Stellar, also known as XLM or Lumens, is a cryptocurrency that was created with the aim of making financial transactions swift, reliable, and cost-effective. It is a decentralized network that connects different financial systems, making it easier for individuals and institutions to make transactions. The Stellar network is powered by its native digital currency, Lumens (XLM), which is used to facilitate operations and pay transaction fees.
Stellar was created by the Stellar Development Foundation, also known as Stellar.org. The network was officially launched in 2015, with the primary goal of connecting the world's financial systems. Jed McCaleb, a prominent figure in the crypto world, is one of the major contributors to Stellar. He currently serves as the CTO of Stellar and is also the co-founder of the Stellar Development Foundation.
Initially, 100 billion XLM were issued when the Stellar network was launched. However, in 2019, the Stellar Development Foundation announced that it was burning over half of the cryptocurrency’s supply, bringing the total supply down to 50 billion XLM. Currently, the circulating supply is around 20.7 billion.
Stellar Lumens (XLM) can be purchased from various cryptocurrency exchanges. These include popular platforms like Binance, Kraken, and Coinbase. It's always important to ensure that the exchange you choose is reputable and secure.
Stellar is primarily used for transferring money across borders swiftly and at a low cost. It is particularly popular in developing countries, where it provides users with access to the global economy through fast and inexpensive transactions. Stellar also serves as a decentralized exchange and marketplace, with a built-in order book that tracks ownership of Stellar assets.
Stellar has been making significant strides in the crypto world. Recently, the Stellar Development Foundation deepened its partnership with traditional payment processor, MoneyGram. Together, they announced the roll-out of a global "crypto-to-cash" service on the Stellar network. This service is powered by the Stellar blockchain and Stellar-enabled digital wallets, providing users with access to the world of cryptocurrency in several key remittance markets.
In addition, Stellar has also partnered with various other entities including Flutterwave, Nium, WhiteBIT, Coinme, Mercado Bitcoin, and OKCoin. These partnerships are aimed at improving the global adoption of cryptocurrencies in traditional cross-border payment circles.
Technologically, Stellar continues to innovate. The network is known for its high speed of transfer and transaction confirmation, facilitated by the Stellar consensus mechanism. This mechanism allows the network to support thousands of transactions per second, making it possible to use smart contracts and multi-signatures.
Stellar, a popular digital currency, has been making significant strides recently. In the latest Stellar news, the Stellar Development Foundation (SDF) made a strategic investment in Settle Network, a leading digital assets settlement network in Latin America. This $3 million investment aims to enhance Settle's payment tools centered around stablecoins, further expanding Stellar's influence in the digital currency market.
The SDF is also actively fostering its community through the Stellar Community Fund (SCF). The SCF encourages developers to submit Stellar-based projects, offering them a chance to build their reputation within the Stellar ecosystem. This initiative is an excellent opportunity for those interested in contributing to the Stellar network.
Turning to Stellar price today, the digital currency has been showing strong performance. Analysts suggest that now might be the right time to invest in Stellar, predicting a potential rise in its price by the end of 2023. However, as with any investment, it's essential to do your research and understand the market before making a decision.
In more recent news about Stellar, the digital currency is being used in innovative ways. For instance, Ukraine's central bank is piloting a new digital currency program using the Stellar blockchain. Additionally, Velo Labs has partnered with Tempo Payments and Bitazza to establish a remittance corridor between 27 European countries and Thailand, hosted on the Stellar blockchain. These developments highlight Stellar's potential for facilitating cross-border payments and financial operations.
For those wondering where to buy Stellar, it's now available for purchase at Coinstar kiosks, along with other popular cryptocurrencies like Bitcoin and Ethereum. This move makes Stellar more accessible to a broader audience.