History repeats itself: a maxim often viewed by many with no small amount of cynicism and yet the world revolves inwards as it does outwards. Thousands of years ago, the world tottered for a long time between the age of “trade and barter” and the age of “fiat currency”. Its eventual shift to the new age changed transactions and the workings of society forever. Now a couple of millennia later, the world is at another halfway point between fiat currency and cryptocurrency. Although there are a lot of cryptocurrencies in the world now with Bitcoin being the most popular, there have been some unique cryptocurrencies that have distinguished themselves over the last years with Stellar Crypto being one of the best.
What Is Stellar and Stellar Cryptocurrency
In 2014 Stellar was founded by Jed McCaleb, co-founder of Ripple, and Joyce Kim, former lawyer, with the purpose of being the fastest cryptocurrency network on the planet.
Stellar technologies use a new, unique consensus algorithm based on quorum slices – sets of nodes that its network’s validator nodes agree with to perform different transactions at the same time as opposed to using an entire network to validate transactions. This system is purported to allow the network to handle as much as 1,000 transactions per second compared to other systems, which operate 15 or even 7 transactions.
There are many steps of Stellar evolution which brought it to its current state and show just how far the network has come. All the way from its official launch in 2014 it has partnered with big users like the Mercado Bitcoin (the first Brazilian bitcoin exchange), Oradian (a cloud-based banking software company) as well as integrations with companies like Vumi, Deloitte, KlickEx, SureRemit and even IBM in its bid to expand and reach every sector of the globe enhancing its cross-border money transactions.
The Stellar network was designed with a lot of features like the Keybase Stellar wallet, which keeps its clients’ Stellar account keys completely secure and safe yet easily accessible through their devices at all times. With a Stellar wallet ledger, clients are assured of their privacy because for each account created, a Keybase wallet with a unique Stellar address is assigned to you with a link for easy reception of payments. All private keys for transactions are downloaded from the servers, decrypted, used, and erased after the transaction to ensure optimum security.
Stellar tools have been discovered to be one of the easiest to use when it comes to blockchains. It allows its clients to easily operate and manage their accounts even if they have little idea of what they are up to. Because its algorithm produces an incredibly fast network, its data recovery and processing ability is unparalleled.
Some of the key features of Stellar include:
Allowing its clients to use real currencies;
Enabling its clients to send money globally in seconds and for little cost – this ability is confirmed through its partnership with IBM’s World Wire, which supports 47 countries in 72 countries worldwide that invariably took its cross-border transactions to another level;
Conversion of any asset;
Tools for developers.
Below is Stellar data from past weeks showing its historical data rates in real-time on the market:
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After the overview of Stellar’s features it is essential to have a look at what the problems were and how they were solved via Stellar.
Experience and Future Outlook
Nowadays we have been into different projects aimed at solving our clients’ problems like data integrity and real-time issues. This led to the development of Polonics which used blockchains with work-proof, but it barely managed to solve the problems. That was when Stellar was discovered with its amazing ability to make transactions, open and close ledgers, create and manage Stellar desktop wallets and Stellar keys within seconds.
The Stellar Blockchain was extremely indispensable at its inception, and rapidly gained popularity and users. Due to its ability to process rapidly and easily, users attempt to carry out as many activities as possible simultaneously. As the amount of registered users moved from thousands to millions, it was important to make sure that the network would hold under the strain of so much data traffic.
Earlier this year on May 15, at 1:14 p.m. PST, the Stellar network went offline. The Stellar Development Foundation (SDF) reported its offline time to be 67 minutes while other reports mentioned “approximately two hours”. The network had apparently frozen after it had failed to reach consensus. The relevance of the problem could not be ignored because the provision of a solution to prevent scenarios like this would invariably save money for designs and R&D.
We have conducted several stress tests to determine the exact range of Stellar’s stability during high loads and the amount of load the system could work under before experiencing duress. With the help of our R&D, testing and configuration activities we have come to the conclusion that Stellar was surprisingly stable at high operational speed. To get to know more about our tests and thus when and where it is better to use Stellar please watch our video.
Our solution to the problem was to allow Stellar to handle the transactions while the real-time would be left to the frontend and backend.
The SDF had outlined a series of solutions to battle the stability problem such as:
Introduction of better on-boarding for new validators by helping users to create good quorum sets from the right nodes for the particular transaction they wish to carry out;
Increment of operator coordination so that schedules are maintained with nodes and quorum slices being regularly updated;
Improvement of monitoring and alerts to warn users when critical nodes are missing.
The future outlook of these improvements is to increase the efficiency of financial operations and enable Stellar to work stably even with extremely large numbers of ordered transactions.
Stellar is a decentralized protocol that transfers money via blockchain technology. Unlike other systems, Stellar allows to work at a very high speed and to handle 1,000 transactions per second. Thanks to the variety of tests conducted by our specialists we have proved that it is possible to make fast money transactions in conditions of high traffic using Stellar. Although the system had been thoroughly researched and developed before its launch, nevertheless there was a problem when Stellar network went offline for more than one hour. This was due to the large number of ordered transactions, because the users tried to conduct the maximum number of transactions. However, SDF is optimistic about the future and referred to their recent outage as a stress test. SDF believes that it was needed to open room for improvements and further developments. The solutions provided by SDF are aimed at creating better quorum sets from the right nodes for each transaction, better monitoring of nodes in case any of them are absent, and regular updates of quorum slices.