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Stellar uses very low transaction costs, are highly scalable, has smart contracts for building applications on the network, and also has database restoration features if something went wrong with a particular blockchain or product on the network.
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Some of these distinct features include a fully decentralized and open-source blockchain network, which means that anyone can collaborate and build. Some vital aspects set Stellar apart from its competition in the crypto space. With that said, this is where the similarities between Stellar and Ripple’s XRP lies since they both aim at creating frictionless cross-border payment solutions for the masses as well as huge players in the industry. Lumens are the native currency of the Stellar network, which also goes by the ticker XLM. Essentially, this creates less friction as it relates to moving assets since Stellar Lumens are used as the asset.
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Hypothetically, the visualization of Stellar’s solution can be viewed as a platform that allows any individual to move or transfer anything from modern or existing asset classes of currency efficiently and effectively across the globe. If you are not aware, when there is a conflict with most blockchain projects, various team embers tend to migrate to other projects or create something new to fulfill their vision and goals. This was done mainly because of many indifferences between him and the rest of the team with the direction of the Ripple project. He initially found Ripple and then he eventually branched out and created the Stellar Development Foundation which then brought forth the Stellar project. Stellar’s founder as well as its most prominent face is Jed McCaleb who was also part of the Ripple team. The inception of Stellar’s blockchain network ages as far back as 2014 and was created in response to fixing some of the flaws with Ripple’s XRP cryptocurrency and make a better version with more features as well as support decentralization. In short, Stellar is also considered an all-in-one payment solution because it provides payment rails, ramps, and exchange services as well. This particular cryptocurrency was initially developed by the Stellar Development Foundation to tackle the issues regarding payment gateways by revolutionizing the market for currencies and assets. Stellar Lumens can be viewed as a high-quality decentralized, open-source blockchain project that focuses on fiat payments and cross-border money transfers between different pairs of cryptocurrencies.