Number 8 in the top 10 cryptocurrencies by market capitalization in March 2018 is Stellar at $4.1 billion.
What is Stellar (XLM)?
From the Stellar website – “Our mission is to connect people to low-cost financial services to fight poverty and maximize individual potential.” Their system performs automatic fiat currency transfers in two to five seconds at considerably lower prices than those charged by a High Street Bank. The network was originally launched in 2014 with 100 billion Stellars, but the tokens were renamed as Lumens in 2015. This is why you still see some exchanges using STR as the ticker rather than the newer XLM.
Stellar in detail
The network was created by Joyce Kim and Jed McCaleb with the latter also being responsible for the creation of the Mt Gox exchange and the P2P network, eDonkey. A full list of the present board and advisors for Stellar.org are available here. Originally, Stellar was based on the Ripple protocol but, eventually, they produced a new consensus algorithm for their own blockchain.
Stellar currently has 18.8 billion circulating tokens with a maximum supply of 103.8 billion. New Lumens are added at the rate of 1% per year and added to the Lumens collected as base fees. Anyone holding more than 0.05% of the circulating supply of tokens receives a share of these Lumens, on a weekly basis, to cover inflation.
The all-time high for Stellar was in early January 2018 at $0.76, and in late March 2018, it was trading at $0.22. The tokens can be traded on all the top crypto exchanges. These are the leading trading pairs and their associated exchanges:
- Binance XLM/BTC
- Upbit XLM/KRW
- Kraken XLM/EUR
- Bittrex XLM/BTC
- Poloniex STR/USDT
- Bitcoin Indonesia STR/IDR
- Kraken XLM/BTC
In October 2017, IBM announced that they are working with Stellar to speed up settlement times for cross-border payments. An interesting development in March 2018 saw Stellar partnering with Keybase to develop a system that removes the awkward blockchain addresses for end users. The expectation is that users will be able to enter a simple username on their smartphone when they wish to send or receive funds. Latest news for developments in the Stellar community can be found via their social media channels.
Financial analyst, smartphone app designer, technical writer, and crypto enthusiast. Blockchain verified graduate of MOOC 9, DFIN-511: Introduction to Digital Currencies, run by the University of Nicosia.