Stellar Blockchain: An Essential Solution for Scalable Cryptocurrency Development
With the incredible growth of cryptocurrencies, creating a trading platform that helps deal with digital and fiat currencies is imperative. In fact, most developers and companies consider cryptocurrencies as ‘gold’. It is important for every business to choose a blockchain that lets them create cryptocurrencies. Stellar is a decentralized network immensely popular among business enthusiasts due to its attractive features like scalability and seamless interoperability. If you are enthusiastic towards creating your own cryptocurrency, then hiring a well-developed crypto development company will help you to create digital assets over your desired blockchain. In this article, we will highlight why Stellar is the most preferred blockchain network and how to develop cryptocurrencies using Stellar blockchain.
Stellar was introduced in 2014, with its own native cryptocurrency called Lumens(XLM). Stellar is currently ranked #1 in the Stellar network sector, while reaching its highest point in the year 2018.
Why do most developers prefer the Stellar blockchain?
Why do we choose Stellar over other blockchains? Stellar is cheaper, faster, and more efficient than other blockchains. Now we will know the advantages of choosing Stellar and the appealing features. Stellar has also made it our payment network of choice.
Decentralized and open-source network
The Stellar blockchain, decentralized and free from central authority, enhances security and empowers direct peer-to-peer transactions. This structure eliminates the need for intermediaries, fostering trust and autonomy among users and ensuring the platform’s robust security measures.
Fast and low-cost transactions
Stellar prioritizes rapid transaction settlement, often within seconds, alongside economical transaction fees. This combination caters to the needs of businesses engaged in frequent or high-volume transactions, offering both speed and cost-efficiency in blockchain-based financial operations.
Cross-border payments
Stellar excels at enabling cross-border transactions, particularly emphasizing digital assets and cryptocurrencies. The network seamlessly facilitates the issuance, transfer, and exchange of diverse assets, enhancing the ease and efficiency of global transactions in the evolving financial technology landscape.
Interoperability and integration
The Stellar blockchain is adept at handling an array of currencies and assets, encompassing fiat currencies, cryptocurrencies, and digital assets. This versatility in interoperability streamlines the process of integrating new cryptocurrencies into established financial ecosystems, fostering flexibility and adaptability in the world of blockchain technology.
Scalability
Stellar is designed to accommodate demanding transaction volumes, positioning it as an ideal choice for scalable applications. With the capacity to process thousands of transactions per second, it offers robust support for expanding user bases, ensuring its capability to meet the needs of a growing and dynamic network.
Transaction efficiency
Stellar’s network relies on a consensus protocol employing trusted validators to swiftly verify transactions, achieving confirmation in mere seconds at minimal cost. This sets Stellar apart from Bitcoin and Ethereum, where transactions may take up to an hour, and costs fluctuate with network congestion, giving it a distinct competitive edge.
Stellar Development Foundation (SDF)
The Stellar Development Foundation plays a pivotal role in nurturing the growth and widespread acceptance of the Stellar blockchain. It extends valuable resources, grants, and technical assistance, making it an appealing option for developers and businesses looking to engage with the ecosystem and leverage its potential for innovation and expansion.
Cryptocurrency development process on the Stellar blockchain
Creating cryptocurrency tokens needs some technical knowledge, and it can be fulfilled by seeking professional guidance and assistance from blockchain experts of well-established crypto development companies.
Understanding Stellar’s basics
Gain a comprehensive understanding of the Stellar blockchain, its unique attributes, and potential applications. This knowledge will enable you to tailor the design of your cryptocurrency to harness Stellar’s specific advantages effectively, aligning your project with its capabilities.
Define your token
Define the key attributes of your cryptocurrency, such as its name, symbol, total available amount, and the extent to which it can be divided into smaller units. These fundamental parameters shape your token’s identity and functionality.
Create a Stellar account
To oversee your cryptocurrency, you’ll require a Stellar account. Establish one via the Stellar Account Viewer or choose from various wallet options. This account serves as your gateway to creating and managing your digital assets on the Stellar blockchain.
Fund your account
To create and oversee cryptocurrency assets like coins or tokens on Stellar, ensure your account holds a quantity of XLM (Stellar Lumens) sufficient to cover transaction fees and reserve balances, a vital prerequisite in the process.
Set up trust and create crypto assets
Leveraging the issuer account, craft your personalized assets. Stellar accommodates two primary asset types: Stellar Lumens (XLM) and user-generated assets. Establish user-generated assets and specify their attributes, including name, code, total supply, and any desired supplementary metadata.
Distribute your assets
Allocate a portion of your freshly minted cryptocurrency to different Stellar accounts, designating them as initial holders or recipients in your distribution strategy. This step initiates the circulation of your digital asset.
Integrate assets in the wallet
Integration into Stellar wallets and applications is crucial to offer your custom asset to users. This might involve creating a tailored wallet or collaborating with established Stellar wallet providers to support your asset. Prior to launching on the live Stellar network, rigorous testing on the Stellar testnet is essential to verify proper functionality.
Marketing and promotion
Elevate awareness of your cryptocurrency through strategic promotions and marketing efforts. Explore opportunities to list it on exchanges and consider its utility in diverse applications like payments, rewards, or integration as an asset in blockchain projects.
Maintenance
Consistently oversee and monitor your cryptocurrency to ensure its smooth operation. Stellar’s adaptable framework empowers you to proactively manage and implement updates as necessary, aligning your asset with evolving requirements and market dynamics and maintaining its effectiveness in the long run.
Wrapping up
Stellar is a powerful blockchain that offers simplicity and has the potential to revolutionize the crypto market. Stellar offers a streamlined and swift exchange process, enabling the seamless conversion of a vast array of currencies and tokens. The transactions are completely free in Stellar, so it benefits users by allowing them to make micropayments. This article delves into the advantages of cryptocurrency and the steps involved in its development on the Stellar blockchain. If you are ready to turn your crypto dream into reality, collaborate with premium crypto development services to create scalable cryptocurrencies on the Stellar blockchain.
