Stellar (XLM)
What Is Stellar (XLM)?
Stellar (XLM) is a peer-to-peer (P2P) decentralized network created in 2014 by The Stellar Development Foundation or Stellar.org. The network officially launched in 2015 with the purpose of connecting the world's financial systems and ensuring a protocol for payment providers and financial institutions. The platform is designed to move financial resources swiftly and reliably at minimal cost. Stellar links people, banks, payment processors and allows users to create, send and trade multiple types of crypto. The basis of the network is its native digital currency - XLM or Lumens. XLM acts as an intermediate currency for operations and is also used to pay transaction fees. How it works: the protocol converts money in a few seconds, first into XLM, and then into the requested currency. The Stellar payment protocol is based on distributed ledger technology -- an open-source development, community-owned and distributed by community. The crypto asset of the Stellar platform helps with cross-border transactions, overcoming the problems of high fees and slow procedures. XLM is more focused on assisting individuals transfer money than they are with institutions. Thus, Stellar offers access to financial systems, and people can send money at low cost and promptly around the world. Moreover, Stellar serves as a decentralized exchange and marketplace, with a built-in order book that tracks ownership of Stellar assets. Platform users can manage buy/sell orders, as well as select and set their preferred assets in settlements. XLM is a built-in coin that helps reduce transaction fees. The network maintains a high level of security. XLM holders must have at least one token in order to remain active on the network. This nuance performs a global goal - the execution of network transactions efficiently and with minimal time costs. Plus, Lumens offers protection against flood attacks by making microtransactions too expensive for hackers with no chance of profit, which keeps Stellar Network safe from serious threats. The target audience of Stellar is the inhabitants of developing countries, ordinary users who are provided access to the global economy through fast, simple and inexpensive transactions. Stellar Network makes extensive use of Lumens to produce live convection as well as to send cash in multiple currencies; currency is sent from one peer, and the recipient can receive the amount in another currency. This feature is beneficial when a transaction is made between currencies without widely traded pairs. Support for multi-currency transactions is another competitive advantage of Stellar, and the ability for cross-currency transactions has only enhanced processes with foreign operations. Moreover, stable speed and low transaction costs are a privilege that users receive. This functionality is powered by a development called Anchors (a bridge between different currencies and the network), which simplifies the exchange within the network and helps speed up the whole process. In summary, the benefits of Stellar (XLM) include:
Who Are the Founders of Stellar?
Jed McCaleb founded Stellar with the lawyer Joyce Kim after leaving Ripple in 2013 over disagreements about the company’s future direction. In explaining the rationale behind Stellar in September 2020, McCaleb told CoinMarketCap: “The whole original design of Stellar is that you can have fiat currencies and other kinds of forms of value run in parallel with each other and with crypto assets. This is super important to drive this stuff mainstream.” McCaleb’s goal is to ensure that Stellar can give people a way of moving their fiat into crypto — and eliminate the friction that people normally experience when they are sending money around the world. He currently serves as the CTO of Stellar, as well as the co-founder of the Stellar Development Foundation. This not-for-profit organization aims to “unlock the world’s economic potential by making money more fluid, markets more open, and people more empowered.”
What Makes Stellar Unique?
Fees are a sticking point for many. However, high costs when making cross-border payments aren’t just exclusive to fiat-based payments solutions such as PayPal — transaction fees have also been known to go through the roof on the Bitcoin and Ethereum blockchains because of congestion. Stellar is unique because every transaction costs just 0.00001 XLM. Given how one unit of this cryptocurrency only costs a few cents at the time of writing, this helps ensure that users keep more of their money. Few blockchain projects have managed to secure partnerships with big-brand technology companies and fintech firms. A few years ago, Stellar and IBM teamed up to launch World Wire, a project that allowed large financial institutions to submit transactions to the Stellar network and transact using bridge assets such as stablecoins. Although other blockchains have community funds, meaning that grants can be given to projects that help further the ecosystem, Stellar allows its users to vote on which ventures should be given this support.
How Many Stellar (XLM) Coins Are There in Circulation?
A total of 100 billion XLM were issued when the Stellar network launched in 2015 — but things have changed since the release date. At present, the total supply stands at 50 billion XLM, and the circulating supply is currently 20.7 billion. In 2019, the Stellar Development Foundation announced that it was burning over half of the cryptocurrency’s supply. This means that it now controls approximately 30 billion XLM. While some of this capital is earmarked for marketing and helping the organization develop, about one third is reserved for making investments in other blockchain ventures. Explaining why it took this drastic move — and promising not to burn any more XLM in the future — the foundation explained: “SDF can be leaner and do the work it was created to do using fewer lumens… Those 55.5 billion lumens weren’t going to increase the adoption of Stellar.”
