Every day new cryptocurrencies appear in the crypto universe, and while being informed of all of them is almost impossible, there are some which are important and should always be aware of their news, which is why today we are going to talk on Stellar Lumens [XLM] a cryptocurrency located in the TOP of the sector.
What is Stellar Lumens [XLM]?
Stellar is a payment system, decentralized and open source, so anyone can issue assets, settle payments and make exchanges.
This network is faster and its transactions are cheaper than Bitcoin. It also uses less electricity.
“Stellar and the Stellar Development Foundation seek to unlock global economic potential by making money more fluid, markets more open and people more empowered.”, they state on their website.
Stellar was founded in 2014 by Jed McCaleb, an American programmer and entrepreneur. Jed, besides being a founder of Stellar, has a great curriculum, since he has been CTO of Ripple, in addition to creating the peer to peer eDonkey network together with Sam Yagan, among other projects.
Stellar network operation
The operation of the Stellar network is similar to that of other blockchain, it uses an accounting book that is shared through a network of independent nodes, these nodes basically write down 2 data for each account, the XLM they own and the transactions made.
In this process the nodes verify and credit each transaction and make sure that the rest of the nodes see and accept them.
Stellar offers us a series of tools to inform you about the status of your network and offer different services.
StellarX is a GUI (Graphical User Interface) that offers access to the Stellar business environment to the public.
“We don’t have anyone’s secret assets or keys, and we don’t keep order books or have our own trading system, so we’re not an exchange.”
Trade on this platform is completely free, since they do not charge commissions of any kind.
Stellar thin client that allows sending and receiving transactions quickly.
Thanks to the tools provided by the Stellar laboratory, you can practice and learn about the stellar network, learn to create transactions, sign them and send them to the network, among many other options.
StellarBeat is an application that tracks the stellar network every 3 minutes and thus determine which nodes are participating in the network consensus.
Kelp is a free and open source commercial bot for the Stellar universal market, which includes several configurable trading strategies and exchange integrations. Its modular design allows you to easily create new strategies.
Lumen [XLM], the Stellar cryptocurrency
XLM is a cryptocurrency that was created to make payments in foreign currency, Stellar’s exchange books make an automatic exchange between one fiat currency and another.
The goal of Stellar is to have a platform that offers the possibility of making micropayments and international transfers quickly, reliably and with very little cost and easy access.
XLM technical data
- Release Date: July 30, 2014
- Acronym: XLM
- Initial total supply: 100 billion XLM
- Consensus mechanism: Stellar Consensus Protocol (SCP)
- Transaction time: 2 to 5 seconds
- Whitepaper: https://www.stellar.org/papers/stellar-consensus-protocol.pdf