What is Stellar Coin (XLM) | A Beginner's Guide To Stellar
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.
Stellar Coin currently sits at:
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.
What Are The Features of XLM Cryptocurrency
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.
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.
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.