How Is the Stellar Network Secured?
This network is secured using the Stellar Consensus Protocol, which is described as having four main properties: “Decentralized control, low latency, flexible trust, and asymptotic security.” Through SCP, anyone is able to join the process of achieving consensus, and no single entity can end up with the majority of decision-making power. Transactions are also confirmed cheaply and within a few seconds — and safeguards are in place if bad actors attempt to join the network.
Where Can You Buy Stellar (XLM)?
It is possible to buy Stellar from a wide range of top exchanges - including Binance, Coinbase, Kraken, Bittrex, Bitfinex, Upbit and Huobi. It’s also common to convert fiat into Bitcoin before purchasing altcoins, and you can find out more about how this is done with our guide.
What tools does Nimbus offer for effortlessly monitoring Stellar?
Nimbus provides a user-friendly tracking solution equipped with intuitive tools to monitor Stellar effortlessly. These tools are specifically designed for user convenience, allowing individuals to stay seamlessly updated on the latest trends, prices, and information related to Stellar. Users can also explore the world of cryptocurrency effortlessly while simultaneously tracking Stellar prices. The platform also offers insights into profit and loss, providing a comprehensive experience without the complexity typically associated with monitoring cryptocurrencies.
How does Nimbus enable tracking Stellar prices with profit and loss?
Nimbus facilitates the tracking of Stellar prices with profit and loss through seamless integration with your crypto wallet for portfolio monitoring. By connecting with your crypto wallet, Nimbus provides a clear and comprehensive overview of various metrics, including profits, losses, revenue, expenses, return on investment (ROI), and other essential financial indicators. This integration ensures that users can analyze their cryptocurrency portfolio with precision, gaining valuable insights into their financial performance. With Nimbus, users can navigate the cryptocurrency landscape with a perfect blend of simplicity and sophistication, enhancing their ability to make informed investment decisions.
How does Nimbus analyze Stellar, and what insights does it provide?
Certainly! Nimbus possesses a robust analysis tool that is adept at evaluating and interpreting Stellar . The tool employs diverse strategies, including delving into metadata details, tracking marketplace data, and calculating performance metrics such as Return on Investment (ROI). Through these methodologies, Nimbus provides users with valuable insights into the composition and performance of their Stellar. Users can gain a comprehensive understanding of their investment. The analysis tool ensures that users are equipped with the necessary information to navigate the cryptocurrency landscape with confidence and intelligence.
Trending News
Crypto Stocks Today: GameStop (GME) & AMC Theatres Skyrocket In 2021-Style Revival
AMC Entertainment (AMC) and GameStop (GME) stocks are surging in the trading session on Monday, May 13. The GME and AMC stocks boasted gains of 51% and 21%, respectively. Hence, investors are curious about the sudden uptick in prices and are speculating on the resurgence of these meme stocks. Why Are GameStop & AMC Stocks
CoinGape
May 13, 2024
BONK Coin Rallisi Mi Başlıyor?
BONK Coin yatırımcı ilgisi zayıflıyor.
COINTURK NEWS
May 13, 2024
Keith Gill's 'Roaring Kitty' Comeback Sparks 1400% Surge Of Kitty-Themed Meme Coin
<p>The return of a social media legend has sparked a frenzy in the cryptocurrency world, with <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38796814/gamestop-stock-pumped-but-what-about-the-gamestop-meme-coin-its-gonna-get-wild-predicts-tr">memecoins referencing him</a> surging in value.</p>
Benzinga
May 13, 2024
Boost in Cross-Token Transactions as Anyswap (ANY) Unveils Enhanced Features
Before you reading,Don't miss coins like PEPE again! Click here to find new PEPEs! Anyswap, a decentralized protocol launched in July 2020, is revolutionizing token transactions across different blockchains. With the help of Fusion’s Decentralized Control Rights Management (DRCM) technology, Anyswap streamlines token flows across blockchain networks. Approximately 95% of the cryptocurrency market, including popular […] Read more at COINOTAG.
CoinOtag EN
May 13, 2024
Moonpay Joins Forces with Coinbase’s Stand With Crypto Initiative
Cryptocurrency payment company MoonPay recently made a strategic contribution to Coinbase’s nonprofit advocacy initiative, Stand...
Coinfomania
May 13, 2024
XLM Market Statistics
Price USD
$0.104402Market Cap
$3,019,348,696.97Total Volume USD
$59,554,608.99Total Supply
50,001,786,988.39 XLMCirculating Supply
28,920,545,987.89 XLMFully Diluted Market Cap
$5,220,264,178.53Socials
Official links
Join us to Maximize your Returns & Minimize your Risk
Gain access to all exclusive data, insight that can make your investment more joy
