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what is the star coin?

Stellar is a decentralized gateway for building digital currency and legal currency. It is the basic currency of the star network. The star coin was initiated by the founder of the eDonkey and the former Ripple founder, Jed McCaleb, and is an open source agreement for value exchange.

On the star system, people can connect 180 kinds of currencies in the world within 2-5 seconds, connect banks, payment systems, and individuals, so that digital assets can be transferred quickly, stable, and extremely low cost. , Reduce transaction costs and time delay brought by cross -border payment.

Stellar is a distributed payment network based on the RIPPLE protocol. Stellar tries to create an excellent distributed payment system that can absorb Bitcoin and Ripple Ripple. If you compare Ripple and the stars, we can think of the stars as the upgraded version of Ripple. For Ripple, its main service object is large banking system, while the goal of star service is many tiny users.

The application scenarios of star coins

1. Micro -payment: Reduce the cost of transfer of less amount and provide customers with incremental payment options.

2. remittance: Quick remittance to different countries, and only a very low handling fee, which can effectively promote low -cost payment between different currencies.

3. Mobile currency: Make the mobile currency platform's interoperability, allowing customers to send mobile currencies to the receipts of different providers.

4. Increased coverage through mobile branches: obtain the advantages of agency banking through mobile branches, expand your retail business without the need for management costs.

It's application scenarios above. We can find that Ripple and stars are very similar. From the perspective of technical and functional, many places are connected, but there are still some differences between the two.

The main differences between the stars and Ripple

compared with the following four aspects:

In terms of it, it mainly serves the settlement between the bank, and Stellar serves the settlement of the agency. Stellar's service will appear more convenient for small companies;

I There are common chains, and Stellar has both public chains and private chains;

third, Ripple is a profitable organization, and Stellar is a non -profit organization;

. The currency Ripple is in the hands of the issuer, and Stellar's token lumen (Lumen) is a user -oriented.

The consensus algorithm of star coins

The consensus algorithm used by the star payment system is SCP (Stellar Consensus Protocol). SCP is the first proven security consensus mechanism. At the same time Four key attributes: decentralized control, flexible trust, low latency, gradual safety.

So what is SCP?

SCP distributed consensus presents the most important challenge: the risk of being blocked and lost when the system reaches an consistent statement.

. Before the system is reached, a statement may be stagnant in the long -term uncertain state. The goal of SCP is to minimize these obstacles and branches. The agreement has therefore carefully packed the statement that if these declarations stagnate during the election, these blocked declarations will be neutral -all magic is deeply rooted in a voting strategy on the issue.

A voting is a referendum that represents its own share. For example, "What is our voting share?", based on the voting strategy, the node must submit the votes to indicate its share in order One voting quota can eventually be concrete.

The tokens of the star coin

The creation general account of the star has only one account, "root account", holding 100 billion Stellars. Stellars is a native currency in the star system, referred to as STR for short. No account can be generated or issued by STR, which can only be generated by the system.

The star coin uses an open and transparent distribution method: 50%of the star coins are allocated to users around the world by direct distribution, and 25%of the star coins are allocated to non -profit organizations to give financial services to lack of financial services. For the crowd, 20%of the star coins are allocated through the Bitcoin plan (for Bitcoin asset snapshot, and the official website is requested for free), 5%are retained as operating expenses.

Prior to 2015, the built -in currency of stars is called Stellar. However, after its system upgrade, the star enabled the new name, switching to Lumen as the built -in circulation currency of the Stellar network, and XLM is the abbreviation of Lumen.

This development

The New York Consensus Summit in May 2016, Deloitte announced that the star network will create an innovative multinational payment application.

At the end of 2016, LeTV Financial Blockchain Laboratory cooperated with stars to vigorously promote the business in the field of multinational payment.

On May 11, 2017, deep -hill technology and star network Stellar held a strategic cooperation signing ceremony at the Shanghai headquarters of Jinqiu. The two parties will jointly set up a Sino -US joint venture GingPay to use the star network Stellar to build an online payment platform for global users, and provide technical support for institutions and individuals accessing the star network Stellar.

IBM revealed at the Sibos 2017 conference that it has achieved cooperation with blockchain startup stars Stellar to use the stars' custom cryptocurrencies to achieve real -time cross -border legal currency payment settlement.

Summary

In domestic policies, the country does not support digital currencies like star coins. In May 2018, industrial and commercial and market supervision departments and public security organs from all over China have investigated and dealt with a variety of pyramiders such as "star coins" in accordance with the law. But in terms of the world's situation, star coins are still a new attempt in the financial field, which is of great significance to cross -border payment.

This is so cautious because the hot currency circle last year caused a lot of events that affect social security. But as far as the star coins are concerned, stars are still an indispensable technology in the field of blockchain today. Stars will also urgently need to promote the development of the financial sector with their unique value.

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