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Stellar- Increasing Interoperability Between Diverse Financial Systems and Currencies

Problem identification: Talking about the money market, transfer of money from one country to another involves an expensive wire transfer at a brick-and-mortar location. The existing systems such as wire transfers or banks rely on legacy software which has slow verification procedures and high built-in-costs. Adding to it, in poor countries, basic financial services are missing and loans are provided at exorbitant rates. To transfer money, they have to find a way to physically transport it.

Stellar - Addressing the problem: A non-profit, Stellar has created its own low-cost open-source protocol. The cryptocurrency-based payments system was launched in 2014 by Jed McCaleb. It allows users to send and receive money between any pair of currencies. The idea is to allow easy and cheap ...

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