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Stellar enables the digital transfer and process of cryptocurrencies and any fiat currency, Stellar has recently undergone a lot of advancements.
Stellar is a technology that is associated with cryptocurrencies. Like Bitcoin, it enables the digital sending and processing of currencies. However, the value of Stellar does not lie in its unique currency. Rather than trying to persuade users to invest in its currency, Stellar acts as a tool for facilitating transactions in any fiat currency digitally. It is simpler, faster, and more affordable than PayPal.
The Working of Stellar
The Stellar platform has been designed to connect financial institutions and facilitate the quick transfer of digital currencies and assets. Stellar performs its operations under a distributed ledger network. What sets Stellar apart from other cryptocurrencies like Bitcoin and Ethereum is its unique consensus protocol called Stellar Consensus Protocol. This consensus protocol allows transactions to be settled within 2-5 seconds.
Besides being speedy and efficient, Stellar supports the issuance and exchange of tokenized assets. This versatility in the Stellar ecosystem caters to every user, including those who want to make cross-border payments smoothly or investors interested in investing in the XML token economy.
The Recent Updates and Advancements
Stellar has recently undergone an upgrade to Protocol 20, which enables the platform to work with smart contracts similar to Ethereum. This means that developers can create decentralized applications (dApps) and other complex things by leveraging Soroban smart contracts.
Moreover, this enhancement is expected to bring more developers to the Stellar ecosystem and expand the platform’s use cases beyond simple value transfer. Soroban smart contracts have become widely accessible, opening up numerous possibilities for developing advanced applications in diverse fields such as gaming, digital identity verification, and more.
More input can be accrued by delving into the potential of Soroban smart contracts, developers can discover fresh ways to capitalize on the capabilities of the Stellar network and create many efficient applications. This expands Stellar’s relevance in the broader blockchain industry and strengthens the ecosystem.
The Stellar Network follows Protocol 20 to integrate smart contract features successfully into its ecosystem. It works as a blueprint by providing a thorough framework and detailing the guidelines, protocols, and technical requirements necessary to establish and carry out smart contracts. These protocols ensure that smart contracts are implemented securely and consistently.
Ethereum and Stellar are both blockchain technologies. While Ethereum is known for its smart contract capabilities, Stellar is faster and cheaper due to its consensus process.
Summary
Stellar is a blockchain technology that allows the digital sending and processing of currencies. With Protocol 20, the platform can now work with smart contracts, making it possible for developers to create dApps using Soroban. Stellar is faster and cheaper than Ethereum due to its consensus process.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or any other related indexes comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
