Overview Of Partnership Between Stellar and SatoshiPay, and What to Expect in Future
The idea behind the international community is to have a worldwide financial network open to anyone. Stellar is an open-source distributed paid infrastructure, built on the premise that connects individuals, institutions and payment systems via its platform.
This means that no single entity relies on the Stellar network. The idea is to have as many independent servers in the Stellar network as possible so that even if some servers fail, the network will continue to function successfully.
Stellar can also sell or purchase other currencies by placing exchange orders on the public directory. All rates shall not be subjected to the automatic exchange rate applied by Stellar for personal transfers, as determined by the individual who places the order.
SatoshiPay has partnered with the Stellar Development Foundation to support adoption and liquidity, which supplies 50 million units of its native currency, known as Lumens.
A cloud-based, high-performance payment platform has been built up by SatoshiPay. It offers extremely low transaction costs, fast processing, and high-security levels with its blockchain support. Lumens has been awarded to SatoshiPay as part of its user purchase initiatives.
The stellar for connecting with other nodes, it uses Stellar Consensus Protocol. SCP does not consume huge amounts of energy in contrast to proof-of-work-based blockchains. Each validator node defines instead explicitly sets of other nodes with which it has to agree. These sets are called ‘Quorum Slices,’ and these define a global trust network between these nodes when you look at all Quorum Slices of validator nodes.
A Quorum is defined as a group of nodes required for a distributed system agreement. If nodes try to reach a deal, they communicate with each other and agree that an update is valid once a certain node threshold has been met.
SatoshiPay uses Stellar Blockchain to provide an advanced and scalable micro-Payment transition platform, which includes a global network of distributed servers. Today, Stellar is able to handle 1000 transactions per second, more than the total of transactions with credit cards in Europe.
The Stellar community is trying to add new validators and decentralize the entire process. This allows the transaction to be faster and safer for its users. But the problem is to find the best validator node and to incorporate them. Whether Stellar can make this or not, we have to wait and see.