Stellar XLM is a decentralized peer-to-peer network that is usually referred to as Ripple XRP’s primary rival. Where XRP is doing its work at banks, Stellar’s XLM is itself is a type of payment structure from the ground up with the masses in mind. Where Stellar excels is the economic routine purchases of Bitcoin Trader.
The native token of Stellar is Lumens or we also call it XLM. At present, Stellar is listed among the largest cryptocurrency by market cap and stands at number 32. It has recently got the boast in its price, which is $9.16 billion. Just like others, interested in Stellar but confused about it? There is nothing to worry about anymore. This article is to teach you all you need to learn about this crypto project and make you all set to dive into the most accessible trading experience found in the market.
There is a common mistake that people are repeatedly making and that is calling it Stellar Lumens.
Stellar is the network and Lumens is its tokens. The idea behind the development of Stellar is that people who are utilizing its service can transfer all from usual fiat currencies to tokens that characterize the latest as well as existing assets such as dollars, euros, bitcoin, stocks and other tokens of value. Thorough Stellar, these assets can be sold or purchased among users with less resistance using Lumen tokens.
Founders of Stellar
The person who has developed Lumen is McCaleb. He has also contributed to the creation of Stellar and is known as co-creator. McCaleb is also globally recognized as the founder of Stellar Development Foundation, the team of the creators behind the Stellar crypto project.
McCaleb is well-known in the crypto industry as the developer of the first major exchange platform of Bitcoin, Mt Gox. He was the Chief Technology Officer (CTO) of the company that is the leading one when it comes to the development of XRP Ledger, Ripple. Yet, he left the project in the year 2013 after the creation of Stellar.
Apart from McCaleb, other individuals in the XLM network consist of David Mazieres, the creator of Stellar consensus protocol, Denelle Dixon, SDFs Executive Director, and CEO, and lastly Joyce Kim, the co-initiator of Stellar and ex Executive Directive of SDF.
Why Is Stellar Unique?
People usually wonder why Stellar is unique among the majority of cryptocurrencies. Here is a simple answer, because of the uniqueness that comes from its package deal. This digital asset possesses all below-mentioned characteristics like:
- Entirely Decentralized
- Convenience in usage
- Support and Fund various currencies and asset kinds
- Speedy and almost free transactions.
Stellar Coins (XLM) In Circulation
At its official launch, Stellar supplied more than 100 billion Lumens (XLM). It has a total supply increasing 1% yearly till 105 billion were inflow. On the other hand, after 2019, this amount fell to just 50 billion.
How to Select Stellar Wallet
Stellar is a huge, well-recognized cryptocurrency that is supported by various wallets. Every user and investor as per their requirements must select the wallet that is accurate for them.
Kriptomat brings you a safe storage solution that lets you both store and trades your XLM tokens without any sort of disturbance. Packing your XLM with the Kriptomat wallet offers you enterprise-level protection and accessibility features.
Trading XLM or exchanging them for other crypto coins can be done in sheer flashes when people decide on this safe and secure platform as your storage solution.
For selling and purchasing crypto assets, you can also use exchange platforms like Binance, Coinbase.
Is Stellar Anonymous?
In Stellar, there is anonymity to some extent, but they are quite away from privacy coin’s anonymity characteristics. Due to this very reason, this crypto project comes in the same category as Bitcoin, as this project is pseudonymous and not anonymous.
Is It Possible To Mine Stellar?
Various people are curious about mining Stellar. There is no possibility of mining Stellar. At the launch of Stellar, 100 billion tokens were developed, but all were not in circulation. To notice the price range regarding financial growth or lost Lumens, there is a 1% yearly rate of attesting Stellar supply and this supply is elected by the users.
Conclusion
Stellar is a various currency backend payment platform that is operated on tokens, called Lumens (XLM). This crypto project is a blockchain protocol and these tokens are utilized for transactions on the blockchain. Furthermore, the gas charges of this asset are almost zero, and os it has huge potential for micropayments.