![]() Quorum Slices: To validate a transaction, a node in the network interacts with other trusted nodes to form a web of trust or a mini network known as a quorum slice. In order to reduce the transaction time and make the network more scalable, the network employs two important features: This allows nodes to interact efficiently with each other to reach a consensus. To validate transactions, the blockchain uses a unique Stellar Consensus Protocol, which is based on the Federated Byzantine Agreement (FBA) algorithm. The network is distributed, which safeguards it from spam and ensures its proper functioning. Each node is run by either an individual or an organization. Stellar Network: This is the decentralized worldwide network of nodes that run the Stellar Core. The Stellar Core secures the public history of transactions by entering ledgers into permanent external storage and guarantees the non-duplication of blocks within the network. ![]() It is responsible for handling the validation of transactions through the Stellar Consensus Protocol (SCP), which facilitates reaching a consensus on the state of the network. Stellar Core: is connected to every Horizon server and maintains a copy of the digital ledger. The API also supports the creation of Stellar Smart Contracts (SSCs). Horizon API: This works like a web service that allows applications, online banking apps, payment services, and mobile wallets to interact with the Stellar network. The Stellar network is comprised of three basic elements: It does not seek to replace traditional financial institutions but rather to enhance them by providing a single network for everyone to collaborate and work together. Unlike Bitcoin (BTC), which is used as a means to transfer value directly, Stellar was created to perform as an intermediary for easy currency conversions. This requirement helps in protecting the network against spam and avoids accounts with zero balance. In order to use the network, users are required to hold a certain amount of Stellar Lumens. However, the coins cannot be mined, and each time a transaction is made, 100 stroops (0.00001 XLM) are burned. The coin is deflationary, with a maximum supply of 50 billion. The coin can be used for staking, and users can earn incentives for validating transactions on the blockchain.Īt present, the circulating supply of XLM is 26.4 billion.It is used to pay transaction fees on the network.XLM is used as a bridge currency for cross-border transactions, which makes the network capable of exchanging and processing different currency transactions.The network has its own native cryptocurrency - Stellar Lumens (XLM), which plays an essential role in facilitating transactions. Using blockchain technology, it facilitates easy, fast, and affordable cross-border transactions between any currency pair. The network aims to integrate distributed ledger technology (DLT) into traditional banking systems. Keeping your paper key was a smart move, resetting your account was the mistake.Stellar is an open-source, peer-to-peer blockchain network that allows easy exchange and conversion of digital currency with any fiat currency and vice versa. But when you reset your account, the paper key is unknown to the new account. Hopefully you didn't have in there.įurther, I think about this, the paper key is the equivalent to a device allowed to access your account. ![]() The only thing you saved by resetting your account is your Keybase username. And then the public is changed, and your stellar wallet is a fresh new wallet, unrelated to your previous one. ![]() When you reset your account, you actually lose everything, because your master private key is gone. But without the private key, can't take them out. With your public key, you can see they are still there. Think of them has been HODL forever by an ancient god. But if the private key to the wallet is lost, they become inaccessible. This applies to all blockchains, the "coins" never ceased to exist. ![]()
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