What is Stellar?
Stellar is a decentralized protocol that enables you to send money to anyone in the world, instantly, for free. The Stellar network is an open blockchain that allows anyone to build low-cost financial products for their community.
The protocol is supported by a non-profit, the Stellar Development Foundation.
Who Are the Founders of Stellar?
The Stellar Development Foundation (SDF) is a non-profit organization that was founded in 2014 by Jed McCaleb and Joyce Kim. Jed McCaleb is the co-founder of Ripple and eDonkey2000, and he also created the Mt. Gox exchange. Joyce Kim is a venture capitalist and entrepreneur who has founded two startups, Soompi and Mahalo.com.
The SDF’s mission is to “promote global financial access, literacy, and inclusion.”
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How does Stellar work?
To understand how Stellar works, it’s important to understand some key terms:
- Ledger: The Stellar network is a decentralized ledger of all activity in the network. This means that every transaction made on the Stellar network is recorded on a public, decentralized ledger.
- Anchors: Anchors are institutions like banks, money service businesses, and mobile wallets that hold your deposits and issue credits into the Stellar network.
- Path payments: A path payment is a type of transaction that allows you to send a currency to someone even if you don’t have that currency. For example, if you want to send USD to someone but only have EUR, the Stellar network will find a path from your EUR to the recipient’s USD.