Stellar Lumens is an open source cryptocurrency developed using blockchain technology that provides cross-border payment convenience. The team behind Stellar Lumens is working on global payment agility that is cheaper, faster and more flexible than current models. The task of Stellar Lumens, a non-profit organization, is to combat the underdeveloped countries by simplifying the process of sending money. In essence, it resembles many other digital currencies by storing distributed books on a decentralized network.
But what distinguishes Stellar Lumens from other digital currencies is the ability to make money purchases directly on its network. The trusted parties do this on the network, where users can deposit and withdraw funds. Stellar.org was founded in 2014 as a non-profit-making enterprise in the state of Delaware, USA. The SDF has no feelings and does not profit individuals. The mission of the Stellar (XLM) Development Foundation is to promote global financial access, literacy and integration. The vision of the Stellar Foundation is to create an open and affordable financial system in which all income level people can easily access easy-to-use, secure and affordable financial services.
It also aims to provide developers with the ability to use technology to create financial products and services for their communities. Stellar (XLM) is a decentralized network of servers running a distributed book in many places like the internet. This notebook records every transaction in the system for both people and companies. Each Stellar (XLM) server has a complete copy of the global notebook. The network becomes more robust with multiple servers. The presenters communicate with each other to check movements and synchronize the notebook in 2-5 seconds. This mechanism is known as a consensus (Stellar Consensus Protocol / SCP).
Stellar’s principal asset is Lumens Coin. The built-in currency of the Stellar (XLM) network serves two purposes: First, Lumen plays a role in spam prevention.
The fee for each transaction is 0.00001 lumen. This fee prevents malicious users from infiltrating the network. Lumens works as a security symbol; reducing the number of DDoS attacks that are attempting to generate a large number of transactions or to consume large amounts of storage in the book. The Stellar (XLM) network also requires that all accounts have at least 20-lumen balance protection. This requirement ensures that the accounts are unique and that the network can continue to flow smoothly. Second, Lumen can facilitate laden currency transactions. Sometimes it facilitates trade between currency pairs; There is not a significant direct market among them, but they serve as a bridge. This function may be possible if there is a liquid market between the lumen and the currency concerned.
Stellar Lumens (XLM) does more than transfer money. It also functions as a foreign exchange (forex) platform. The platform user can automatically exchange currencies in the best exchange rate. It can be a change in the network. Currency can be exchanged in various forms. For example, they connect two people who want to trade with orders that correspond to their currency. For example, a person who wants to make a Usd exchange for Euro and a person who wants to exchange Euro for Usd can use his / her digital currency (Lumens) as an intermediary in the transaction.
Jed McCaleb, one of Stellar’s founders, is also the founder of Ripple. McCaleb added David Schwartz, Arthur Britto, and Chris Larsen to the crew to create the Ripple network. Jed McCaleb broke up after the disagreements with Chris Larsen, and a year later he made a quick comeback with Stellar. Stellar, Ripple uses the same code base as the open source code. He partnered with Stripe.
Stellar was born in 2014. Stripe Stellar has invested $3 Million, repaid with 2 Billion Lumens crypto. Stellar Team, Patrick Collison, Stripe, Sam Altman and WordPress founder Matt Mullenweg. The main difference between the Ripple and Stellar (XLM) platforms lies in the philosophy, in the management models of the projects, and in the primary users of the platform.
Stellar Performance: Stellar is significantly cheaper and faster than other protocols, including Ethereum. Stellar’s 100,000 transactions cost 1 cent. Security at Stellar: Stellar has a clear Smart Contract, but it is deliberately a limited system. Limit potential to avoid exploitable code. Ethereum’s Turing has a complete programming language; which means that you can write complex, intelligent contracts; Although flexibility is excellent, it allows practitioners to write exploitable code in practice. Hackers can play millions of dollars (even stolen) by exploiting them. The Stellar helps to avoid these situations.
Stellar’s ease of use: It’s easy to start a token from Stellar (XLM). Simple tokens can be created within a few hours, or more complex tokens can take a day or two. Since Stellar supports simple programming, smart contract developers do not need to hire. Investors can enter ICOs based on Stellar using ETH or BTC. Stellar’s first ICO, Mobius: Stellar is the first ICO mobius. Network to be in the blockchain. Mobius was founded by David Gobaud; It is a middleware tool for application developers to create decentralized applications to avoid making GooglePlay and AppStore payments and easily connect to different block chains. Mobius Stellar (XLM)offers a practical level of expression with much more security and lower attack surface than Ethereum; plus the processing speed and cost are more than attractive.
In the formation of the Stellar Network, 100 billion lumens (XLM) were formed as described in the protocol. The Stellar network has an internal fixed inflation mechanism. Each year new lumens are added to the network at an inflation rate of 1%. The network also collects a base fee for each transaction in a transaction. The funds provided by the wages are added to the inflation pool. As a balanced measure of the ecosystem, anyone who holds lumens can choose where they can go for funds in this pool. The protocol distributes these lumen coins every week to any account that receives 0.05% of the other accounts in the network.
Stellar Lumens has announced several new partnerships with reputable companies, the UN and KlickEx. As they focus on underdeveloped countries, Stellar Lumens is a good investment for investors in the future. Stellar Lumens announced another partnership with Deloitte to develop cross-border payments in the days we passed. Based on high-profile global partnerships with Deloitte and IBM, Stellar Lumens has a lot of potentials.
Stellar Lumens has delivered millions of dollars of XLM to the entrants and Bitcoin investors who have signed up to their platform from the first day to the present day. This move to increase recognition and market value has become a misguided policy that led to a digital monetary stuck in 2014. Because the distributed Stellar coins are sold immediately by the users and have not made any contribution to the market volume. They are working to develop good projects in the Old and Long Walls. But we do not expect a right way for it.