Bittime - Learn when the Stellar Lumens (XLM) project will launch and how the network works to facilitate fast and cheap cross-border payments. Find out how to buy XLM and what projects Stellar is working on.
What is Stellar Lumens (XLM)?
Stellar Lumens (XLM) is a payment network that allows financial institutions, companies, and individuals to send funds to each other in the form of its native asset XLM or in the form of IOUs , which are digital representations of various assets on the Stellar network.
In addition, Stellar also functions as an asset exchange network that allows conversion between digital assets and fiat currencies or vice versa, as well as making money transfers worldwide.
When is Stellar Lumens (XLM) Launching?
Stellar was launched on July 31, 2014, and was founded by Joyce Kim and Jeb McCaleb. Jeb McCaleb is known as a pioneer in the Bitcoin ecosystem, having previously created the Mt. Gox marketplace and is also a co-founder of Ripple.
Joyce Kim Sumber: Crypto News Flash
Stellar Born from McCaleb and Larsen's Disagreement
McCaleb's decision to create Stellar came after a disagreement with Ripple co-founder Chris Larsen over the direction of the project.
Jeb McCaleb Source: Crypto News Flash
Stellar Born from Disagreement over Peer to Peer Principles
McCaleb argues that it is unhealthy for a single company to lead such a payment system, and that a true peer-to-peer network should be built without reliance on a group of shareholders.
Stellar is designed to be a decentralized peer-to-peer network, supported by the Stellar Development Foundation (SDF), a non-profit organization.
Stellar is not only the name of the platform, but also the name of the project's blockchain, which consists of two major entities: one to facilitate transactions and the other to issue credits.
Each transaction is facilitated by the presence of “anchors,” which can perform currency conversions quickly.
Functions and Uses of Stellar (Initial Name Stellar Lumens)
Originally known as Stellar, this cryptocurrency started to be called Lumens since 2015 in the cryptocurrency market.
While Stellar Lumens issues IOUs (I Owe You) and value tokens (Lumen, symbol XLM), its offerings are aimed more at individual users than institutions.
Stellar was created to facilitate fast, low-cost cross-border payments, and to include underbanked populations in the global economy.
How Stellar Works
Stellar (XLM) is a blockchain designed to facilitate fast, secure, and low-cost cross-border payments.
Using the Stellar Consensus Protocol (SCP), which is a unique consensus protocol that does not require mining, Stellar allows transactions to be validated in seconds at very low fees.
The native token, Lumen (XLM), is used to pay transaction fees and facilitate exchanges between different currencies.
Tokenomic Stellar
Stellar (XLM) tokenomics defines the distribution, supply, and usage of tokens to support its cross-border payments ecosystem.
Total Troops 100 Billion XLM Tokens in 2019
The initial total supply of Lumens (XLM) was 100 billion tokens, but in 2019, the Stellar Development Foundation (SDF) burned about 50% of that supply, reducing the total to 50 billion XLM.
27 Billion XLM Tokens in Circulation
Currently, around 27 billion XLM are in circulation, with the remainder held by the SDF to fund future development and growth programs.
Also read: How Much is 1 XLM in Rupiah? This is the Latest Price!
Stellar Projects and Initiatives
Stellar focuses on developing international payments infrastructure by partnering with financial institutions, fintechs, and payments platforms around the world to facilitate fast, low-cost cross-border transactions.
Additionally, Stellar is also seeking to establish strategic partnerships with governments, businesses, and non-profit organizations to explore new use cases, such as central bank digital assets (CBDCs) and stablecoins .
How to Buy Stellar Lumens (XLM)
If you are interested in buying Stellar Lumens (XLM), here are the steps you can follow:
- Create an Account on Bittime Exchange Platform : Visit the bittime.com website or download the app on your device and register an account.
- Identity Verification : Complete the identity verification process by uploading the required documents.
- Payment Deposit : Once your account is verified, you can deposit payment using the method of your choice.
- Buy XLM : Search for Stellar Lumens (XLM) on the platform and enter the amount you want to buy.
- Store your XLM : After purchase, store your XLM in a secure wallet (optional).
Also read How to Buy Stellar (XLM)
Conclusion
Stellar (XLM) is a network that promises to facilitate fast and cheap cross-border payments.
With a strong history and support from the Stellar Development Foundation, Stellar continues to strive to expand its reach and increase the accessibility of financial services for everyone.
If you are interested in investing, make sure to do your research and understand how Stellar Lumens works and its potential.
FAQ
1. What Network Does XLM Use?
XLM, or Stellar Lumens, operates on the Stellar network, a decentralized blockchain network. The network is designed to facilitate fast, low-cost cross-border transactions, and allows for the exchange of various digital and fiat assets.
Stellar uses the Stellar Consensus Protocol (SCP) to validate transactions without the need for mining, making it more efficient and environmentally friendly.
2. What is the Stellar Network?
The Stellar Network is a blockchain platform developed by the Stellar Development Foundation. Its goal is to connect financial institutions, payment systems, and individuals, facilitating cross-border transactions at very low costs.
Stellar allows users to make fast and secure money transfers, and supports the creation of custom tokens on top of its network.
With extremely low transaction fees, Stellar seeks to increase financial inclusion worldwide.
3. What Chain Does Stellar Use?
Stellar operates on a blockchain called Stellar. This chain is designed to facilitate cross-border transactions with high efficiency and low fees.
Stellar does not use traditional consensus mechanisms such as Proof of Work (PoW), but instead uses the Stellar Consensus Protocol (SCP), which allows transactions to be validated in seconds.
Thus, Stellar is an attractive choice for financial applications that require high throughput and low latency.
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Reference
Manuel Valente, Stellar (XLM) , Accessed December 18, 2024
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