A stroop is the smallest unit of Lumen (XLM).
A stroop is equivalent to 0.000001 XLM. It is the smallest unit of the XLM that can be recorded on the blockchain. XLM is the native cryptocurrency of the Stellar blockchain and has a fixed supply of 50 billion coins. A new block is mined every 45 seconds.
At the moment, 25.13 billion XLM are circulating in the market. Each transaction on the Stellar network incurs a minimum fee of 100 stroops, equivalent to 0.00001 XLM. These charges prevent spammers from abusing the network, thus increasing its overall security.
The Stellar blockchain was launched initially in 2014 as an open-source network for payments and currencies. Its creator, The Stellar Development Foundation, intended for it to function as an ownership tracking system. It increases blockchains’ interoperability, making it simple to mine, send and exchange digital currencies. It ensures the efficient and transparent exchange of any currency. The goal was to create cryptocurrencies that are just as strong as Bitcoin but easier to use and more integrated with the current financial system.
Division of money into smaller subunits is a trait borrowed from fiat currencies. This practice simplifies transaction processes. For example, the US dollar is divided into quarters, dimes, nickels, cents and mills. Therefore, a stroop enables smaller transactions and plays the role of a standard measure within the Stellar ecosystem.