Home CryptoNews Companies Stellar goes to its second round of distribution

Stellar goes to its second round of distribution

The people of Stellar.org, a non-profit organization whose mission is to connect people with low-cost financial services to fight poverty and maximize individual potential, will launch its second round of lumen´s distribution on June 27, unit of cryptocurrency with which they will make available to the public up to 16 million lumens to bitcoin holders or the equivalent of 16% of the initial lumens of this initiative.

On last October 2016, Stellar.org carried out its first lumen distribution program for bitcoin holders as part of the commitment to reserve 19% of the initial lumens – a total of 19 billion lumens – for people who own bitcoin .

How will this new distribution of lumens work?

On its website, Stellar explains a simple timeline that we reproduce below:

.- June 26, 2017: They will take a snapshot of the chain of blocks in the first mined block with a time stamp on June 26 (UTC / GMT). This snapshot will record the currency balances of all bitcoin accounts at that time.

.- June 27, 2017: Will publish a claim page, allowing bitcoin owners to verify that they control a given bitcoin address. We will then ship the lumens from that address to the provided Stellar account.

August 27, 2017: The bitcoin lumen program will end. If there are unclaimed lumens, they will go to the Stellar.org operational fund and the Build Challenge.

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How does the Stellar network compare with Bitcoin?

We can summarize as main differences between the Stellar network and Bitcoin, the following:

  • Stellar is based on a consensus algorithm rather than mining. This means that transactions are confirmed in a few seconds.
  • Lumen supply increases at a fixed rate of 1% per year.
  • Stellar aims to enable users to make transactions in their chosen currency (fiduciary or digital).

As a non-profit organization Stellar does not charge individuals or institutions for the use of the Stellar network.

Stellar.org covers operational costs in several ways:

  • 5% of the initial lumens are reserved for operational costs.
  • Stellar.org accepts donations tax deductible from the public.

The distributed Stellar network consists of servers running the Stellar Core software. Stellar is a non-profit organization that contributes to the development of social welfare tools and initiatives around through its network, promoting financial inclusion.

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