What is Stellar Lumens (XLM)?

Most of the TOP 20 projects by capitalization present users with a payment system with one or another unique feature; therefore, each development team is trying to surprise users with special functionality - the Stellar cryptocurrency is no exception.

Stellar - is an analog of a decentralized cryptocurrency exchange where you can buy or sell any currency. This platform has its internal monetary unit Stellar Lumens (XLM) and a built-in “ledger” in which all transactions and balances are recorded. Transfers within the network are free.

What is the story of Stellar Lumens?

After the creation of bitcoin, which showed the world how to use blockchain technology in the financial sector, various kinds of experts began to think about where and how it can be applied. After the creation of Litecoin and Namecoin in 2011, the Ripple cryptocurrency was born, which is closely related to the Stellar project that is being watched today. The Ripple Labs company worked on the creation of Ripple. 

It created an amazing project, which was “noted” by a lot of experts, but there was also a lot of criticism. The negative was related to the fact that Ripple Labs is a commercial organization whose primary goal is to make a profit, not to bring benefits to the community. Also, developers own most of the coins and can control the cryptocurrency rate. Well, perhaps the main observation in Ripple was that this cryptocurrency has closed source code, which can only be changed by the project team. 

As part of the Ripple Labs team, some people were also not comfortable with these aspects of the Ripple cryptocurrency, so they separated from Ripple Labs and created their project called Stellar, the main task of which is to create a fully decentralized platform that would fulfill the Ripple functionality. According to the Stellar team, such a project would be more accepted by the crypto community. This happened in 2014, and $ 5 million was received for the development of Stellar. Initially, Stellar used the Ripple blockchain to achieve its goals, but in 2015 they completely switched to their platform.

Stellar development team

The Stellar project team consists of 20 people, and eminent advisers close some functions. We will not dwell on each of them, but the highlight, in our opinion, the most critical member of the project. The first one we highlight will be Bartek Nowotorski. Before joining Stellar, Bratek worked as a lead developer and security specialist and was able to spot vulnerabilities on Facebook and Yahoo. The second person we want to highlight is Jed McCaleb. Jed is a co-founder of the Stellar Foundation. Before Stellar, he created the company eDonkey2000 and the first cryptocurrency exchange Mt.Gox. Among the project advisers, we can distinguish the creator of WordPress.com Matt Mulenweg.

Where to buy Cryptocurrency Stellar (XLM)

Cryptocurrency Stellar Lumens is an experienced participant in the cryptocurrency market, so it is listed on the largest trading charts. XLM coins can be bought for BTC, ETH, USDT, and other popular cryptocurrencies. The most popular cryptocurrency exchange for buying Stellar is Binance, where 42% of trades from the daily turnover, which reaches 60-70 million dollars, take place.

To become the owner of the Xlm Stellar lumens currency, it is not necessary to engage in long and tedious mining. You can profitably buy coins. For the acquisition process to be profitable, a relatively small briefing will be required. Here is the basic algorithm for acquiring a currency:

• First step. You will need to enter the system and carefully study all its work. It is relatively easy to do this since everything on the resource is understandable on an intuitive level.
• After that, you need to purchase a small amount of MTC and transfer it to the exchange where Stellar is traded. Among the many options can be noted as resource Poloniex.
• It is required to register your account. This process is relatively simple and takes a couple of minutes from the user.
• It is necessary to go through the authorization of an individual account, attach it to a social network. In this case, the page must necessarily look live - with friends and posts. Only in this case, it will be possible to count on the successful authorization.
• Verification of the questionnaire. You can do this by phone. As soon as the system receives confirmation, coins will be automatically added to the account.
• After replenishing the account, you can select the cryptocurrency pair STR / BTC or STR / USDT. If there are profitable options, you can make a deal.
• Buying Stellar lumens is easy; it is present almost everywhere. The acquisition system is straightforward and, at the same time, very profitable since the commission for the acquisition is negligible. Inside the system, after the acquisition, the currency can be exchanged for any financial unit.

It should be noted that this project is currently based on a special consensus algorithm describing the forecasts for the development of Stellar Lumens. This eliminates the delay in the process of conducting operations. These tokens are not able to go to the forefront, but there is every chance that the coins will find their application as a behind-the-scenes currency or an intermediate crypt. This will ensure the necessary exchange and increase liquidity between currencies.