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Stellar is a fork of Ripple’s code, meaning that much of Stellar’s initial code was based on Ripple. The founder of Stellar is Jed McCaleb, who created the first major Bitcoin exchange Mt.Gox (later sold to Mark Karpeles). Jed also founded Ripple in 2011, but left the team in 2013 and founded Stellar in 2014.
While Ripple’s main focus is to expand its business with major banks around the world, Stellar has been focusing on a different market. Stellar aims to help any individual send money in any currency around the world. Utilizing decentralized protocol, Stellar is often called a leapfrog technology that connects people, payment systems, and even banks. It lets users facilitate multi-currency and asset transactions quickly, reliably, and for fractions of a penny.
Stellar’s focus is clearly different from Ripple’s, with plans to tackle the developing world first. There are many users who like Ripple’s technology but don’t agree with its partnerships with banks. Stellar as a good alternative for these investors.
Lumens is the cryptocurrency on the Stellar network. It acts as a bridge currency to facilitate transactions and pay for fees. Transactions on the network are also extremely fast. Confirmation times are approximately 2-3 seconds and the network can handle over 1000 transactions per second.
Stellar boasts an impressive team and group of advisors. On its board is Keith Rabois, an investment partner at Khosla Ventures and Greg Brockman, CTO of Stripe. Among its advisors are Patrick Collison, CEO of Stripe, Naval Ravikant, founder of AngelList, and Sam Altman, president of Y Combinator
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