Hassan Maishera
On Thursday, the Stellar Org announced via a blog post that MoneyGram, Figure Markets, and Range will operate as Tier 1 validators on the Stellar network.
These organizations run multiple geographically distributed full validators that participate in the Stellar Consensus Protocol, a consensus model in which each validator chooses which others it trusts — its quorum set — to agree on the state of the ledger. They are publicly identifiable and maintain the highest standards of uptime, running this infrastructure not for financial return but to safeguard the safety and liveness of the entire network.
Expanding the set of Tier 1 organizations increases the network’s fault tolerance, meaning the network can continue operating seamlessly even if multiple organizations experience simultaneous outages. Each new Tier 1 organization also broadens the diversity of industries, geographies, and infrastructures underpinning consensus.
Stellar is an open-source network with the mission to "create equitable access to the global financial system." Stellar is maintained by the Stellar Development Foundation, a non-profit organization established in 2014.
The Stellar network is a decentralized, fast, scalable, and uniquely sustainable blockchain built for financial products and services. The network launched in 2014 with the purpose of connecting the world's financial systems by offering a protocol for payment providers and financial institutions that facilitates near-instant global payments and currency exchanges. In 2024, Stellar released protocol 20, enabling full-featured smart contracts to the network. The network is transforming international payments and remittances through safer, faster, and more affordable solutions, and connecting real-world assets to DeFi to enable comprehensive everyday financial services.
The Stellar network’s native digital currency - Lumens (“XLM”) - is used to pay the network’s transaction fees. (XLM can also be used as an intermediate currency for operations. How it works: the protocol converts money in a few seconds, first into XLM, and then into the requested currency.)
XLM is up down 3% in the last 24 hours and now trades at $0.1826 per coin.
