Stellar (xlm) Price Index

Stellar (XLM) is a decentralized peer-to-peer network launched by Stellar.org in 2014. The network debuted in 2015 to connect the world's financial systems and provide a standard for payment providers and financial institutions. The platform moves money quickly, consistently, and cheaply. Stellar connects people, banks, and payment processors to generate, send, and trade crypto.

The network's currency is XLM or Lumens. XLM is a transaction fee and intermediate currency. The protocol turns money into XLM and the specified currency in seconds.

Stellar is a community-owned, open-source, distributed ledger payment protocol. Stellar's crypto asset reduces fees and speeds up cross-border transactions. XLM focuses more on individuals than institutions. Stellar allows people to move money around the world quickly and cheaply.

Stellar functions as a decentralized exchange and marketplace with a built-in order book. Users can handle buy/sell orders and pick preferred assets for settlements. XLM reduces transaction fees.

High-security network. XLM holders need at least one token to stay active. This nuance speeds up network transactions. Lumens protects Stellar Network from significant risks by making microtransactions too expensive for hackers to profit from.

Stellar targets residents of underdeveloped countries, providing rapid, simple, and inexpensive transactions. Stellar Network uses Lumens to manufacture live convection and send money in several currencies; one peer sends money, and the recipient receives it in another. This tool helps when trading currencies without frequently traded pairs.

Stellar supports multi-currency transactions, which has improved foreign operations. Users get reliable speed and reduced transaction costs.

Anchors (a bridge between different currencies and the network) powers this capability, which simplifies and speeds up network exchanges.

Stellar's founders

Jed McCaleb co-founded Stellar with Joyce Kim in 2013 after leaving Ripple about its future direction.

McCaleb told CoinMarketCap in September 2020 that fiat currencies and other types of wealth can run in parallel with crypto assets. This is crucial for mainstreaming this.”

McCaleb wants Stellar to let users convert fiat to crypto and minimize friction when transmitting money internationally.

He's Stellar's CTO and co-founder of the Stellar Development Foundation. This non-profit intends to "unlock the world's economic potential by making money, markets, and people more empowered."

Stellar's uniqueness

Many dislike fees. Cross-border transaction fees might also skyrocket on the Bitcoin and Ethereum blockchains due to congestion.

Stellar transactions cost 0.00001 XLM. Given that one unit of this cryptocurrency costs a few cents, customers keep more money.

Few blockchain projects have connections with tech and fintech giants. Stellar and IBM launched World Wire, an initiative that allows large financial institutions to submit transactions to the Stellar network and transact using stablecoins.

Stellar allows its users to vote on which projects should get community cash, unlike other blockchains.

How Many Stellar (XLM) Coins Are in Existence?

When the Stellar network started in 2015, a total of 100 billion XLM were released, but things have altered since the release date. Total supply is presently 50 billion XLM, while circulating supply is at 20.7 billion XLM.

The Stellar Development Foundation declared in 2019 that it was destroying more than fifty percent of the cryptocurrency's supply. This indicates that it now owns roughly 30 billion XLM. While a portion of this funding is designated for marketing and helping the organization grow, around one-third is set aside for investing in other blockchain companies.

The foundation explained why it made this extreme decision and promised not to burn any more XLM in the future: "SDF can be leaner and do the work it was meant to do with fewer lumens... Those 55.5 billion lumens were not going to improve Stellar's adoption."

How is Stellar's network protected?

This network is protected by the Stellar Consensus Protocol, which is characterized by the following four properties: "decentralized control, low latency, flexible trust, and asymptotic security."

Through SCP, anybody can participate in the process of reaching consensus, and no one entity can amass a majority of decision-making authority. In addition, transactions are cheaply confirmed within a few seconds, and there are safeguards in place if malicious actors attempt to join the network.