 

But how does that work under the hood of Stellar? 
First of all, 100 USD were split out from your 200 USD Banana Gateway credits. Stellar then proceeded to find a trust line to Simon. Trust lines? What? Ooops, sorry! Before I go on, I need to explain what trust is in the Stellar network.

[Image: main-qimg-c04c9de8597f3ea87b7537b82d1cae..._webp=true]

I omitted one step back there. Before Banana Gateway could send you money, you had to use the Stellar client to trust Gateway Banana.  This means that you tell the whole Stellar network that you trust credit issued by Gateway Banana. I.e., you proclaim that when Gateway Banana gives you 20 USD credits, you consider that credit to be as good as money, because you trust that Gateway Banana is good for it. You can only be sentcredits issued by gateways that you trust - this is the foundation of the entire system.

Back to transferring money to Simon. Stellar now needs to find a trust line. You see, Simon doesn't trust Banana Gateway, so it's not possible to directly send him credits issued by Banana Gateway. In fact, he only trusts Swedish gateway, which you do not trust, because honestly, who trusts Swedes, right? If Swedish Gateway trusted Banana Gateway, they could have acted as a middle-man and accepted the Banana Gateway USD credits and given Simon Swedish Gateway credits in its stead. However, in this convoluted example we like to keep things extremely cumbersome, so Swedish Gateway doesn't trust your Banana Gateway. But both Swedish Gateway and Banana gateway trusts French Gateway! Boom - trust chain found! Your Stellar clients sends 100 USD,Banana to French Gateway, which issues 100 USD,French credits, to Swedish Gateway, which finally issues 100USD,Swedish credits to Simon. 

[Image: main-qimg-2fdb8b13e130278e9b2f9b0fb7811a..._webp=true]

All the above happens automatically within a few seconds, and it's not something that you need to concern yourself with as a user of the system, any more than you need to concern yourself with the (way more complicated and expensive) world of international bank transfers when you wire money to your daugher on her road trip in Bangladesh. 

What are Stellars?
The Stellar network is primarily a tool to transfer normal, existing currencies, but it also introduces with its own currency - Stellars. Unlike normal currencies traded, Stellars has value on its own and does not need to involve gateways in the transfer. But unlike Bitcoin, Stellars are not intended to be used as a means for payment in itself, instead it's meant as a last-resort-middleman for conversion when you cannot find a trust chain. Unlike Bitcoin, it's not mined - instead, 100 billions were created on genesis and the Stellar foundation is mandated to give 95% of them away, distributed between random people, existing Bitcoin and Ripple holders, and nonprofits. The remaining 5% will be kept for operational costs of the foundation. 

Inflation
Unlike Bitcoin, Stellars are inflationary at a rate of 1% per year, to promote spending. A funky aspect of this is that it's not automatically the Stellar Foundation that receives this inflation - instead, everyone votes (the more Stellars you have, the more votes you have) about what accounts should receive the inflation. This little detail opens up for some potentially absurd fundraisers and business ideas - I imagine potential vote campaigns by Matthew Inman (BearLove Good.  Cancer Bad) to funnel all Stellar inflation to National Wildlife Federation. 

Oh, and if you like my writing, don't miss out on more of it -  
follow me on Quora and Twitter (https://twitter.com/mpjme)
Reply
#2
Stellar – a new crypto-currency to replace Bitcoin. You can get some for free.

