Stellar

Frequently Asked Questions about Stellar

Who are Stellar?

Stellar is a non-profit organisation that facilitates cross-border transactions using blockchain technology. Founded in 2014 by Jed McCaleb, Stellar aims to enhance financial inclusivity by enabling the transfer of money across borders quickly and at low cost.

What are Stellars products?

Stellar offers a blockchain-based payment network and a digital currency called Lumens (XLM). The Stellar network allows for fast and secure transactions, which can be used for various financial applications, including remittances and micropayments.

What services do Stellar offer?

Stellar provides services that include payment processing, asset issuance, and smart contract capabilities. The platform enables businesses to build financial products on the Stellar network, facilitating seamless transactions between different currencies.

What type of companies do Stellars products suit?

Stellars products are suitable for financial institutions, remittance services, payment providers, and developers looking to create decentralised applications (dApps) that require fast and low-cost transactions.

How much does Stellars product cost?

Stellars services are free to use; however, users must hold Lumens (XLM) to pay for transaction fees. Transaction fees are minimal, typically around 0.00001 XLM per transaction.

Does Stellar offer a free trial?

Stellar does not operate on a traditional trial basis as it is a blockchain network. Users can access its services without any upfront costs, although they need to acquire Lumens for transaction fees.

What discounts does Stellar offer on their products?

Stellar does not offer discounts as its services are free to use, with the only cost being the minimal transaction fees paid in Lumens.

Are there any hidden fees or additional costs with Stellar?

There are no hidden fees with Stellar. The only costs involved are the transaction fees paid in Lumens, which are very low.

Who uses Stellars products?

Stellars products are used by a variety of entities, including financial institutions, remittance services, and developers. Notable partners include IBM and various non-profit organisations that use Stellar for payment solutions.

What are the main features of Stellars products/services?

Main features of Stellar include fast transaction processing, low fees, the ability to issue digital assets, and support for smart contracts. The network also provides cross-border transaction capabilities and a decentralised infrastructure.

How does Stellar compare to its competitors?

Stellar differentiates itself through its focus on financial inclusivity and its partnerships with established financial institutions. Compared to other blockchain networks, Stellar offers lower transaction fees and faster processing times, particularly for cross-border payments.

Is Stellars platform easy to use?

Stellars platform is designed to be user-friendly for developers, with comprehensive documentation and APIs available. However, users may need a basic understanding of blockchain technology to effectively utilise its services.

How easy is it to set up Stellars product or service?

Setting up on the Stellar network is relatively straightforward for developers, thanks to the available SDKs and documentation. Users need to create a Stellar account, acquire Lumens, and integrate the API into their applications.

Is Stellar reliable?

Stellar is considered a reliable platform due to its decentralised nature and the strong cryptographic principles underpinning its blockchain technology. It has been operational since 2014 without significant downtime.

Does Stellar offer customer support?

Stellar provides community support through forums and documentation. While there is no dedicated customer support team, users can find assistance through community channels and resources.

How secure is Stellar’s platform?

Stellars platform is secure, employing cryptographic techniques to protect transactions. The decentralised nature of the network also reduces the risk of central points of failure.

Does Stellar integrate with other tools or platforms?

Yes, Stellar can integrate with various platforms and tools, especially those that require payment processing or asset management capabilities. Developers can use Stellar’s APIs to create custom integrations.

Can I use Stellar on mobile devices?

Stellar’s services can be accessed from mobile devices through applications that support Stellars network. Various wallets and apps are available for managing Lumens and making transactions.

What do users say about Stellar?

Users generally appreciate Stellar for its low transaction fees and speed. Feedback often highlights its potential for enhancing financial inclusivity and ease of use for developers.

What are the pros and cons of Stellar?

Pros: Low transaction fees, fast processing times, strong partnerships, and a focus on financial inclusivity. Cons: Limited customer support and the requirement to understand blockchain technology for effective use.

How can I purchase Stellar’s services?

Stellar’s services are accessible through its network. Users can acquire Lumens through various cryptocurrency exchanges and begin using the Stellar network without additional purchases.

What is the cancellation or refund policy for Stellar?

As a blockchain network, Stellar does not have a cancellation or refund policy since it does not charge for services beyond transaction fees, which are non-refundable.

What are the common use cases for Stellar?

Common use cases for Stellar include remittances, micropayments, cross-border transactions, and asset issuance. It is particularly beneficial for financial institutions looking to streamline international payments.

Why choose Stellar over other options?

Stellar offers unique advantages such as low fees, speed, and a mission focused on financial inclusivity, making it an attractive option for those looking to facilitate cross-border transactions.

Does Stellar offer training or tutorials?

Stellar provides extensive documentation and tutorials on its website to help users understand how to use the network effectively. However, it does not offer formal training sessions.

What languages does Stellar support?

Stellars documentation and resources are primarily available in English. However, the platform can be used globally, and developers can create applications in various programming languages.

What problems does Stellar solve?

Stellar addresses issues related to high costs and slow speeds in cross-border payments. It provides a solution for unbanked populations to access financial services, thus promoting financial inclusion.

Is Stellar worth the investment?

Investing in Stellars network can be worthwhile for businesses needing efficient payment solutions, especially for those dealing with international transactions. Its low fees and fast processing times may provide significant cost savings.