What is Stellar Coin (XLM) | A Beginner's Guide To Stellar

stellar-coin-xlm

XLM Coin Price

What is Stellar Cryptocurrency - The Summary:

Stellar is a Cryptocurrency created for facilitating cross-asset transfers of value including payments.

Made by the creator of eDonkey, XLM Cryptocurrency is an open-source, decentralized global financial network.

The History Of Stellar Coin

Stellar was originally based on the Ripple protocol and model.

After a fork, Stellar was formed by changing a consensus code.

This resulted in the Stellar Development Foundation coding a new consensus algorithm released in April 2015, and finally going live in November 2015.

To this date, there have been over 8 Billion Stellar Lumens delivered.

The Team and Developers of Stellar

Stellar is open-source and has over 1000+ developers.

The major backing of Stellar is from the stellar development foundation.

Their advisors include names such as:

  • Patrick Collison (CEO of Stripe)
  • Matt Mullenweg (Founder of WordPress)
  • Naval Ravikant (Founder of AngelList)
  • Sam Altman (President of Y Combinator)

Stellar’s co-founder Joyce Kim (linkedin) graduated Cornell at 19, currently runs the MIT media lab and was a VC at Freestyle Capital.

The Purpose of Stellar Lumens

Stellar was created to be a financial payment platform.
Using Stellar Lumens one could move money across borders quickly, reliably, and for a fraction of a penny.

By integrating into the XLM network, anyone can have access to an open, global financial network.

Making everyone involved have equal access and economic participation.

OUR RECOMMENDED RESOURCES

What Are The Features of XLM Cryptocurrency

Remittances

Sending money across borders can typically be expensive and take time.

This allows people to send money across borders quickly and for less than a cent, even between different currencies.

Micropayments

In a world of streaming, articles and micropayments are becoming more necessary.

Stellar coin allowed an increase of efficiency and decrease in the cost of smaller transactions.

By having the option for Micropayments, merchants using stellar can offer incremental payment options to customers.

Services For The Underbanked

Stellar cuts cost so anyone can bank new customers.

That means that those of the unbanked can finally achieve a level of service typically only applied to the banked.

From low-cost accounts, loans, and micropayments this can help people around the world.

Mobile Money and Mobile Branches

Being an open-source, decentralized entity, mobile is important.

With Stellar Cryptocurrency, anyone can make mobile money interoperable, making it possible to send money to different providers.

This also allows mobile branches to exist.

Merchants can then expand their operation with agency banking, but without the overhead.

Professional Setup

Stellar is free to set up and completely free to the user.

There are no fees, but integrators will need to dedicate technical resources to integrate with Stellar.

After identifying where to implement XLM into the business, users technical team can set up databases and code for the integration.

What Do We Think of Stellar Lumens Cryptocurrency

Stellar has an all-star backing.

Being backed by the founder of WordPress, Angellist, Stripe and the president of Y Combinator shows a lot of support.

As well, they are in the Fintech space competing with Ripple although in an open-source, decentralized way.

The concept is something that GCA likes and will continue to monitor in the coming years.

If you liked this review and want to help support the academy donate some Stellar below!

0xfb9AFA847B7f786EB74f6905513D24d8cae03504

myetherwallet-erc20

MORE FROM THE CRYPTOCURRENCY INDEX

syscoin sys

What Is Syscoin (SYS) | Instant Payments Worldwide

What is Syscoin (SYS)? SYS Coin Price What is Syscoin? | A Quick Overview Syscoin is a coin developed for instant payments anywhere in the world; incorporating a decentralized marketplace, disbursed certificate management, name aliases, and allowing for mining. They are a global network, distributed ledger, and decentralized blockchain. The History of Syscoin Cryptocurrency In…

bytom-logo

What Is Bytom Coin (BTM) | Multiple Byte Blockchain Asset Protocol

What is Bytom Coin (BTM)? BTM Coin Price Coingecko Rating Bytom Coingecko What is Bytom | A Quick Overview Bytom is an interactive protocol of multiple byte assets. Heterogeneous byte-assets (indigenous digital currency, digital assets) that operate in different forms on the Bytom Blockchain and atomic assets (warrants, securities, dividends, bonds, intelligence information, forecasting information…

nxt-coin-logo

What is NXT Coin? | A Beginner’s Guide

What is NXT Coin? | A Beginner’s Guide NXT Coin Price NXT Cryptocurrency Overview NXT is a blockchain platform built on the foundations of previous Cryptocurrency platforms like Bitcoin. NXT has many features including decentralized asset exchange, marketplace, voting systems and NXT itself being a currency system. It is easy to use, open-source, permissionless and…

Verified on Po.et

February 23rd 2018, 05:45