StellarTerm: XLM Stellar Distributed Cryptocurrency Exchange?
StellarTerm is an open-source client for the Stellar Network. With Stellar Term, you can send, receive, and trade assets on the Stellar Network easily. Besides, Stellar Term allows you to access the Stellar Distributed Exchange.
Neither Stellar Term nor its developers are involved in the operations of the Stellar Network. The brain behind Stellar Term is Iris Li, a former employee of the Stellar Development Foundation. However, the project is independent of the Stellar Development Foundation.
StellarTerm Versus Stellar Network
The Stellar Network is much bigger than just the Foundation. It comprises financial institutions, payment aggregators, and technical specialists. The team is committed to supporting a new and comprehensive global infrastructure for transactions. The directory offers a list of companies that are affiliated with the Stellar Network.
The Stellar Foundation is equally committed to facilitating connections between entities in the Stellar community. For more information about the Foundation, you can contact them at [email protected]
How StellarTerm Works
How do you send EUR to your friend using USD on Stellar Network? The internet is made up of network servers containing Stellar Network’s data, websites, and applications. Just like the internet, Stellar comprises decentralized servers in multiple locations to power a distributed ledger, which records every transaction in the system for people and companies. A complete copy of the global ledger is available on each Stellar server.
Since any entity can run a server, the network becomes more robust with more servers. The Stellar servers communicate with each other directly to verify transactions and to synchronize the ledger after every two to five seconds, in a mechanism known as consensus. The ledger records your money as credit, which is issued by anchors, which serve as bridges between a given currency and the Stellar Network. Examples of real-world anchors include banks and payment processors.
The anchors issue credit to your online account, which is like a virtual wallet, in exchange for your deposit. Anchors have to be trusted to hold your money and to honor your withdrawals. Issued credit can be sent and received between people on the network.
Stellar has a distributed exchange, so you can send EUR credits to your friend using your USD credit balance. The network automatically converts it at the lowest rate for you. Therefore, your friend can receive EUR credit, which he or she can withdraw at an anchor supporting EUR.
What Exactly Is StellarTerm?
StellarTerm is a web-based wallet that uses a key to log in and to manage the account. While you can generate your own private key for a new account, it does notwww allow you to log in unless the account is previously funded with at least 20 XLM.
When you log in to your account, you should remember to check the URL to make sure that you are on the right website. It is also important to note that Stellar Term does not save your secret key. It is stored on your browser and deleted once you refresh or exit the page. For extra security of your account, you can build from source or download from Github and verify the source.