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Stripe announces new decentralized currency Stellar



Processing company Stripe announced a new currency Stellar .

The currency is based on open code from Ripple , so it inherited many features from the latter. This is a decentralized protocol for financial transactions, which can be used to send money anywhere in the world, in any currency pair. For example, the protocol supports sending money in dollars, and receiving in euros. The source code of all components is open, use is absolutely free. Stellar, like Ripple, aims to bridge the gap between cryptocurrencies and fiat money, making it easy to transfer money between them. In essence, this is a distributed global currency exchange.
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But the most interesting thing is that the creators distribute the currency for free to everyone. You can also get your part.

Stellar device


For those familiar with Ripple, there’s almost nothing new.

There is a currency called STR (also called Stellar), which is the native currency of the Stellar network. The network is based on Ledger, a shared ledger. Ledger stores account balances and transaction history, similar to the Blockchain tree in the Bitcoin system. Total created 100 billion STR . This volume will increase by 1% per year.

To protect Ledger from creating a large number of accounts, a minimum balance of 50 STR is set on each Stellar account. This is a small amount for ordinary users, but it does not allow attackers to overload the network with spam.

When processing a transaction, 0.00001 STR is charged from the sender. This is not a commission charged for anyone's benefit; STR is simply written off and ceases to exist. This protects the network from "transactional spam" (creating a large number of transactions).

STR can be instantly transferred to any account without any payment for transfer, it cannot be devalued, since it exists in limited quantities. Stellar supports any currency. Users are not required to use STR as a medium of exchange or savings.

Stellar distributed currency exchange allows users to trade without the need to hire a broker or resort to third-party currency exchange. Anyone can place offers or offers in the Ledger database, and the network will find the most effective way to establish contact between the parties to the transaction. For example, you keep money in an account in US dollars and send a payment to a seller who accepts payments only in euros. The Stellar network itself “converts” currencies by routing orders through a network of market makers who compete to earn bid / ask spreads.

STR is convenient to use as an intermediate currency. If two counterparties cannot find a common currency / combination of gateways, they can use STR as a neutral currency without any counterparty risks. For example, Alice prefers US dollars, and Bob prefers euros. If they are unable to find a suitable market maker working with EUR / USD to complete their transaction, they can conveniently exchange their preferred currency for STR and STR for their preferred currency in order to be able to trade with each other.

Fiat money goes into the network and out of it through the gateways. Stellar gateways can be banks, financial companies, marketplaces, and any financial institution.

Stellar Development Fund


The development of Stellar is managed by the Stellar Development Fund (hereinafter the Fund). The Board of the Foundation includes:



The Foundation is responsible for:



How will currency be distributed worldwide?


So, a total of 100 billion STR was created. Of these, 5% will be used by the Fund for operating expenses. By the way, the Fund has already received $ 3 million from Stripe in exchange for 2% of the total STR. Thus, the Fund still has 3% to finance its activities.

The remaining 95% will be distributed through 3 programs:



The Foundation strives for maximum transparency of its activities, therefore, up-to-date information will be posted on the website:



How to get Stellar?


To do this, you need to register an account at https://launch.stellar.org . After that, within the account log in via Facebook. If your Facebook profile does not arouse suspicion, you will receive 5000 STR. The questionnaire must be verified by phone number. When confirming an email, another 1000 STRs are charged. And if you send someone (for example, a friend) at least 1000 STR, then the Fund will replenish the wallet with another 1000 STR.

Thus, the maximum you can get 7000 STR, which at the current rate (250000 STR = 1 BTC = $ 580) is more than $ 16!

The resulting STR can be exchanged for Bitcoin on one of the few exchanges that have begun to work with Stellar. For example, on Justcoin or BX.in.th. All 7000 STR can not be sent to the exchange - 50 STR will have to be left on the account.

According to system statistics, more than 65,000 people have already ordered their STR! Recently, money is credited not immediately, but after a few hours. According to the same statistics, the queue of people awaiting payment was stretched to 13,000 people.

Conclusion


The Stellar network has just started. You can test it for sending and receiving payments, or use the API to create your own services. We cooperate with several currency exchanges to help them become the first Stellar gateways, after which you can trade in currencies with which they work. In the future, gateways will be created for all payment methods that people use. We will continue to go forward, and we hope that you will join us!

Stellar Development Fund

UPDATE: Payments have decreased. Now after Facebook authorization 500 STR is charged immediately, another 3500 STR will have to wait. After confirming the e-mail, they charge 400 STR, and when sending to someone at least 100 STR - replenish the wallet with another 100 STR.

UPDATE 2: In the comments you can ask questions that interest you. In the next article I will try to answer them.

Source: https://habr.com/ru/post/232075/

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