Stellar Lumens (XLM) An Open Network for Storing and Moving Money
What is Stellar (XLM) Cryptocurrency?
The Stellar (XLM) Cryptocurrency is a simple open network that allows money to be stored and moved; when it was released in July 2014, one of its main aims was to boost financial inclusion by reaching the world’s unbanked, but soon afterward, its priorities got shifted to helping different financial firms connect with one another through blockchain technology.
The native token of the network, lumens, also serves as a bridge that makes it less expensive to various trade assets across borders. All of this focuses on challenging the existing payment providers, who often charge high fees for a similar service. If all of this thing sounds familiar to you, it is worth noting that the Stellar (XLM) Cryptocurrency was initially based on the Ripple Labs protocol. Therefore, the blockchain was created as a result of a hard fork, and the code was also subsequently rewritten.
Who Are The Founders Of The Stellar (Xlm) Cryptocurrency?
Jed Mc Caleb founded the Stellar (XLM) Cryptocurrency with the lawyer Joyce Kim after leaving the Ripple cryptocurrency in the year 2013 over various disagreements about the company’s future direction. In explaining the rationale behind the Stellar (XLM) Cryptocurrency in September 2020, the founder, McCaleb, said: ‘The whole original design of Stellar (XLM) Cryptocurrency is that you can have much of the fiat currencies and other kinds of value that run in parallel with each other and with the other crypto assets. So this is super important to drive this stuff mainstream.’
The goal of McCaleb is to ensure that the Stellar (XLM) Cryptocurrency can give people a way of moving the fiat currency into crypto and eliminate all the friction different players commonly experience when they are sending the amounts of money all around the world. Furthermore, he serves as the CTO of Stellar (XLM) Cryptocurrency's co-founder of Stellar (XLM) Cryptocurrency. This not-for-profit organization focuses on unlocking the economic potential of the globe by making money more fluid, markets more open, and people worldwide more empowered.
What Makes The Stellar (XLM) Cryptocurrency?
The fees are a sticking point for many. However, high costs when making cross-border payments are not exclusive to fiat-based charges solutions like PayPal- transaction fees have also been known to go through the roof on the Ethereum and Bitcoin blockchains because of the congestion.
Stellar (XLM) Cryptocurrency is unique because every transaction costs just 0.00001 XLM. Further, how one unit of the Stellar (XLM) Cryptocurrency only costs a few cents at writing helps ensure that the users keep more of their money. Some blockchain projects have secured partnerships with big brand technology companies and fintech firms. For example, a few years ago, IBM and Stellar teamed up to launch the world wire, a project that allowed various big financial institutions to submit transactions to the Stellar (XLM) Cryptocurrency network transact using bridge assets such as stablecoins. Other blockchains have community funds, meaning that the grants can be given to the projects that further help the ecosystem grow and allow the users to vote on which ventures should be given this support.
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How Is The Stellar (Xlm) Cryptocurrency Network Secured?
This network is secured using the stellar consensus protocol, which has four main properties: low latency, decentralized control, flexible trust, and asymptotic security. Through the SCP, any person can join the process of achieving the consensus, and not a single commodity can end up with the preponderance of decision-making power. These transactions are also confirmed cheaply.
How Many Stellar (Xlm) Cryptocurrency Coins Are There In Circulation?
Around 100 billion XLM were issued when the Stellar (XLM) Cryptocurrency network was launched in 2015, but things have changed since the release date. The total supply stands at 50 billion Stellar (XLM) cryptocurrencies, and the circulating collection is currently 20.7 billion.
In 2019, the Stellar (XLM) Cryptocurrency Development Foundation announced that it was burning over half of the supply of cryptocurrency. This means that it now controls approximately 30 billion Stellar (XLM) Cryptocurrencies. While some of the capital is earmarked for marketing and helping the organization develop, about one-third is reserved for making investments in other blockchain ventures.
Originally published on procommun.com