Proof Of Concept
Stellar is an open-source, decentralized payment protocol that allows a fast, cross-border transactions between any pair of currencies. It is similar to other cryptocurrencies which operates by using blockchain technology. The native asset of this digital currency is termed as Lumen (XLM). XLM powers the Stellar network and all its operations, similar to how ether (ETH) powers the Ethereum network.
It is a Proof of Concept that was worked in a certain process to analyze the practical potential of the project in real world to create account, load balance, make transactions (single and multiple joint account), etc… in Stellar Network through C#.
The main objective was to utilize Stellar’s consensus method which allows for fast and cheap transactions, with everyone on the network. It reaches the agreement about transaction validity within few seconds. The Transactions took place on the Stellar network are added to a shared, distributed, public ledger which is a database accessible by anyone worldwide. In order to reach consensus on transactions rapidly and accurately, Stellar uses its unique consensus method.
The primary challenges faced was the exchange of networks which were capable of hosting thousands of exchanges between currencies and tokens per second. While we exchange between cryptocurrencies and fiat currencies, it results in a lengthy and expensive process.
The use of Stellar-Network through C#, the software development kit (SDK) and Application Program Interface does the transactions in an efficient manner.
A Stellar account is created. Later, a designated amount of balance is loaded into the created account using Stellar API. Once the account is created, we can easily check our account balance, account details, etc., using Stellar API. Similarly, creation of another account is done for Transaction purposes. When an account holder initiates the transaction using Public Key of the Receiver account through the Seed or Secret Key of Sender account. (Note: Seed key required only for senders, Not receiver). If the transaction amount is less than the transaction limit, it won’t ask for another joint account holder’s signature. If it exceeds the transaction limit, then the transaction won’t be done without the partner’s signature.
- Dot Net
- Stellar Network API
- Blockchain with Lumen Currency.
Using Stellar, anyone can easily create account, load balance and complete transactions (Single and Multiple Joint Account), etc., through C#.
Stellar makes exchanging swift and cost effective. XLM, the asset that will be supported within the Blockchain Wallet, is used to pay the transaction fees and maintain the accounts on the Stellar network accurately.