Everything you need to know about “Stellar (XLM) cryptocurrency” before investing !!

Updated- 26/07/2021, 1:19 am IST

Stellar (XLM) is an open blockchain network designed to provide enterprise solutions by connecting financial institutions for the purpose of large transactions. Huge transactions between banks and investment firms—typically taking several days, involving a number of intermediaries, and costing a good deal of money—can now be done nearly instantaneously with no intermediaries and cost little to nothing for those making the transaction.
“Stellar” was founded by Jed McCaleb, a founding member of Ripple Labs and developer of the Ripple protocol. He eventually left his role with Ripple and went on to cofound the Stellar Development Foundation. Stellar Lumens have a market capitalization of $6.1 billion and are valued at $0.27 as of January 2021.

Stellar is a platform/network that has sparked interest in accepting the internet as a factor for its functioning. Recently, it has been in the news for being one of the growing cryptos (its tokens are called Lumens) in the field, reaching a market capitalisation of 8.7 billion dollars (at the time of writing this) apart from a hack that involved withdrawing $400,000 Blackwallet.co that is about 23% of the tokens on Stellar threatened the platform. Collective efforts are being made to retrieve it from the hosting server.

Working :

It works on a consensus protocol. This platform promotes the organic growth of the network, than a unanimously accepted list of nodes. It acts as a medium where an organisation can extend a financial opportunity to unserved communities. For open and inclusive financial services like InVenture that offers credit facilities based on data collected by their application to communities that face local challenges in areas like Tanzania and Kenya.

What are Stellar and Lumens?

As mentioned, Stellar was created as a network for people and financial institutions all over the world with the purpose of sending money easily, quickly, and affordably. It allows you to send a variety of different currencies, both fiat and crypto, in a way that is more reliable than traditional methods.

The benefits of Stellar include cryptocurrencies transactions that take seconds, low transaction costs when compared to wire transfers, and the fact that it is incredibly easy to access and exchange different currencies. Stellar is also secure as the network has never experienced a hack, despite being in an industry that is so frequently targeted.

The network runs on decentralised servers and relies on their built-in token called Lumens to operate. They can easily be purchased on many exchanges. If you wish to convert other crypto you own to Lumens, you can use specialized services, like this eth to XLM converter by Godex. You can exchange numerous coins including Stellar Lumen, Bitcoin, Ethereum, Litecoin, Monero, and many others.

Lumens not only assist with multi-currency transactions but also act as a spam deterrent. Stellar requires that every account hold some Lumens at all times. It is done to prevent the ledger from being overrun with spam or making it too easy to use the ledger. The amount required is minuscule, just enough to deter large amounts of spam. In addition to this, Lumens are also used to pay transaction fees.

The History of Stellar Lumens

Stellar began in 2014 and was co-founded by Jed McCaleb, who is no stranger to the industry. He was also the co-founder of Ripple, which is actually among the biggest competitors to Stellar. Stellar was brought into the world to assist in making cross-border payments more efficient.

Since 2014, Stellar has partnered with several companies and platforms to service people all over the world. While the growth has been impressive, there is still a lot of progress to be made.

Future of Stellar Lumens ?

Is stellar worth investing ??

So what does the future hold for Stellar Lumens? Well, we believe it will only continue to get more popular. The services they offer (and their benefits) are easy to understand, and the problem they set out to solve is a big one for millions all over the world. As they continue to build out their system and reputation and increase their partnerships, many believe Stellar Lumens could be the future of borderless payments.

In addition to their practical use cases, Lumens can also act as an investment, like many other cryptocurrencies. Expert opinion is mixed. However, many believe that the cryptocurrency should only increase in value.

In conclusion, They are an exciting cryptocurrency and platform, and one that is sure to help people transfer funds all over the world.

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