What will you learn about Stellar (XLM)?
Jed McCaleb and Joyce Kim pioneered the development of Stellar, launching it in 2014. Evolving from the "Ripple" model, Stellar represents a decentralized and open-source digital currency platform that facilitates swift international transfers between various currencies. Utilizing blockchain technology at its core, Stellar operates with its native digital asset known as Lumen (XLM). One of the standout features of Stellar is its ability to transfer crypto income securely across borders in a flash and at minimal costs.
This Blog delves into the intricacies of Stellar, its underlying blockchain, and guides readers on acquiring the cryptocurrency without incurring any commission fees.
What is Stellar (XLM)?
Stellar is an open network specifically tailored for transactions and the digital issuance of assets. It's designed to digitally create, send, and exchange a diverse range of values—from U.S. dollars and Argentine pesos to crypto income and tangible assets like real estate. Stellar's vision is to unify global banking systems under a single digital currency platform, enabling seamless interactions.
The journey of Stellar has witnessed significant milestones. A notable surge was when Mercado Bitcoin announced its adoption of Stellar, leading to an influx of nearly 3 million digital accounts on the platform in under a year. Since then, recognized entities like Coinbase, Franklin Templeton, and MoneyGram have joined Stellar's growing network. Moreover, over 55,000 individual accounts have chosen to align with this cryptocurrency.
Stellar's goal is to foster a world where financial transactions, whether small or significant, are executed effortlessly and rapidly. Imagine a scenario where a business deal between a U.S. manufacturer and an Indonesian buyer is legitimized with a single digital transaction on Stellar's platform.
The Stellar blockchain stands out as a bridge connecting financial institutions, payment systems, and individual users. Its efficiency, speed, and affordability make it a preferred choice for developers, enterprises, governments, and individuals seeking a robust financial foundation.
Today, Stellar ranks among the top 30 blockchain platforms globally. Its cryptocurrency, Stellar Lumens (XLM), continues to gain market traction, symbolizing the increasing acceptability and utilization of digital currencies.
Interesting Facts about Stellar:
- Inflation and Stellar: For several years after its inception, Stellar had a built-in inflation mechanism. It increased the XLM supply by 1% annually. However, this was discontinued in 2019 after a community vote, and a significant amount of XLM was burned (destroyed) to reduce the total supply.
- Stellar and Ibiza: In 2017, Stellar sponsored a party on the Spanish island of Ibiza. They did this to raise awareness of the cryptocurrency. The event allowed party-goers to use lumens (XLM) for purchases, introducing many to the world of crypto in a fun and unique setting!
- Partnership with Big Names: Stellar has collaborated with significant entities in the tech and financial world, such as IBM. Together with IBM, Stellar aimed to develop a cross-border payment solution.
What is Stellar’s Blockchain?
Stellar, much like its blockchain counterparts, archives all its activities on a decentralized public ledger. This ensures that data within the Stellar network remains highly secure, making tampering nearly impossible.
The beauty of Stellar lies in its open nature. Anyone can participate as a validated node, reinforcing its decentralized architecture and enhancing its security. To counter the common problem faced by many blockchains—low-fee spam transactions—Stellar has introduced a minimal fee for each operation.
At the heart of any decentralized payment system is the principle of consensus. Rather than relying on a single, confined, centralized entity, Stellar distributes the responsibility of transaction verification across a vast network of nodes (computers). It's imperative that each node updates the ledger consistently to ensure uniformity across the network. These nodes can be managed either by organizations or individual users. Achieving consensus is vital as it ensures all nodes are in agreement, bolstering the blockchain's security and preventing potential double-spending attacks.
Why is Stellar’s Blockchain Useful?
Tokenization of Collectibles - Tokenization, a process embedded in today's digital framework, serves as the bedrock of the contemporary digital landscape. By converting valuable assets like money, stocks, personal data, and health records into digital tokens, tokenization simplifies and secures transactions. While it might sound futuristic, tokenization is actively reshaping our daily lives and has the potential to revolutionize multiple industries. One intriguing application of tokenization is allowing collective ownership of invaluable items. Imagine a world where a Michelangelo masterpiece isn't owned by a single entity, but by thousands, with each shareholder capable of trading their stake on a digital marketplace or benefiting from exhibition charges. Modern artists can tap into tokenization to fund their innovative projects.
Exchange and Cross-Border Payment - Blockchain, especially platforms like the Stellar Blockchain, is emerging as a solution to enhance the efficiency of cross-border remittances. Even those without standard banking access can leverage cash services via blockchain-powered cross-border payment systems. Integrations between domestic payment structures, cross-border implementations of closed enterprise systems, and peer-to-peer blockchain payment models are becoming increasingly prevalent. On the Stellar network, an XLM transaction is priced at a meager $0.0000006 on average, making it notably cheaper compared to other cryptocurrencies and conventional international transaction fees.
Peer-to-Peer Payments - Peer-to-peer (P2P) payment systems have evolved from mere personal transaction tools to versatile payment methods compatible with various businesses. Whether you're shopping online or picking up organic produce at a local farmer's market, your P2P account can now function as a digital wallet. The Stellar Blockchain accelerates this evolution, allowing users to swiftly transfer funds between accounts seamlessly.
How Can I Buy Stellar?
Whether you're just dipping your toes into the vast ocean of digital currencies or you're a seasoned trader with numerous trades under your belt, an Online Crypto Trading Platform is your go-to destination.
Enter Cryptal, Georgia's premier trading platform. For those interested in Stellar, Cryptal offers not one, but two streamlined methods:
But wait, there's more! With Cryptal, withdrawing your Stellar comes with zero commission. That's right – transfer any amount to another address, and every penny is credited to you.
- Convert: Sometimes, the crypto world's ebb and flow demand immediate action. Cryptal's Convert is designed precisely for such moments. With market values constantly on the move, procuring your tokens without delay can make all the difference. Plus, you don’t need to be a professional, the Convert function is ideal for the very beginners, too.
With the Convert feature, effortlessly switch between XLM and TOGEL, TOUSD, or TOEURO. And if you're in the mood for some crypto-on-crypto action, Convert handles that with ease, with no technical jargon involved.
- Spot Exchange: Picture this as your digital marketplace. It's where you connect with fellow traders keen on buying or selling cryptocurrency, like XLM in this context. Place your bid, sit back, and once approved, you've successfully executed a Buy Order.
Spot Exchange does often fetch the most competitive prices. However, it's tailor-made for those who've spent some time in the crypto trading trenches and have the expertise to navigate its intricacies.
Stellar – Fast and Useful Crypto on Cryptal
Since its inception by Joyce Kim and Mc Caleb through the Stellar Development Foundation in 2014, the platform has seen exponential growth and evolution. It's undeniable: Stellar's horizon looks promising, and it's a venture worth monitoring closely. Their partnerships read like a 'who's who' in the corporate world, with giants like Deloitte, IBM, and Stripe backing them.
Stellar was conceived with an ambitious vision: to break down economic barriers and empower individuals to seamlessly integrate with the global marketplace. At its core, Stellar operates as a peer-to-peer network, fostering direct transactions between users without intermediaries. This decentralized nature ensures Stellar belongs to its community and isn't governed by a singular entity.
And to buy this limitless cryptocurrency, you can access Cryptal, and its functionality of Convert and Spot Exchanges.