Stellar Lumens is more than just a cryptocurrency
Stellar Lumens (XLM) is more than just a cryptocurrency. The currency is currently in an uptrend with a steady stream of positive announcements. There is great demand for its currency in the mainstream media and people are highly optimistic about it. In my previous article on Stellar Lumens I have mentioned what the difference is between it and other digital currencies. In this article I will explain why Stellar Lumens has great potential and why it has more potential than Bitcoin and Litecoin, in my opinion. Stellar Lumens in a nutshell Stellar Lumens is an open source, decentralized protocol for digital currency to fiat money low-cost transfers which allows cross-border transactions between any pair of currencies.
Stellar Lumens has a strong team behind it
The Stellar team is one of the most well known within the Bitcoin community. The Stellar team includes Joi Ito, former director of MIT Media Lab, AngelList’s Naval Ravikant, and Jeff Pulver, co-founder and chairman of Blockchain Capital and former COO at Twitter. The Stellar Team’s interest in Bitcoin With the announcement of the Stellar Classic, Stellar Lumens team took a strong interest in Bitcoin Cash hard fork and saw the blockchain-split as an opportunity to evangelize a wider adoption of its own currency. After a month-long advertising campaign on Reddit, the Stellar project managed to collect more than a million XLM and confirmed that the project is focusing on Bitcoin Cash (BCH) in the short-term.
Also read :- What is Stellar Lumens (XLM)?
Stellar Lumens is backed by a non-profit organization
Launched in 2015, the Stellar team is currently headed by Jed McCaleb, Stellar’s creator. The Stellar project has a high-profile investor community Led by Don Tapscott, co-founder of the Grameen Bank in Bangladesh, this investor community includes Andreessen Horowitz, First Round Capital, Alexis Ohanian, Lightspeed Venture Partners, Anthemis Group, Jeffrey Richards, the New York Stock Exchange, Overstock.com, PayPal, RRE Ventures, Wells Fargo, and more. The Stellar network boasts more than 60,000 registered user-projects An amazing feat that is a testament to the scalability of the Stellar network. The Stellar network now allows users to do instant payments With the Stellar app, you can now send bitcoin to a friend, and they can deposit US dollars to your bank account, in seconds.
Stellar Lumens has low fees
As it says, Stellar Lumens (XLM) has a very low transaction fee of $0.005 and is always charged through an escrow service, so no chargebacks will occur in order to eliminate fraud. The exchange rate is set by a smart contract so there is no platform risk, which makes it easier for the business to implement blockchain. With the volume of cross-border transaction occurring every day, this allows for the low fees. It has been noted that the services which will benefit from this are mediums, e.g. the sale of airline tickets and leasing for cars. This also means that currency conversion could happen without an intermediary and have low transaction fees. For example, a $20 airline ticket to New York could cost $5.25 with no intermediaries or exchange rate involved.
Stellar Lumens has a scalable network
The Stellar network has an excellent scaling feature, which is an aspect a lot of developers have been focusing on in the past months, with network performance finally approaching the performance of bitcoin and Ethereum. Its network is based on something called 'blockchain replication', which can be described as the ability to use the same data, processing power and network connection for all users in a decentralized network. Trading features Stellar is a smart contract that is licensed under the Apache License 2.0. The smart contract runs in on a blockchain network, which means there is no central server for Stellar's blockchain or Lumens. There are more than 7.5 million Lumens that have been pre-mined and which have been assigned to its core team.
Stellar Lumens is more than just a cryptocurrency
In addition to being the underlying technology for Lumens, its team also created other applications on top of the network and developed its own wallet. For example, Stellar Lumens wallets are their main way of storing and transferring the cryptocurrency (Lumens). These wallets have built-in features that enable easy conversion between different currencies to and from the Lumens cryptocurrency. Furthermore, they offer an SDK (Software Development Kit) that makes them easily available to developers who want to build applications and services with them. The developers behind the Stellar Lumens platform are also developing a cross-border payment system with its own token that will be called Project Prometheus.
Stellar is an open source protocol and it’s actually the company which is working on the protocol behind the Stellar protocol. Stellar project is currently working on advancing the future of digital money by reducing costs, easing of transactions, faster settlements, and making cross-border transfers easier. What’s the allure of Stellar Lumens? 1. Short Transaction Volume Crypto-tokens are great for long-term investors because there isn’t much volatility or fluctuation in the value of your investment. However, as soon as the value of your digital asset increase drastically, like Coinbase did a few months ago, then the value can’t even stabilize at the beginning. Hence, long-term investors should invest in crypto-tokens which have a relatively shorter trading volume.