The digital currency project founded by industry entrepreneur Jed McCaleb is aimed at being a decentralized gateway for digital currency to fiat currency and vice versa transfers, coindesk.com reports, citing the news agency The Wall Street Journal.
Stellar will act as a public transaction authenticator and feature its own in-house digital currency called ‘stellar’, the same source indicates.
The stellar currency will be distributed to users for free. Supply is capped at 100 billion units and around 95% of this amount being given away.
McCaleb is the original founder of defunct Japanese bitcoin exchange Mt. Gox and a co-founder of digital currency-focused payment network Ripple Labs.
Former Square Chief Operating Officer Keith Rabois, Stripe CEO Patrick Collison, Dogecoin co-founder Jackson Palmer and AngelList co-founder Naval Ravikant are among the project’s board members.
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