Stellar Development Foundation is a company that is looking for means of making the cryptocurrencies industry better by the innovation of a new payments system that will be safer and easy to use. The current systems do not allow for people to make payments using cryptocurrencies with ease. The system that is being created by this firm is one which allows people to send payments in the form of cryptocurrencies and reach the recipient in any form that they may wish to have it. Stellar is working with banking institutions which will facilitate these payments, for instance, and receive money just like an email is done. The system will also make it possible for people to send, it will be possible to send bitcoin, and the recipient will receive money in dollars.
Stellar Development Foundation is an organization that was founded in 2014 by Jed McCaleb and other players in the industry. Jed McCaleb is one of the people who has spent time in the industry for a long time. Immediately Bitcoin was invented, he was among the first people who took advantage of the new opportunities that came with it. By 2010, he was already making innovations. He was the first innovator to create a centralized exchange.
According to Jed McCaleb, Stellar technology is going to be the greatest innovation since blockchain was implemented. The security of the network system is the main concern especially with the ease that comes with sending money. Stellar is implementing a security system where machines will be able to connect based on “trust.” Machines which are not trustworthy will not be able to create a connection meaning that it will be hard for money to be stolen.
Jed McCaleb says that the company is developing a “consensus” algorithm which has been opened for the public to throw in their contributions. Stellar is an open source forum where anyone is free to add to the growth of the system. According to Jed McCaleb, he wants to create a system where anyone can use the system and still achieve the desired results. The new system has been getting a positive review from experts in the industry. Although it is still a paperwork, it is likely to be a great system once implemented.