Stellar is a decentralized protocol for sending and receiving money in any pair of currencies. This means users can, for example, send a transaction from their Yen balance and have it arrive in Euros, Yen, or even bitcoin. We’re expecting to support the usual categories of transactions: payments to a merchant, remittances back home, or rent splits with a roommate.
You can hold a balance with a gateway, which is any network participant you trust to accept a deposit in exchange for credit on the network. Stellar also comes with a built-in digital currency, referred to as the stellar, which we’re giving away for free. The currency will have value (as determined by the market); however, its primary function is providing a conversion path between other currencies.
We hope that people will build applications on top of Stellar to help bridge the gap between digital and traditional currencies.
Reply
#3
I love the way stellar works. Especially instanous sending xlm.
No need network confirmation like Bitcoin or Ether.
Reply
#4
Although the explanation is very complex for me to understand but thank you very much. Hopefully Stellar could be as good as Bitcoin
Reply
#5
I am still confuses how to use this stellar. just like a kid who attends his first school not know how to read and write. but I belive that from day to day, I can understand what is the function of stellar. thanks for this information.
Reply
#6
it will take more time, for the world addopt stellar, but the foundation move to cooperate with nigeria government is kinda smart
if they really succeed
Reply
#7
simple explanation would be, a Ripple knock off
Reply
#8
exactly, stellar transaction is fast than ever..
but stellar is premine, can't get for free execept when the giveaway is coming,,
i think stellar must make pool to like other coin, lol :)
Reply
#9
(04-01-2017, 09:51 PM)cryptogeek Wrote: exactly, stellar transaction is fast than ever..
but stellar is premine, can't get for free execept when the giveaway is coming,,
i think stellar must make pool to like other coin, lol :)

i agree to this, actually stellar has pool but 1%/year 

https://www.mystellar.org/thread-250.html 

im wondering if 1% is worthed
Reply
#10
I am still learning about Stellar. Stellar was briefly mentioned at the 2017 Real World Cryptography Conference. Stellar's approach seems unique and interactive. Trying to understand how it compares to other projects in terms of value, utility, network effect, technology, etc: Syscoin Project, Cosmos, Waves Platform, Shadowcash, etc.
Reply
#11
(10-01-2017, 06:13 AM)blueman Wrote: I am still learning about Stellar. Stellar was briefly mentioned at the 2017 Real World Cryptography Conference. Stellar's approach seems unique and interactive. Trying to understand how it compares to other projects in terms of value, utility, network effect, technology, etc: Syscoin Project, Cosmos, Waves Platform, Shadowcash, etc.

don't learn to much, will get your head bald haha  :) i chose only maximum 3 coin to focus on
besides waves only copy of NXT, while NXT already upgraded onto Ardor Ignis
Reply
#12
simple explanation make me understand what is stellar
Reply
#13
(15-07-2016, 10:04 PM)Grimm Wrote: What is Stellar?

Stellar was announced on 2014-08-14 for sending and receiving money in any pair of currencies and released a white paper on their new consensus algorithm in 2015.


Quote:[Image: main-thumb-312265-50-dtrxgezfacbpsgcadta...vphnp.jpeg]
Mattias Petter Johansson, Cryptocurrency fetishist
10.4k Views

I can't believe I'm answering this before Brian Roemmele. He must be sick or something. 

Stellar is an open system for sending and receiving money in any pair of currencies (such as USD, GBP or NOK). 

Now, I know that this space is getting crowded and that your grandmother's Norfolk Terrier started his own new altcoin yesterday, but there are three things that, put together, really sets Stellar apart:

1. Almost free. Unlike Forex and similar solutions, Stellar is extremely cheap ($0.000000027 per transaction as of writing).

2. Fast. Unlike Bitcoin, Stellar transfers are completed and verified within seconds. 

3. Strong backing. Like Bitcoin, Stellar is open source and not owned by anyone. But unlike other open solutions, it has a very strong backing behind it. The Stellar Foundation (https://www.stellar.org/about/ma...), has really strong names among its board and advisors https://www.stellar.org/about/) including Mozilla foundation board members, the CEO of WordPress, CTO and CEOs of Stripe, the ex-COO of Square and senior exec at PayPal, the director of MIT Media Lab, the director of Apache Software Foundaton and a co-founder of Dogecoin to boot. In addition, to get things running, the payment companyStripe bought 2% of the Stellars for $3 million. 

