Introduction
In the year 2009, we saw the introduction of the first-ever decentralized payment network, the mother of all coins, Bitcoin. In the years that followed, global interest grew and Bitcoin inspired the genesis of many crypto-based projects that also worked towards trustless, secure payment systems and storage of value.
Bitcoin uses blockchain technology, where a distributed ledger records transactions chronologically and publicly. Subsequent advancements gave rise to second-generation projects like Ethereum, Litecoin, EOS, Monero, and many others, which built on this concept by adding new features, including “DApps”, and protocols that allow for faster, less energy-intensive transactions.
Stellar Blockchain
In 2014, Jed McCaleb, founder of Mt. Gox and co-founder of Ripple, a similar low-cost, high-throughput network, launched the network system Stellar with former lawyer Joyce Kim. Stellar is an open-source, decentralized protocol designed primarily for international remittances - low-cost currency transfers, which allow cross-border transactions between any pair of currencies. One advantage of the Stellar distributed network is the ability to hold, transfer, and trade any type of asset. Stellar assets, known as tokens, can be used for representing value for nearly anything: US Dollars, Euros, Bitcoin, stocks, precious metals, ICO tokens, or just about anything you like. In December 2021, Stellar Cannacoin was born as an asset on the Stellar Blockchain.
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