Stellar Network Overview: SDF removal of inflation and 55B burned tokens

Stellar is known as a payment protocol whose aim is to connect banks, payment systems, and people with each other. Stellar and SDF were founded in 2014 by Jed McCaleb and Joyce Kim.

The main purpose behind developing SDF was to influence and improve global financial access by expanding the network worldwide through the help of some technologies and partnership programs.

The official leadership team of SDF involves CEO Denelle Dixon and founder Jed McCaleb. SDF was initially developed as a non-stock non-profit corporation in 2014 in the US of Delaware.

Use of Validators on XLM Network

In order to confirm transactions on the network, Stellar does not use the technique of Proof of Work or Proof of Stake rather it uses Validators for this purpose.

In the Stellar network, anyone can be a validator and therefore, users must be aware of the validators before choosing. Also, these validators do not get any block reward.

Removal of Inflation and 55B Burned tokens

Stellar Foundation Network successfully removed inflation on the network and burned 55 billion XLM tokens for the development and improvement of Stellar’s network.

Due to the inability to reach consensus, Stellar’s network was being stalled for the duration of 67 minutes on 15th May. The SDF nodes were not considered responsible for network failure. The reason which was revealed behind this network failure was that there were many of the nodes added to the consensus.

Apart from this, the Stellar Foundation Network (SDF) also burned an amount of 55 billion in order to increase the potential value of the network. Now XLM holds an amount of 29.78 billion XLM.

SDF also announced the distribution of 500 million with the help of Blockchain.com in order to add wallet support for the asset. And in 2019, it partnered with Coinbase in order to give away a further one billion.

Conclusion

Stellar Network has been developing and improving. And for this purpose, SDF started particular campaigns. For instance, it removed inflation from the network and burned an amount of 55 billion XLM tokens to promote and develop its network.

Hassan Mehmood

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has got a degree in journalism.

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