How does paying someone with Stellar work?
First, you need to put some money into your Stellar account - to do this, you'll need the help of a Gateway. Let's say that you look around, and find that most of your friends seem to use Gateway Banana. 
[Image: main-qimg-94b8517749085584e7a9881e354fad..._webp=true]
Yes, the naming was just an excuse to use that picture, thanks for asking!

So you give Gateway Banana 200 USD, and in return they issue you credit for 200 USD on the Stellar network. These 200 USD credits from Banana Gateway is now under your control, and you can now transfer them to other parties in the Stellar system without involving Gateway Banana.

[Image: main-qimg-0e5a5f6155f7802cfe48616a054ae7..._webp=true]


Think of the Stellar network is a huge, decentralized ledger that is extremely tamper proof. Everyone can see the ledger and verify that it's correct at all times. In this enourmous public ledger, Gateway Banana has just declared that it owes you 200 USD. This is actually what money is on the Stellar network - a big, huge mesh of credit. In fact, this is what normal money is too - money is debt!

Anyway, on to the fun stuff - buying crap! Let's say that you've just stumbled across the works of the fantastic Swedish artist Simon Stålenhag, and you want to buy one of his paintings - this one, in particular:

[Image: main-qimg-2c0ecf4d600a69bdd571d0849ab94b..._webp=true]

Let's say that Simon accepts payments via Stellar, so in the checkout process, you send him 100 USD credits for the painting, he receives it, and can cash them out at his own, local gateway, Swedish Gateway. Banana Gateway now only owes you 100 USD. Payment done! 

But how does that work under the hood of Stellar? 
First of all, 100 USD were split out from your 200 USD Banana Gateway credits. Stellar then proceeded to find a trust line to Simon. Trust lines? What? Ooops, sorry! Before I go on, I need to explain what trust is in the Stellar network.

[Image: main-qimg-c04c9de8597f3ea87b7537b82d1cae..._webp=true]

I omitted one step back there. Before Banana Gateway could send you money, you had to use the Stellar client to trust Gateway Banana.  This means that you tell the whole Stellar network that you trust credit issued by Gateway Banana. I.e., you proclaim that when Gateway Banana gives you 20 USD credits, you consider that credit to be as good as money, because you trust that Gateway Banana is good for it. You can only be sentcredits issued by gateways that you trust - this is the foundation of the entire system.

Back to transferring money to Simon. Stellar now needs to find a trust line. You see, Simon doesn't trust Banana Gateway, so it's not possible to directly send him credits issued by Banana Gateway. In fact, he only trusts Swedish gateway, which you do not trust, because honestly, who trusts Swedes, right? If Swedish Gateway trusted Banana Gateway, they could have acted as a middle-man and accepted the Banana Gateway USD credits and given Simon Swedish Gateway credits in its stead. However, in this convoluted example we like to keep things extremely cumbersome, so Swedish Gateway doesn't trust your Banana Gateway. But both Swedish Gateway and Banana gateway trusts French Gateway! Boom - trust chain found! Your Stellar clients sends 100 USD,Banana to French Gateway, which issues 100 USD,French credits, to Swedish Gateway, which finally issues 100USD,Swedish credits to Simon. 

[Image: main-qimg-2fdb8b13e130278e9b2f9b0fb7811a..._webp=true]

All the above happens automatically within a few seconds, and it's not something that you need to concern yourself with as a user of the system, any more than you need to concern yourself with the (way more complicated and expensive) world of international bank transfers when you wire money to your daugher on her road trip in Bangladesh. 

What are Stellars?
The Stellar network is primarily a tool to transfer normal, existing currencies, but it also introduces with its own currency - Stellars. Unlike normal currencies traded, Stellars has value on its own and does not need to involve gateways in the transfer. But unlike Bitcoin, Stellars are not intended to be used as a means for payment in itself, instead it's meant as a last-resort-middleman for conversion when you cannot find a trust chain. Unlike Bitcoin, it's not mined - instead, 100 billions were created on genesis and the Stellar foundation is mandated to give 95% of them away, distributed between random people, existing Bitcoin and Ripple holders, and nonprofits. The remaining 5% will be kept for operational costs of the foundation. 

