Stellar, A Payment Network Similar To Ripple But Non-Profit
Stellar is a payment network allowing for exchange between fiat-based currencies and cryptocurrencies. The network’s token, called Lumens, have extremely low fees to use and is really attractive for the payment processing sector. Another blockchain-based ledger we know of is Ripple with it’s token XRP, they rival for the same market, where Stellar succeeds is in their transaction processing speeds and that they are non-profit, unlike Ripple.
Stellar is a platform that connects banks, payments systems, and people. Integrate to move money quickly, reliably, and at almost no cost. – Stellar.org
Stellar has even gone as far as releasing their memorandum for their non-profit status.
As seen here: Non-profit status memorandum
By incorporating as a not-for-profit organization, Stellar Development Foundation has voluntarily set itself to a more restrictive set of legal requirements than a traditional company. In preparing our application for tax-exempt status as a charitable organization, we are aware that achieving tax-exempt status will subject us to an even higher level of legal oversight and transparency requirements.
Given the complexity of nonprofit and tax-exempt law, we asked our nonprofit legal counsel, Adler & Colvin, to prepare a memo that covers some of the more frequently asked questions about Stellar’s nonprofit and anticipated tax-exempt status.
Read more: Understanding Nonprofit Basics