Stroop Definition
Stroop, in the context of blockchain and cryptocurrency, is the smallest unit of the Stellar Lumens (XLM) cryptocurrency. Similar to how a cent is to a dollar or a satoshi is to a bitcoin, a stroop is to a Stellar Lumen. It is named after the Dutch word for “stripe” and is used to pay for transaction fees and minimum account balances on the Stellar network.
Stroop Key Points
- Stroop is the smallest unit of the Stellar Lumens (XLM) cryptocurrency.
- It is used to pay for transaction fees and minimum account balances on the Stellar network.
- One Stellar Lumen (XLM) is equivalent to one billion Stroops.
- The name “Stroop” comes from the Dutch word for “stripe”.
What is Stroop?
Stroop is a unit of measurement used in the Stellar network. It is the smallest possible unit of the Stellar Lumens (XLM) cryptocurrency. This means that you cannot divide a Stroop into smaller parts. If you have one Stroop, that’s the smallest amount of XLM you can have.
Why is Stroop important?
Stroop is important because it is used to pay for transaction fees and maintain minimum account balances on the Stellar network. This helps to prevent spam and malicious attacks on the network. By requiring a small fee for each transaction, it discourages users from flooding the network with unnecessary transactions.
When is Stroop used?
Stroop is used whenever a transaction is made on the Stellar network. The current base fee for a transaction is 100 Stroops. This fee is not paid to anyone; instead, it is destroyed, effectively removing it from the total supply of XLM.
Who uses Stroop?
Anyone who uses the Stellar network and its native cryptocurrency, XLM, uses Stroops. This includes individual users who send and receive XLM, as well as businesses and organizations that use the Stellar network for its fast, low-cost transactions.
Where is Stroop used?
Stroop is used on the Stellar network, a blockchain-based platform designed to facilitate fast, low-cost transactions between any pair of currencies. It is used globally by individuals, businesses, and organizations.
How is Stroop used?
Stroop is used to pay for transaction fees on the Stellar network. When a user initiates a transaction, they must pay a fee in Stroops. This fee is automatically deducted from the user’s account balance. The minimum account balance on the Stellar network is also denominated in Stroops.
