Explaination about Stellar Lumens!

in #stellar5 years ago

Stellar is an open-source project or platform that offers the distinctive innovative properties of a generally used or shared public ledger that is dispersed on the blockchain and was created within the early periods of 2014 by Jed McCaleb and author Kim (a lawyer). The Stellar network was launched with 100 billion lumens (formally called Steller before it was changed to lumens). The lumen is the steller network local currency that is built in the steller network.

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Jed McCaleb created eDonkey (a suburbanised, server-based, peer-to-peer file sharing network), co-founded Mt. Gox (a Tokyo-based Bitcoin exchange that was handling over seventieth of all Bitcoin transactions in 2014) and additionally co-founded Ripple (the third biggest cryptocurrency in keeping with market capitalization). With just these, you could say Jed is a Maestro in the blockchain technology space and has done nothing but impact positively in the blockchain and crypto-sphere.

After Bitcoin, a lot of other cryptocurrency projects and platforms have sprung up in a very spontaneous manner. The Steller Lumen is also one of these various cryptocurrencies that sprung up during after bitcoin but again is a very promising one, unlike other shit-coins.
I would be talking about Steller specifically in this article, just basically telling us all I know and all we need to know about the Steller lumen network (With short-form XLM).

First and foremost, the >Stellar network is a blockchain-based distributed ledger network that connects banks, payments systems and people to facilitate low-cost, cross-asset transfers of value, including payments. Stellar has its native cryptocurrency called lumens, which is denoted by the symbol XLM. Source.

The Stellar network facilitates money transaction and it’s very reliable and at zero transaction cost. It shares a lot of similarity with ripple, even from their short form name with XLM for steller lumen and XRP for ripple. This is obviously because Jed McCaleb was involved in the creation of both networks. Stellar was originally a built on the Ripple protocol until codes were written by the stellar team to fork it and make it a fork of ripple.

Over time, stellar has grown in a very promising and great rate. As I write this article, stellar (XLM) is the number sixth top currency according to the data presented at coin market cap with ripple at number two after bitcoin the biggest and most successful cryptocurrency.

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Stellar has a market cap of $2.03B USD and a unit of the crypto is presently price $0.1063 USD. Comparing Stellar to Bitcoin and Ethereum in terms of prices and market cap;
1 XLM = 0.00002899 BTC Bitcoin (BTC)
1 XLM = 0.000841 Ethereum (ETH)
Steller market cap = $2.03B USD
Bitcoin Market Cap = $64.10 B USD
Ethereum Market Cap = $13.22 B USD
The Steller Lumen (XLM) is not mineable and has a maximum volume of 100 billion but has a current volume of $99.96 Million. All individual units of the steller lumen coin have already been pre-mined prior to the launch of the coin and network.

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