Stellar XLM is a vast platform with open original code. It is based on an available distributed network \u2018blockchain\u2019 with its own cryptocurrency. It is called \u2018Stellar Lumens\u2019 or simply \u2018Lumen\u2019. The name originates from the English word \u2018stellar\u2019. The cryptocurrency got its name from the main unit of measurement of flux \u2018lumen\u2019. Such a creative approach caused interest among people.<\/p>\n
Cryptocurrencies are various and have various functions. Some were created to replace fiducial money. Others help to conduct multi currency operations throughout the world. The main mission of Stellar cryptocurrency<\/a> is to create financial products and services. They can unite people all over the world including those who don\u2019t have an access to bank service at present time.<\/p>\n
The background of the platform begins in 2014. That time Jed Caleb (a developer) and Joyce Kim (a lawyer) launched the \u2018Secret Bitcoin Project\u2019. They tested software versions for their platform. By that time Jed already had large experience in the field of cryptocurrency.<\/p>\n
Since 2012, Jed is co-founder of the Ripple (XPR) clearing platform. He often criticized this platform because it is centralized and its code is hidden. He considered it a greedy corporation striving to get as much money as possible. This inspired Jed to create another platform that won\u2019t have the same downfalls.<\/p>\n
From the very beginning, Stellar worked with Stripe too. Then, its general director found another non-commercial organization. Its main aim was to develop the Stellar XLM platform. Their plan was access to financial services in the regions with bad economics. 25 million tokens were granted for people whom the bank services are inaccessible. Such human attitude and principles led to fantastic results.<\/p>\n
Block-chain engineers liked the idea of uniting banks, payment systems, and private bodies. To unite them in one platform was reasonable. So, the cryptocurrency had its own protocol. It is called the \u2018Stellar Consensus Protocol\u2019 (SCP). Developers made it accessible to everyone. David Mazieres, a professor at Stanford University, participated in developing SCP.<\/p>\n
The new original code was published in April of 2015. The Stellar network was updated the same year in November. This fixed the problem and also increased the productive capacity.<\/p>\n
Still, the platform has some disadvantages as well:<\/p>\n
Lumen is available at many cryptocurrency wallets. They are available for different devices and operational systems. Most of XLM wallets have set-in integration with Stellar decentralized exchange.<\/p>\n
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The main portfolio of systems for XLM is Foxlet Stellar Wallet. There are versions for Windows, macOS and Linux. BlockEQ is an excellent option. It is supported both by PC and phones. Both digital purses are able to work with Stellar tokens. It is comfortable, isn\u2019t it?<\/p>\n
Lobstr Wallet is also a popular mobile wallet for Stellar XLM. Users of Android and Apple devices can easily use it. Ledger Wallets Nano S, Blue, and Trezor also support Stellar XLM.<\/p>\n
Lumens are popular. They are regarded at about 40 cryptocurrency exchange stocks. About 30% of total sales occur at Binance together with bitcoins. A considerable percent of total volume comes from South Korea on the Upbit fund market. XLM is also available at crypto markets such as Kraken, OKEx, Bitfinex, and Poloniex.<\/p>\n
No one large bank and central bank arranged on the partnership with the platform yet. Yet, in 2017 the situation changed. Lots of payment systems did not want to stay behind. Ways to transfer money were in their shortlist of priorities. They lacked suitable channels for this. They all wished to work with the Stellar Foundation.<\/p>\n
For instance, Tempo, the French service. Stellar XLM could help them to make a financial channel with Philippine Coins.ph. It means that all Filipinos in Europe can help financially to their families. They can send money just with a name and phone number. No need to wait long, 3-5 minutes later the money will be transferred already in peso.<\/p>\n
A significant step to universal recognition is the partnership with IBM. This technological giant corporation uses wanted to have more profitable financial operations. The Stellar platform<\/a> makes them cheaper and quicker. IBM also wants to have Stellar XLM as a block-chain for multicurrency money transfers. For instance, a builder from Samoa can make a contract with the customer from Indonesia. Before it was just impossible.<\/p>\n