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Stellar cryptocurrency is a digital or virtual money that the Stellar Development Foundation created. The lumen, the organization’s currency, is traded on different cryptocurrency exchanges under the name XLM. 1 Traders on the Stellar network, a blockchain-based distributed ledger network that connects banks, payment systems, and people to allow low-cost, cross-asset value transfers, including payments, can utilise Lumens.

Key Takeaways

Stellar is a decentralised system based on open-source technology that allows users to convert digital cash to fiat currency domestically and internationally.

The lumen, a token that trades under the ticker XLM, is the Stellar blockchain’s cryptocurrency.

With a slightly over $1 billion market valuation, Stellar is one of the best-performing cryptocurrencies in the previous five years.

Understanding Stellar Cryptocurrency

Cryptocurrencies are digital or virtual currencies that were created for trade on blockchains, which are decentralised networks. As a result, they could not be counterfeited in the same way that conventional currencies could. It also kept them from being spent twice.

Cryptocurrencies, unlike conventional money, are not issued by central banks, which means governments have no influence over their trading activities. Following the popularity of Bitcoin, which was launched in 2009, a slew of new cryptocurrencies emerged, including the lumen.

The lumen is Stellar’s cryptocurrency, as previously stated. With a maximum supply of 50 billion coins, there are about 22.5 billion coins in circulation. 3 The Stellar Foundation had over 100 billion lumens in circulation at one point, but it burnt over half of them in November 2019. 4 The move produced a brief spike in the price of XLM, but the gain was short-lived. Coin burns are divisive because they indicate the type of tampering that decentralised systems are meant to prevent.

Despite the fact that the value of Stellar lumen has decreased by more than two-thirds as of May 2020, it remains one of the top performing cryptocurrencies, ranking 11th on CoinMarketCap.

As of March 25, 2021, the coin’s market capitalization was about $8.3 billion.  A regular mining charge of 0.00001 lumens is applied to each lumen transaction.

Stellar’s History

The Stellar Development Foundation, a nonprofit organisation created by Jed McCaleb, runs Stellar. The Stellar initiative was initially supported by Stripe, a payments firm, as well as donations from BlackRock, Google, and FastForward. The group receives tax-deductible public donations to support its operating expenditures. 

In 2018, Stellar partnered with TransferTo to offer cross-border payments to over 70 countries.

It was also chosen as a partner by IBM (IBM) for a double-pegged stablecoin project and became the first distributed technology ledger to get a Shariah-compliance certificate for payments and asset tokenization.

Stellar Future

Stellar’s main focus is on emerging economies in the fields of remittances and bank loans to individuals who do not have access to traditional banking services. Individuals and institutions are not charged to use the Stellar network.

A distributed exchange method is supported by Stellar. This allows users to transmit payments in a certain currency even if they have credits in another, while the network handles the currency conversion for them. A partner institution, such as a bank, can provide the receiver with their cash equivalent.

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