About Stellar (XLM)
Stellar (XLM) is a decentralized blockchain network aimed at facilitating cross-border transactions and promoting financial inclusion. Its innovative technology relies on the Stellar Consensus Protocol (SCP), which allows for rapid transaction processing without mining, enhancing efficiency and...
Stellar supports various primary use cases that enhance financial accessibility, particularly in remittances, where users can send money internationally at lower costs than traditional banks. Partnerships with financial institutions help streamline these processes, while the platform also enables...
With a total supply cap of 50 billion tokens, Stellar's distribution model promotes accessibility through direct giveaways, partnerships, and community initiatives. Adjustments to its supply have enhanced scarcity and value, with XLM primarily used for transaction fees, facilitating cross-border...
Stellar's security framework is built around its unique consensus mechanism, the Stellar Consensus Protocol (SCP), which validates transactions without mining. Utilizing a federated Byzantine agreement model, nodes confirm transactions based on a quorum of trusted validators, enhancing resilience...
Since its launch in 2014, Stellar has focused on enhancing network capabilities and expanding its ecosystem. Key milestones include the introduction of the Stellar Consensus Protocol in 2015 and significant upgrades like Stellar Core 13 in 2019.
How to Keep Your Stellar (XLM) Safe
To enhance the security of your Stellar (XLM) holdings, consider using a hardware wallet, which provides a secure offline environment for storing your private keys and minimizes the risk of online hacks; popular options include Ledger and Trezor. Effective private key management is crucial; ensure that your keys are stored in a secure location, such as a password manager or an encrypted USB drive, and never share them with anyone. Be aware of common security risks, such as phishing attacks and malware; mitigate these by using two-factor authentication (2FA) on your accounts and regularly updating your software. Multi-signature wallets can add an extra layer of security by requiring multiple signatures for transactions, making unauthorized access more difficult. Finally, establish a robust backup procedure by creating multiple copies of your wallet recovery phrases and private keys, storing them in different secure locations to protect against loss or theft.
Understanding How Stellar (XLM) Functions
Stellar utilizes a decentralized blockchain framework aimed at enabling cross-border transactions and currency transfers. It features the Stellar Consensus Protocol (SCP), which ensures rapid transaction confirmations without mining, relying on a network of trusted nodes for consensus.
Transactions are validated by participating nodes, known as validators, who agree on the order and validity of transactions within a specific timeframe. This process guarantees that all nodes maintain a consistent view of the ledger, enhancing network reliability.
Security is bolstered through cryptographic methods and the establishment of trust relationships among nodes, which helps mitigate risks of malicious activities and double-spending. Stellar also incorporates anchor-based systems that link traditional financial institutions to the blockchain,...
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