Stellar uses the Stellar Consensus Protocol (SCP) rather than Proof of Work. The Stellar Consensus Protocol (SCP) is a protocol that achieves optimal safety against ill-behaved participants. The servers sync and validate the ledger by a mechanism known as consensus.
These servers form a decentralized Stellar network, allowing the ledger to be distributed as widely as possible. A complete copy of the global Stellar ledger is hosted on each server that runs the Stellar software. Like a traditional ledger, the Stellar ledger records a list of all the balances and transactions belonging to every single account on the network. The idea is to have as many independent servers participate in the Stellar network as possible, so that the network will still run successfully even if some servers fail. How Does Stellar Lumens work?Ī decentralized network consists of peers that can run independently of each other. This means that the Stellar network does not depend on any single entity. The network itself can support more than 1000+ transactions per second. This makes the network ideal for mass consumer adoption and cross border transactions. The Stellar network can confirm transactions within 3-5 seconds with a transaction cost of less than $0.00001.
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