As of now, the price of Stellar (XLM) stands at $ 0.11529000, with a -0.13% change in the past 24 hours. This shows that the value of Stellar has decreased today.
Stellar is a unique, open-source platform facilitating cross-asset transfers for a fraction of a penny. It aims to provide an inclusive financial system, offering low-cost financial services to people from all income backgrounds. With Stellar, cross-asset exchanges can occur between both fiat-based currencies and cryptocurrencies.
Stellar was founded in 2014 by Jed McCaleb, a pivotal figure in the cryptocurrency world. Having previously founded Mt. Gox and co-founded Ripple, McCaleb, along with former lawyer Joyce Kim, envisioned Stellar as a payment technology to connect financial institutions and reduce the cost and time of cross-border transfers.
A crucial feature of the Stellar network is its Distributed Exchange. Through the use of Lumens (XLM), Stellar’s native currency, a user can send any currency to the recipient in a different one. For instance, if one wants to send USD to a person preferring EUR, an offer to sell USD for EUR is submitted to the distributed exchange, which then identifies the most advantageous exchange rate for the transaction. This is facilitated through “Anchors” – entities trusted to hold deposits and issue credits, effectively bridging currencies and the Stellar network.
Lumens (XLM) are intrinsic to the Stellar network, facilitating multi-currency transactions and deterring spam. For such transactions, XLM acts as a digital intermediary allowing these transactions to happen cost-effectively. In terms of security, every transaction on the network has a minute 0.00001 XLM fee associated, discouraging malicious activities without significantly impacting the cost of transactions.
Stellar is both decentralized, like most cryptocurrencies, and centralized, like XRP. However, unlike Ripple, Stellar is operated by a non-profit organisation and its platform is open-source. Stellar's stand out feature is its ability to conduct cross-platform transactions, and microtransactions in a highly efficient and low-cost manner.
Previously, Stellar had an inbuilt inflation mechanism. However, as the network evolved, it became clear that inflation wasn't serving its intended purpose. Simultaneously, the operational costs related to inflation continued to rise. Consequently, the Stellar community decided to propose, implement, vote, and ultimately disabled inflation as part of a network upgrade. At present, the inflation operation on Stellar network is discontinued.
As of the latest data, Stellar (XLM) has a market cap of $ 3.3B and is ranked #29 in terms of market capitalization. The circulating supply is at 28.5B XLM out of a total supply of 50.0B XLM.
Yes, Stellar (XLM) is purchasable on several exchanges including Binance, Coinbase, Huobi, LBank. As always, it's highly recommended to use trustworthy and reputable platforms for trading cryptocurrencies.
As an open-source platform, Stellar mitigates security risks through its minimal transaction fee, which is a deterrent for spamming and Dos attacks. However, users should take standard precautions such as using secure, encrypted internet connections, keeping wallet keys private and storing their Lumens (XLM) in secure wallets.
The daily trading volume of Stellar (XLM) is approximately 70.6M. The trading volume typically serves as an indicator of the coin’s popularity and liquidity.
Stellar aims to streamline cross-platform transactions and microtransactions. It isn't just about offering another cryptocurrency; Stellar provides an open financial system to all income levels, aiming to level the playing field. Consequently, the Stellar network has seen adoption by various financial institutions interested in reducing the costs, complexities, and time taken for cross-border transfers.
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