Lightyear.io, a for-profit entity of Stellar, launched in May 2017 as the commercial arm of the company. The new algorithm used SCP, a cryptocurrency protocol created by Stanford professor David Mazières.
The Stellar Development Foundation released an upgraded protocol with a new consensus algorithm in April 2015 which went live in November 2015. By January 2015, Stellar had approximately 3 million registered user accounts on its platform and its market cap was almost $15 million. In August 2014, Mercado Bitcoin, the first Brazilian bitcoin exchange, announced it would be using the Stellar network.
The cryptocurrency, originally known as stellar, was later called Lumens or XLM. Stripe received 2 percent or 2 billion of the initial stellar in return for its seed investment. 25 percent of those would be given to other non-profits working toward financial inclusion. At its launch, the network had 100 billion stellars. Stellar was released as a decentralized payment network and protocol with a native currency, stellar. Stellar received $3 million in seed funding from Stripe. The nonprofit Stellar Development Foundation was created in collaboration with Stripe CEO Patrick Collison and the project officially launched that July. Before the official launch, McCaleb formed a website called "Secret Bitcoin Project" seeking alpha testers. Gox and co-founder of Ripple, launched the network system Stellar with former lawyer Joyce Kim.
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