"Stellar is a platform that connects banks, payments systems, and people. Integrate to move money quickly, reliably, and at almost no cost."
- Stellar website
Founded in 2014 by Ripple co-founder Jed McCaleb, the Stellar network is comprised of decentralised servers from around the world that together form a distributed ledger. Using their native token, Lumens (XLM), the project aims to “promote global financial access, literacy, and inclusion” by focusing on remittance, cross-currency and cross-border payments.
There is no mining involved with Stellar. Rather transactions are confirmed on the network using Steller’s unique consensus protocol. This same protocol securely controls the supply of Lumens with the first 100 billion created at genesis growing at an inflation rate of 1%.
Stellar had their ICO on the 1st August 2014, raising $39 Million USD.