What is the purpose of Stellar?

The purpose of Stellar is to provide a platform for the exchange of digital assets, including cryptocurrencies, fiat currencies, and commodities.

It is designed to be an open financial system that allows people to move money quickly, reliably, and at almost no cost. Stellar was created in 2014 by Jed McCaleb and Joyce Kim as a fork of the Ripple protocol. The main goal of Stellar is to provide a global financial network that is accessible to everyone.

It aims to make it easier for people to send money across borders and enable individuals and institutions to access low-cost financial services. The Stellar network consists of a distributed ledger technology (DLT) which enables users to securely store, transfer, and exchange digital assets. It also includes a decentralized consensus mechanism that allows users to agree on the state of the ledger without relying on any central authority or third-party intermediary.

This makes it possible for users to transact with each other directly without having to go through a bank or other financial institution. In addition, Stellar provides its own native currency called Lumens (XLM). Lumens are used as an intermediary asset when exchanging different currencies on the network.

They also serve as an anti-spam measure by requiring users to hold a minimum balance in order to transact on the network. This helps ensure that only legitimate transactions are processed on the network.