Stellar is an open-source, decentralized protocol for sending money. It is maintained by the nonprofit "Stellar Development Foundation". With Stellar, sending money can be as easy as sending an email. The folks over at Lumenauts have made some explainer videos, which are a great way to learn more about the Stellar network.

TIP

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Lumens

The basic currency used on the Stellar network is called "lumens" and is mostly represented with the following ticker: "XLM". Click the following link to learn more about lumens: stellar.org/lumens.

Keys

Every account on the Stellar network consists of a keypair: a public key and a secret key.

  • Public key: the key that is public on the network. Think of this as the "address" of your account. This is the key to share when you want to receive payments. The public key always starts with a G. For example: GCRRSYF5JBFPXHN5DCG65A4J3MUYE53QMQ4XMXZ3CNKWFJIJJTGMH6MZ
  • Secret key: the key which gives you access to the account. This can be used to import/export accounts. Don't share this publicly, as anybody with this key can access the account. The public key always starts with a S. For example: SBTEMPAKHZLJWSNGNXQWW2WHUH6PZP5W26OCFCSO554FT7DHXUKA32KK

Exchanges

You can convert lumens into most currencies in the world through online cryptocurrency exchanges. Find a list of Stellar exchanges on CoinMarketCap.

Minimum Account Balance

A Stellar account must have a minimum balance of lumens for it to be active on the network. Any transaction that would reduce an account’s balance to less than the minimum will not work.

Click the following link to read more about minimum account balance: stellar.org/developers/guides/concepts/fees.html#minimum-account-balance.

Assets

Beyond the native asset, lumens, the Stellar network can be also be used to track, hold, and transfer other assets such as dollars, euros, bitcoin, stocks, gold, and other tokens. Anybody can launch an asset on the network and any asset can be traded with any other. Watch the following video by Lumenauts for further information:

Decentralized Exchange

The Stellar Decentralized Exchange (DEX) is a the place where Stellar traders can trade assets via the Stellar protocol. The DEX features an orderbook, matchmaking, and transaction settlement right at the protocol level. Watch the following video by Lumenauts for further information:

Multisignature

Signatures are used for authorizing transactions on the Stellar network. Most transactions only require authorization from one signature from an account.

"Multi-signature" refers to a situation in which more than one signatures are required for authorization of a transaction. This can be used to secure an account with by requiring a number of people to sign a transaction before it is executed.

Click the following link to learn more about multi-signature: stellar.org/developers/guides/concepts/multi-sig.html