With so many different blockchains and platforms out there, it can be overwhelming to understand how each of them work (and what they’re for!). So, we thought that it’s high time to introduce you to some of the top blockchain networks to help you discover what they’re all about, how they operate and the different ways they power DeFi projects.
Plus, as an extra incentive, we’ve got some WXT up for grabs. Simply stick around ‘til the end and take part in our question game for your chance to win €/US$20 in WXT!
This month, it’s all about Stellar.
What is Stellar?
Stellar is an open-source protocol that works to allow fast cross-border transactions between crypto and traditional currencies. Like other platforms, transactions made on its network are added to a distributed public ledger.
Unlike Bitcoin, Stellar doesn’t rely on a mining network for transaction approval. Instead, it uses the Federated Byzantine Agreement (FBA) algorithm, which enables fast processing through a specific protocol. This involves nodes selecting other nodes that are deemed “trustworthy”. From there, a group of trusted nodes are formed to approve a transaction. This makes Stellar’s network extremely fast, with around 1,000 transactions processed per second.
In terms of its competition, Stellar is often compared to the Ripple network. This is primarily because both platforms aim to disrupt conventional cross-border payment channels. However, the key difference between the two is that Stellar wishes to provide its services to unbanked individuals worldwide, whereas Ripple focuses on building close partnerships with banks.
What is Stellar Lumens (XLM)?
Stellar Lumens (XLM) is the native token that powers the Stellar blockchain. The token was created to act as a barrier on the platform. When Stellar was first developed, there were concerns over excessive spam or unnecessary transactions. To tackle this, users are required to hold at least one XLM token to be able to use the network. They must also pay a fee of 0.00001 XLM for every transaction.
100 billion tokens were created at the beginning of XLM’s launch. However, in 2019, 55 billion them were burned. This resulted in its supply being drastically cut down to 45 billion, as well as an increase in the token’s value.
Who uses Stellar?
The Stellar blockchain hosts a range of decentralised tokens, such as Glitzkoin (GTN), Newscrypto (NWC), EthereumX (ETX) and our very own Wirex token (WXT).
There are also many different blockchain projects that run on Stellar. For instance, the SatoshiPay platform uses the network to help publishers provide online content without the need for advertisements or subscription fees. It achieves this by allowing publishers to integrate a Stellar wallet widget on their website, which in turn lets users pay a small amount for certain content. The aim is to provide consumers with an experience that’s seamless, private and free of advertisements.
Another great example is Saldo.mx. This platform issues Mexican-peso-backed tokens on Stellar to allow migrant workers to easily pay bills and support family members across borders.
Play to win WXT!
Now that we’ve covered what you need to know about Stellar, it’s time for the fun part! Want to get your hands on some free WXT? All you have to do is answer the following question:
Question: Who’s on the Stellar blockchain?
Simply leave your answer in the comment section below, and you’ll instantly be in with a chance to win €/US$20 in WXT. Good luck!
Stellar Eco-System Promotion Terms & Conditions
The following terms and conditions (“Terms”) shall apply to the Stellar Eco-System Promotion (the “Promotion”) which is offered by Wirex Ireland Limited in the European Economic Area (“EEA”) and by Wirex Pte Ltd in the Asia Pacific (“APAC”) region (each separately referred to as “Wirex”).
1. This Promotion will run from 10:00 (BST) on 14 November until 23:59pm (BST) 20 November 2021 (“Promotion Period”).
2. This Promotion is open to users of the Wirex service only (as defined by the applicable Wirex terms & conditions: Wirex | Making currencies equal and available to everyone) resident in the EEA and APAC region who are members of the Wirex Community Forum (“Eligible Participants”, “you”). For the avoidance of doubt, no other users of the Wirex Service are eligible for this Competition
3. Each Eligible Participant can participate in this Promotion once.
4. This Promotion does not apply to UK residents.
5. To qualify for the Promotion you must correctly answer five (5) tokens that are built using the Stellar platform on the Promotion Post and submit your answers in the comment section of the Promotion Post (“Qualifying Task”).
6. Wirex will select the six (6) quickest Eligible Participants who correctly respond to the questions on the Wirex Community Forum and complete a Qualifying Task as the Winners of this Promotion (the “Winners”, each a “Winner”).
7. The Winners will be contacted by private message from one of the members of the Wirex Community Team via the Wirex Community Forum.
8. Once a Winner is contacted by Wirex, to be eligible for the Reward the Winner must respond to the message confirming their Wirex registered email address within 48 hours from the date the message was to sent to the Winner, to claim their prize (“Qualifying Action”).
9. If a Winner does not reply within 48 hours Wirex reserves the right to select another Winner (please note, Wirex will never ask for any other account details via social media message, please do not provide any other information about your account in response to the notification).
10. If Winners agree in writing they will be announced on the Stellar Ecosystem Post on the Wirex Community Forum.
11. The Reward will be credited to Eligible Participants who complete a Qualifying Task within the Promotion Period (“Qualifying Participants”).
12. The Reward will be paid to Qualifying Participants’ accounts within 30 Working Days of the end of the Promotion Period.
13. Once a Qualifying Participant has received the Reward it can be converted to traditional fiat currency through the Wirex Service at the Qualifying Participants’ discretion.
14. “Reward” means the WXT equivalent to EUR 20 (in the EEA) or USD 20 (in APAC) which will be calculated by an exchange rate set by Wirex from time to time in its absolute discretion. For the avoidance of doubt, the Reward will be distributed in WXT only and each Qualifying Participant will be eligible to receive the Reward only once.
15. “Promotion Post” means the Stellar Eco-System Post shared on the Wirex Community Forum.
16. “USD” means United States Dollar.
17. “EUR” means Euros.
18. “Wirex Community Forum” means the Wirex community platform which is a space for discussion among Wirex members hosted on the Wirex website: https://community.wirexapp.com/
19. “Wirex Community Team” consists of the following two members of the marketing team who are available to help during the Competition: @Ali_Wirex and @ChienChien_Wirex.
20. The Reward amount may be varied at any time without notice to Eligible Participants, Winners or other third parties.
21. “Working Days” means Monday to Friday, excluding weekends and any public holidays when the banks of England are closed for business.
22. For the avoidance of doubt, the total payable amount is the WXT equivalent to EUR 120 (in the EEA) or USD 120 (in APAC), once Wirex reaches the total payable amount no further Rewards will be awarded.
23. Wirex may, at its sole discretion, revise any of these Terms & Conditions or terminate this Promotion at any time without prior notice to Wirex users, Eligible Participants, the Winner, Winners or other third parties.
24. The Reward amount may be varied at any time without notice to Eligible Participants, Winners or other third parties.
25. Wirex may, at its sole discretion, revise any of these Terms or terminate this Promotion at any time without prior notice to Wirex users, Eligible Participants or other third parties.
26. This Promotion is launched by Wirex independently and there are no partnerships between Wirex and any merchant or other third parties relating to this Promotion.
27. Subject to applicable law, Wirex will not under any circumstances be liable to compensate Wirex users, Eligible Participants or other third parties for any losses or damages occurring as a result of their participation or engagement with this Promotion.
28. Wirex hereby has no control over each Eligible Participant’s comments, and Wirex does not endorse any Eligible Participants comments.
29. By participating in this Promotion each Eligible Participant agrees for their personal information (e.g. username, forename, surname etc) to be visible to other Eligible Participants, when posting comments to the Wirex Community Forum.
30. Wirex will only process personal information collected or received in connection with the Promotion as set out in its Privacy, Data Use and Retention Policy, which is available on by clicking the following link: Wirex | Making currencies equal and available to everyone.
31. The Terms of this Promotion are governed by the laws of England and the parties irrevocably agree that the courts of England shall have exclusive jurisdiction to hear, settle and/or determine any dispute, controversy or claim (including any non-contractual dispute, controversy or claim) arising out of or in connection with this Promotion.