#Satoshipay stellar lumen update

Stellar does not support the PoW consensus algorithm, but uses the Stellar Consensus Protocol (SCP) cryptocurrency based on the Federated Byzantine Agreement model. Also, Lumen tokens serve as a bridge between currencies, enabling trade between two different currencies in a situation where the direct market is not large enough. Provide the implementation of multicurrency transactions.It takes 2-5 seconds to process the payment. The commission per transaction is 0.00001 Lumen (approximately one 600,000th US cents). Tokens are used to cover the cost of transaction fees as well as to maintain a minimum account balance.

#Satoshipay stellar lumen update

According to the developers, the inflation mechanism did not live up to expectations, so in October 2019, the Stellar network eliminated it as part of the protocol update to version 12. In addition, future inflation could cause network scaling problems. Instead, they preferred to make money by staking. It was assumed that the weekly generated tokens would be sent by users to the development of network projects.

In the beginning, the network’s inflationary mechanism called for the addition of 10% of new Lumen tokens annually. When the network was launched in 2014, the project issued 100 billion tokens (originally, they were called Stellar). The Lumen token is a native asset of the Stellar Network. Outsource Stellar development is supported by numerous programming specialists. Other key figures on the Stellar team include David Maziers, senior research fellow and professor of computer science at Stanford University Chief Technology Officer mathematician and developer Nicholas Barry and Stripe CEO Patrick Collison. Since March 2019, the Stellar Development Foundation has been chaired by former Mozilla COO Denelle Dixon. In 2019, Stellar founder Jed McCaleb stepped down as head of the Stellar Development Foundation, but he took over as chief architect, whose responsibilities include developing a protocol and creating a strategy for mass adoption. When the updated protocol was launched, the name of the native cryptocurrency was changed to Lumen (XLM) to separate it from the name of the platform and the non-profit fund that developed the project, but some exchanges continue to use the old designation Stellar (STR).

The new algorithm used the Stellar Consensus Protocol (SCP), a cryptocurrency protocol created by Stanford professor David Maziers. In April 2015, Stellar blockchain developers, acting through the Stellar Development Foundation, released an updated protocol with a new consensus algorithm, which became operational in November 2015.

Stellar was positioned as a decentralized payment system with the native cryptocurrency protocol called Stellar (STR, star).

On July 31, 2014, the project’s official launch took place. As an alternative, McCaleb proposed a similar, but working on a different model, payment system, as well as a cryptocurrency aimed at a wide range of users.Īlthough originally Stellar was actually a clone of Ripple, excluding its disadvantages, it subsequently grew into the original project. Also, according to McCaleb, the platform’s management was striving exclusively for profit, manipulating the XRP rate in their own interests. He believed that this platform was not open enough and too centralized. The reason for the launch of the new project was McCaleb’s critical attitude toward Ripple. The Stellar payment network was created by Jed McCaleb, founder of the Mt.