Inflation
Unlike Bitcoin, Stellars are inflationary at a rate of 1% per year, to promote spending. A funky aspect of this is that it's not automatically the Stellar Foundation that receives this inflation - instead, everyone votes (the more Stellars you have, the more votes you have) about what accounts should receive the inflation. This little detail opens up for some potentially absurd fundraisers and business ideas - I imagine potential vote campaigns by Matthew Inman (BearLove Good.  Cancer Bad) to funnel all Stellar inflation to National Wildlife Federation. 

Oh, and if you like my writing, don't miss out on more of it -  
follow me on Quora and Twitter (https://twitter.com/mpjme)

Prove of enough research you've done. Thanks for the update
Reply
#14
hello , i love this way to move my money but i dont understand how take fee in stellar !

youu say 0.000000027 $ , and i dont understand if stellar price goes up this fee 0.000000027$ is stable or rise ?
Big Grin
GC4YX7FFM2OGSXPCX7D3NK6UPJIULGP5ODNHZYK3T2VRWU7CRIWEPYB5
Reply
#15
(15-07-2016, 10:04 PM)Grimm Wrote: What is Stellar?

Stellar was announced on 2014-08-14 for sending and receiving money in any pair of currencies and released a white paper on their new consensus algorithm in 2015.


Quote:[Image: main-thumb-312265-50-dtrxgezfacbpsgcadta...vphnp.jpeg]
Mattias Petter Johansson, Cryptocurrency fetishist
10.4k Views

I can't believe I'm answering this before Brian Roemmele. He must be sick or something. 

Stellar is an open system for sending and receiving money in any pair of currencies (such as USD, GBP or NOK). 

Now, I know that this space is getting crowded and that your grandmother's Norfolk Terrier started his own new altcoin yesterday, but there are three things that, put together, really sets Stellar apart:

1. Almost free. Unlike Forex and similar solutions, Stellar is extremely cheap ($0.000000027 per transaction as of writing).

2. Fast. Unlike Bitcoin, Stellar transfers are completed and verified within seconds. 

3. Strong backing. Like Bitcoin, Stellar is open source and not owned by anyone. But unlike other open solutions, it has a very strong backing behind it. The Stellar Foundation (https://www.stellar.org/about/ma...), has really strong names among its board and advisors https://www.stellar.org/about/) including Mozilla foundation board members, the CEO of WordPress, CTO and CEOs of Stripe, the ex-COO of Square and senior exec at PayPal, the director of MIT Media Lab, the director of Apache Software Foundaton and a co-founder of Dogecoin to boot. In addition, to get things running, the payment companyStripe bought 2% of the Stellars for $3 million. 

How does paying someone with Stellar work?
First, you need to put some money into your Stellar account - to do this, you'll need the help of a Gateway. Let's say that you look around, and find that most of your friends seem to use Gateway Banana. 
[Image: main-qimg-94b8517749085584e7a9881e354fad..._webp=true]
Yes, the naming was just an excuse to use that picture, thanks for asking!

So you give Gateway Banana 200 USD, and in return they issue you credit for 200 USD on the Stellar network. These 200 USD credits from Banana Gateway is now under your control, and you can now transfer them to other parties in the Stellar system without involving Gateway Banana.

[Image: main-qimg-0e5a5f6155f7802cfe48616a054ae7..._webp=true]


Think of the Stellar network is a huge, decentralized ledger that is extremely tamper proof. Everyone can see the ledger and verify that it's correct at all times. In this enourmous public ledger, Gateway Banana has just declared that it owes you 200 USD. This is actually what money is on the Stellar network - a big, huge mesh of credit. In fact, this is what normal money is too - money is debt!

