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What is Stellar Lumens (XLM)? Why will Stellar be able to succeed in the future?
Stellar is a protocol or network used to transfer digital currency to fiat currency, and Lumens (XLM) is its native virtual currency. The current market price of Stellar (XLM) is $0.55 after a decrease of 13.81% over 24-hours.
Founded by Jed McCaleb, Stellar is an open network where money can be stored and moved. It was released to boost financial inclusion and help the financial firms by connecting each other through blockchain technology. XLM is known to make trade less expensive across borders.
Talking about the unique features of Stellar, it's the transaction cost. It is just costly when the user tries to make a cross-border payment. But, each transaction costs 0.00001 XLM with Stellar. The network is highly secured by using Stellar Consensus Protocol, which has the main features of low latency, asymptomatic security, decentralized control, and flexible trust. Using the Stellar Consensus Protocol, any user can join the process to achieve consensus. Transactions are confirmed faster (within a few seconds) and are cheap.
Stellar (XLM) can be traded on many exchanges, including Coinbase, Kraken, Binance, Upbit, Huobi, Bitfinex, and Bittrex. It majorly focuses on developing economies and bank loans to the people who are not within reach of banking services.
The network is well established with considerable backing where it is known to solve significant problems by bringing financial services to unbanked people. The stellar network and its partnerships are the strength that is needed for XLM to succeed in the future. The network has a good list of partners, including IBM, Stripe, HTC Exodus, SureRemit, Bitbond, Smartlands, Tempo, Wirex, Franklin Templeton, Flutterwave, Saldo, Novatti group, and Baracoin. Notably, partnerships are a crucial part of any project because they are responsible for driving adoption to the token's real-world utility. Stellar is one of the wealthiest organizations in crypto, which would accelerate the Stellar network's development in the future.
Technological Features of Stellar include:
· Interoperability- Stellar helps create, send, and trade digital currencies very efficiently and convert one currency to another on a single platform.
· Cheap and Fast transfer- Unlike Bitcoin, Stellar offers affordable and faster transactions.
· Energy Efficient- It is not a Proof-of-work network which makes it more energy efficient.
· Massive CDBC market- CBDC's are considered seriously, which will make the platform considerably valuable with time.
Stellar is expected to be a good investment option in 2021 despite it having a lot of space to improve and grow.