Stellar Lumens (XLM) is an open network that allows money to be moved and stored, Stellar is an open-source payment platform aiming to bridge people, payment systems and the financial institutions together for a cheaper and faster cost of cross-border transfers. Stellar is under the Ripple payment network and its infrastructure was built from Ripple as well. XLM token is a cryptocurrency on the Stellar network, designed to support international transactions for all currencies. It is also one of the peer-to-peer payments since the network is connected with the financial institutions offering more opportunities for those who are not accessible to the banks.
Who are the founders of Stellar Lumens?
Jed McCaleb founded Stellar with the lawyer, Joyce Kim after leaving Ripple in 2013 over disagreements about the company’s future direction.
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.
Purpose of Stellar Lumens
The purpose of the Stellar network is to unite people, payment systems and banks. In the world of cryptocurrency
Key Metrics
| Ticker | XLM |
| Token Name | Stellar Lumens |
| Token Type/Protocol | Stellar Lumens |
| Total Token Supply | 50,001,786,939 XLM |
| Current Circulating Supply | See Coinmarketcap |
| Market Capitalization | See Coinmarketcap |
| Token Creation Date | July 2014 |
| Can it be mined? | No |
Insights
- How Stellar Network works When a user transfers money on the network, the system will convert the currency to the destination country’s currency automatically. Furthermore, Stellar network has decentralized servers worldwide. Ledgers can transcript transactions just like other tokens on the blockchain. Stellar’s system relies on Anchor which is a bridge that connects the source currency to the Stellar network. The anchor of the source currency then issues credits to the destination account and users can also use the anchor to withdraw their money.
- XLM coin can not be mined or opened for ICO like other tokens, besides trading them through exchange. XLM can also be earned by several ways such as a giveaway for event attendees, organizations, or other cryptocurrencies token holders.
Official Website: https://www.stellar.org/
Whitepaper: https://www.stellar.org/papers/stellar-consensus-protocol
Note
As cryptocurrency and digital tokens involve high risks, investors may lose all their investment money and should study information carefully, making investments according to their own risk profile
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