Anyway, on to the fun stuff - buying crap! Let's say that you've just stumbled across the works of the fantastic Swedish artist Simon Stålenhag, and you want to buy one of his paintings - this one, in particular:

[Image: main-qimg-2c0ecf4d600a69bdd571d0849ab94b..._webp=true]

Let's say that Simon accepts payments via Stellar, so in the checkout process, you send him 100 USD credits for the painting, he receives it, and can cash them out at his own, local gateway, Swedish Gateway. Banana Gateway now only owes you 100 USD. Payment done! 

But how does that work under the hood of Stellar? 
First of all, 100 USD were split out from your 200 USD Banana Gateway credits. Stellar then proceeded to find a trust line to Simon. Trust lines? What? Ooops, sorry! Before I go on, I need to explain what trust is in the Stellar network.

[Image: main-qimg-c04c9de8597f3ea87b7537b82d1cae..._webp=true]

I omitted one step back there. Before Banana Gateway could send you money, you had to use the Stellar client to trust Gateway Banana.  This means that you tell the whole Stellar network that you trust credit issued by Gateway Banana. I.e., you proclaim that when Gateway Banana gives you 20 USD credits, you consider that credit to be as good as money, because you trust that Gateway Banana is good for it. You can only be sentcredits issued by gateways that you trust - this is the foundation of the entire system.

Back to transferring money to Simon. Stellar now needs to find a trust line. You see, Simon doesn't trust Banana Gateway, so it's not possible to directly send him credits issued by Banana Gateway. In fact, he only trusts Swedish gateway, which you do not trust, because honestly, who trusts Swedes, right? If Swedish Gateway trusted Banana Gateway, they could have acted as a middle-man and accepted the Banana Gateway USD credits and given Simon Swedish Gateway credits in its stead. However, in this convoluted example we like to keep things extremely cumbersome, so Swedish Gateway doesn't trust your Banana Gateway. But both Swedish Gateway and Banana gateway trusts French Gateway! Boom - trust chain found! Your Stellar clients sends 100 USD,Banana to French Gateway, which issues 100 USD,French credits, to Swedish Gateway, which finally issues 100USD,Swedish credits to Simon. 

[Image: main-qimg-2fdb8b13e130278e9b2f9b0fb7811a..._webp=true]

All the above happens automatically within a few seconds, and it's not something that you need to concern yourself with as a user of the system, any more than you need to concern yourself with the (way more complicated and expensive) world of international bank transfers when you wire money to your daugher on her road trip in Bangladesh. 

What are Stellars?
The Stellar network is primarily a tool to transfer normal, existing currencies, but it also introduces with its own currency - Stellars. Unlike normal currencies traded, Stellars has value on its own and does not need to involve gateways in the transfer. But unlike Bitcoin, Stellars are not intended to be used as a means for payment in itself, instead it's meant as a last-resort-middleman for conversion when you cannot find a trust chain. Unlike Bitcoin, it's not mined - instead, 100 billions were created on genesis and the Stellar foundation is mandated to give 95% of them away, distributed between random people, existing Bitcoin and Ripple holders, and nonprofits. The remaining 5% will be kept for operational costs of the foundation. 

Inflation
Unlike Bitcoin, Stellars are inflationary at a rate of 1% per year, to promote spending. A funky aspect of this is that it's not automatically the Stellar Foundation that receives this inflation - instead, everyone votes (the more Stellars you have, the more votes you have) about what accounts should receive the inflation. This little detail opens up for some potentially absurd fundraisers and business ideas - I imagine potential vote campaigns by Matthew Inman (BearLove Good.  Cancer Bad) to funnel all Stellar inflation to National Wildlife Federation. 

Oh, and if you like my writing, don't miss out on more of it -  
follow me on Quora and Twitter (https://twitter.com/mpjme)

nice.just what I needed to read
Reply


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