Advanced technologies keep developing ever so often and Blockchain is one such technology developed by experts to simplify business transactions. At present, there are various open-source Blockchain networks available for users, Stellar is one of the real-time global Blockchain platforms that support multi-currency transactions.
Initially, Stellar was built on top of Ripple (XRP) protocol, and it is considered as a subdivision of the Ripple system, as the source code was purely based on the Ripple network. Again, in 2015, Stellar Development Foundation established the open-source Stellar Blockchain solutions with its exclusive source code. In the Stellar network, a digital currency is being used known as lumen (XLM), like what Ether is to Ethereum.
Understanding stellar.org and Stellar network
The key difference between the network and the (.org) organization is that Stellar network is an independent platform of cryptocurrency that uses digital currency “lumen”. Whereas, stellar.org is a non-profit organization that promotes the development of Stellar Blockchain and works for the accessibility of financial services, resources, and tools around the platform. Developers at stellar.org design codes for the network and the payment system of Stellar Blockchain comprises “Anchors”. This module has the ability to hold a deposit and offer credits when required.
Checklist for Successful Stellar Blockchain App development
This payment protocol solution can generate value for businesses in numerous ways. However, simply educating Stellar doesn’t help your business to experience quick transactions. When the strategies for Stellar blockchain development are not strong enough, then the possibility for the business’s Blockchain platform to become ineffective is high.
Companies can onset for a successful implementation by following this three-stage process:
- Define business engagement models - Before stepping into the Stellar Blockchain platform, choose the app model, identify major problems and the solution for your existing process, and scale-out your project
- Plan effectively - Defy risks quickly, examine privacy requests and understand procedures
- Form right ecosystem - Partner with the right service provider to get strategic advice and assistance to help you harness the potential of Stellar Blockchain
Let’s look at some of the benefits associated with Stellar Blockchain app development:
Fast Execution and Highly Scalable
Stellar apps execute transactions with the support of a consensus mechanism implemented through nodes. This consensus level can be reached within a few seconds, hence facilitating the high-speed transactions probably within 3 to 5 seconds. Another benefit is that Steller's SCP (Stellar Consensus Protocol) can process the transactions not only of cryptocurrencies and fiat currencies but also of tokens, coins, and many other forms of digital assets. Therefore, Stellar is a highly scalable and relatively inexpensive platform.
Budget-friendly Development
When compared with other Blockchain technologies, Stellar Blockchain app development solutions are feasible for start-ups and enterprises. With its decentralized functionality, Stellar Blockchain solutions eliminate the need for authorization from intermediaries or any human involvement. Besides, its decentralized functionality also removed the need for a buffer. The ledger, results, transactions history, and even the messages passed among parties can be encoded using XDR. Also, the adoption of this Stellar app development helps in moderating IT costs, support function cost, personnel cost, data management-related cost, operations cost, etc.
Multi-currency Transactions
This is one of the significant benefits of Stellar Blockchain, as it supports cross-border transaction ability for businesses. With Stellar Blockchain app development, users can perform transactions in any standard currency they desire and the system will inevitably complete the forex process. The availability of its own cryptocurrency “Lumen” enables Stellar users to perform multi-currency transactions effortlessly. Businesses and individuals who need to exchange assets first need to convert their fiat currency into tokens and can transfer to the receiver. The receiver can redeem tokens into their preferred currency.
Automates Business Contracts
Indeed, the Stellar platform does not have its own virtual machine platform like Ethereum for the creation of Smart Contracts. Smart Contracts can be executed in the Stellar platform by conjoining regular transactions with several controls (sequence, multi-signature, batching/atomicity, time limits) to obtain Ethereum-like efficient Smart Contracts operation.
Stellar Smart Contracts aim to power up the performance, reduce costs, and ensure complete security by automatically executing tasks and processes. Some of the Stellar Blockchain-supported smart contracts use cases are healthcare data management, supply chain management, royalty distribution agreements, consensus voting systems, digital identity authorization, understanding of property rights, etc.
Wrapping Up!
When compared to other Blockchain platforms, Stellar is more dedicated to serving the collateral lacking businesses and developing markets to enhance the access and efficiency to financial services. Besides, Stellar is capable of developing applications far beyond commercial markets as it allows businesses to execute other significant processes without the problem of safety. With diverse functionalities, Stellar Blockchain solutions open up a new arena of potentials and benefits for businesses.
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