On the back of an incredible 2017 for cryptocurrencies, many people are now looking for the next bitcoin, if such a thing exists, and with Stellar emerging as a dominant force last year, it could be the answer to many of the questions being asked about cryptocurrencies today.
Laying down a marker with IBM
There’s no question that the fall of bitcoin, as well as other cryptocurrencies since the turn of the year, has been hard to take for many enthusiasts. We’ve seen a lot of momentum lost, and with it has gone confidence.
A rebound could still be on the cards, but it remains to be seen what happens with bitcoin next.
However, there are a few cryptocurrencies that are still on somewhat of an upward bounce.
Stellar Lumens is one of them.
Structured as a non-profit
Widely recognized as one of the top ten cryptocurrencies, Stellar Lumens consolidated its position after signing a deal to partner with tech giant, IBM.
This follows on from the partnership that was created with Deloitte in 2016.
Born out of the Ripple protocol, Stellar founder Jed McCaleb was also a co-founder at Ripple, and the creator of Mt. Gox before it was sold to Mark Karpeles.
Following his split with Ripple and co-founder Chris Larsen, Jed decided to launch his own cryptocurrency in 2014, which brought about the birth of Stellar Lumens.
One of the critical differences between McCaleb’s former company and his present venture is that Stellar is structured as a non-profit, with Jed’s primary aim to keep the digital currency as decentralized as he possibly can.
Some of the main benefits of Stellar include close to zero transaction costs, transaction times of under five seconds, and the ability to handle 200 transactions per second.
Talented team behind the scenes
At the time of writing, there are roughly 18 billion Stellars in circulation, while the remaining are circulated in such a manner as to ensure 1% inflation year on year.
One of Stellar Lumens most significant selling points is the team behind it, which includes founder Jed McCaleb, who, as mentioned, was behind Mt. Gox, which ran into problems shortly after he sold it to Mark Karpeles, and Ripple.
There’s also a talented team of advisors working on the project, including Matt Mullenweg, the founder of WordPress, and Patrick Collison, CEO of Stripe.
There’s no doubt that Stellar Lumens has all of the required qualities to become a massive player in this space, even more so than it already is.
With bitcoins volatility at the moment and Stellars appeal to the business world, it wouldn’t be a surprise to see McCaleb’s latest venture surpass Ripple and eventually lay down the challenge to Bitcoin at some point in the future.
Lover of all things crypto, blockchain and AI, professional tech scribe & part of the editorial team at Crypto Disrupt.