What is Stellar?
Stellar is a peer-to-peer decentralized platform linking people, banks, and payment processors while also allowing users to produce, transmit, and exchange numerous forms of cryptocurrency. The network’s own digital currency – XLM or Lumens – serves as its foundation. XLM is utilized as an intermediary currency for activities and to pay transaction fees. Stellar was fully launched in 2014 by The Stellar Development Foundation or Stellar.org.
What makes Stellar unique
First, Stellar’s transaction fees are very cheap. Stellar is a system that allows money to travel as freely between people, businesses, and financial institutions as email. Individuals will have greater access, banks will have reduced expenses, and companies will generate more income. Moreover, every transaction costs just 0.00001 XLM, which helps ensure that users keep more of their money.
Second, the transaction speed is also fast. The transaction takes roughly 3-5 seconds, which is quicker than bank transfers and international payments. Stellar Blockchain can enable hundreds of transactions per second, allowing smart contracts and multi-signatures to be used.
Last but not least, aside from Lumens, other tokens can be issued on the Stellar network. The Stellar blockchain may host different token types; for example, tokenized versions of fiat money can be constructed to aid with cross-asset value transfers. Stellar can be used to tokenize any currency in the world. Anchors help build the bridge between the Stellar blockchain and the traditional financial system.
Recent updates
The Stellar price on Nov 8th is $0.103858 USD with a 24-hour trading volume of $154,413,042 USD. It has a circulating supply of 25,642,423,314 XLM coins and the total supply would be 50,001,806,812 XLM coins.
Binance’s FTX.com Acquisition Plunges Market Into Chaos
Binance reached a nonbinding deal to acquire FTX’s non-U.S. unit on Tuesday to assist address a “liquidity crunch” at the rival exchange. FTT, the token notice to FTX, fell from about $22 on Monday to below $5, wiping out more than $2 billion in a day. According to CoinDesk, Bitcoin tumbled more than 10% Tuesday to hit a 52-week low of around $17,600. Other digital assets and equities tied to the industry, such as Coinbase, also fell. On Wednesday, the deal officially fell through causing the crypto market to descend further. This massive change and potentially dubious rumors may make investors lose confidence in the virtual currency market in the short term, but the Biden administration’s crypto framework regulation of crypto may also make things better.
Summary
Stellar outperforms other financial platforms due to its cheap transaction costs, which have attracted a large number of users. It is one of the few blockchain networks that has collaborated successfully with significant tech businesses like Deloitte and IBM. Stellar, in collaboration with IBM, has announced a project that allows fintech companies to conduct financial transactions utilizing assets such as stablecoins.
Moreover, in March, Stellar announced that it would begin Project Jump Cannon, an E&D venture to develop native smart contracts for its blockchain. In the same month, it announced the Starbridge project, which would build bridges between Stellar and other blockchains, allowing for interoperability. All of which give the users and the market a good sign to build a larger community.
References: