Stellar For Beginners Explained - A Step by Step Guide
Stellar 🚀 for beginners is an explainer video for newcomers where we touch insightful points around:
What is Stellar?
How to buy XLM LUMEN?
How it works?
How to get involved?
Everything you need to know about Stellar for beginners, we delve into all the information you will need to get started.
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Learn more about Stellar:
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Keybase: https://keybase.io/team/stellar.public
Medium: / stellar
Newsletter: https://www.stellar.org/newsletters
Read our Video Script:
Stellar is an open-source network and decentralized system that can be used for trading any type of currency with efficiency and transparency, and it proves a platform that enables global financial systems to work together. By using Stellar, businesses and individuals are able to create, send and trade digital representations of any cryptocurrencies and fiat currencies. Stellar combines the efficiency of traditional financial systems, with the power of blockchains, and it is a network for the community that is owned by the public. Stellar is an energy-efficient alternative to most typical blockchain-based systems and is faster, cheaper, and capable of handling millions of transactions each day. The purpose of Stellar is not to replace existing financial systems, but instead it provides an alternative for businesses of any scale to move money and access new markets and to make the money they are already using, more accessible and useful.
David Mazières is a co-founder of Stellar and he is a professor of Computer Science at Stanford University. He was the group leader for a Secure Computer Systems research project and served as the Chief Scientist at the Stellar Development Foundation. Jed McCaleb is also a co-founder of Stellar and he is a programmer, entrepreneur and philanthropist, and founded and served as the CTO of Ripple until 2013.
Stellar is a global payment system that leverages the many currency-backed tokens already on the Stellar network. The network is synchronized and updated using the Stellar Consensus Protocol (SCP), which is an algorithm that is unique to Stellar. The Stellar platform was originally designed for stablecoins and lets you digitize value and then issue and redeem claims on it, and the redemption of assets is one of the most appealing features of this technology. Transactions are executed almost instantaneously and at extremely low costs, and tokens can be traded peer-to-peer with no intermediaries using the built-in decentralized exchange on the Stellar ledger system.
The Lumen is the native digital currency of the Stellar network and is required in small amounts for initializing accounts and making transactions.
Lumens cannot be mined and are not awarded by the platform. Initially, 100 billion Lumen coins were created - but as it stands, no more coins will be created as there are approximately 20 billion Lumens circulating the markets.
Lumens are for sale on most popular exchanges, such as Coinbase, Kraken and Binance, and can be traded directly on Lobstr (the Stellar exchange).
Stellar greatly diversifies any company’s userbase and may even expand it further with retail and institutional clients - by offering a cheaper, faster alternative to other platforms and increasing brand visibility and collaboration opportunities for companies and individuals. By encouraging and enabling interoperability between traditional and digital financial institutions, Stellar allows them to coexist on the same infrastructure and opens the doors to emerging markets and new assets to improve payment systems on all levels.
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