Lets Explore Stellar Blockchain

The blockchain landscape is constantly evolving. While Ethereum and Bitcoin have dominated the conversation, other innovative platforms are emerging. Today, we'll explore one such platform: the Stellar blockchain.

what is Stellar

Stellar is a layer-1 open source, decentralized , peer-to-peer blockchain network designed to facilitate transaction between any currencies and provide a framework for developers to create applications , issue assets and write smart contract.

it was founded in 2014 by Jed McCaleb and Joyce Kim, Stellar helps people create new opportunities around the world. It uses a strong, shared computer network that no single person controls. This network connects creative thinkers who want to make new things. With Stellar, people can make digital money and services that are easy for anyone to use, no matter where they live. This helps more people use and benefit from the world's money system.

why stellar

Stellar connects the everyday world to blockchain technology smoothly. It works like a bridge, making it easy to use blockchain without noticing any big differences from regular systems.

Stellar stands out for the following reasons:

• Fast transactions:

  Transaction on the stellar network are confirmed within 5 seconds ensuring users experience minimal delays.

• Low costs transaction

  Stellar transaction cost a fraction of cent making it more attractive option for users, especially for microtransactions and international remittances.

• Scalability

  Stellar can handle thousands of Transaction per second, making it suitabla for large scale financial applications

Energy-Efficient Design

Research has showed how much energy Stellar uses and found out it doesn't use much at all. In fact, Stellar's total energy use is about the same as what 34 American homes use in electricity for a whole year.

core concepts of Stellar

Stellar is designed around several concepts that make it unique and powerful in the blockchain ecosystem. these are he foundation of what stellar offers to the world of Defi applications

• Stellar Consensus Protocol (scp)

  Stellar Consensus Protocol(SCP) is based on an infrastructure called the FEDERATED BYZANTINE AGREEMENT(FBA) using the Proof of Agreement(PoH) consensus mechanism is different from the common ones like Proof Of Work(PoW) , Proof of Stake (PoS) or Proof of History(PoH).

  Instead of using computational power , SCP relies on the agreement of trusted nodes that is nodes trusting specific other nodes (called a quorum set) to agree on transactions.

• Network of Nodes

  Stellar has three Networks nodes :

  1. The public network(Mainnet):

     Mainnet is the main network used by application in production. it connects to real financials rails.

  2. The testnet network:

     Testnet is smaller , it is free to use network maintained by SDF that function like he mainnet but doesn't connect to real money.

     it is the best for developers to test application when they need a stable environment that mirrors Mainnet functionality.

  3. The dev network(Futurenet):

     Futurenet is a development network used to test new features. It has its own Friendbot for distributing test tokens. Unlike Testnet, Futurenet resets unpredictably when necessary, making it less stable. However, it's where new features are often introduced before they're implemented in stable releases.

• Ledger

  Stellar maintains a distributed ledger that records all transactions and account balances.

• Anchors

  Anchors are trusted entities on the Stellar network that issue assets.Anchors accept deposits of fiat currencies (such as the US dollar, Argentine peso, or Nigerian naira) via existing rails (such as bank deposits or cash-in points), then sends the user the equivalent digital tokens on the Stellar network

Smart Contracts with Soroban

Soroban is Stellar’s smart contract platform, introduced to extend the capabilities of the network. Built using the Rust programming language, Soroban allows developers to create complex decentralized applications (dApps) that automate various financial operations. These smart contracts are designed to be safe, fast, and scalable, making them suitable for a wide range of use cases.

conclusion

Stellar is the way we think about cross-border payments and financial inclusion. Its fast, low-cost transactions, coupled with its global reach and strong partnerships, Whether you’re a developer looking to build on Soroban or someone interested in using Stellar for international payments, the network offers a wealth of opportunities.

As blockchain technology continues to evolve, Stellar is positioned to play a key role in the future of finance. Creating an account on Stellar is just the first step in exploring the possibilities that this innovative network has to offer.

References

• Developer blog

• Stellar Documentation