Stellar Lumens (XLM) Getting Started with Account Creation and a Valid Key PairAugust 17, 2020
For those who are very interested in knowing about how the Stellar Anchors work, there is a recent documentation done on this topic explaining what the Stellar Anchor is about and about how the Lumen supply metrics work.
When it comes to understanding Anchors, it looks like it is very important to understand Accounts. Accounts are the central element in the data structure of Stellar. The accounts hold balances, sign transactions and issue assets. The entries on the ledger belong to a particular account. The account should have a balance in XLM. The XLM balance should be sufficient enough to meet the network reserve before it can exist on the ledger. This is required in addition to a valid keypair.
The valid keypair has a public key and the private key and this ensures that the transactions are secure on the ledger. Every account requires a valid keypair. The public key is visible to everyone in the ledger and this is used to identify the issuer, authorize and verify transactions. The private key is that which the account holder guards carefully. A valid keypair is generated in the Stellar Wallet or SDK.
Before you can have an account and a key pair, it is important to have an XLM balance that is required to meet the minimum network reserve. This is used to prevent the creation of tons of unused accounts. It helps to know more about the account fields like Account ID, sequence number, number of subentries, thresholds, home domain, flags, balances, liabilities, and signers.
Sydney Ifergan, the crypto expert tweeted: “Users interested in Stellar Lumens (XLM) would sure love to know how Anchors work and how the Lumen supply Metrics work.”
To get started with an account with Stellar Lumens network one should invest and fulfill the minimum balance criteria for the required value in XLM and the rest should be a breeze. It is good about the method they use to ensure there are not lot of unused accounts eating up the network space interfering with overall performance.
Stellar Lumens (XLM) Horizon
After understanding the Stellar Accounts, one should understand the Horizon which is the API which bridges the apps and the Stellar Core. To reduce the complexity of the projects, users are recommended to make use of an SDK instead of making direct API calls. The SDF facilitates two instances of horizon one for interacting with the public network and one for interacting with the testnet.
Horizon also provides a streaming mechanism, which receives events in the near real time. Stellar are already moving money like an e-mail, they are in their venture planning to capture new markets.