Stellar is priced at $0.10 and has a market capitalization of $2.7 billion, down 7% in the last 24 hours (as of publication).
Stellar Lumens – cryptocurrency description
Stellar Lumens (XLM) is a cryptocurrency developed by a non-profit organization that differs from the rest in that it acts as an intermediary between traditional currencies and cryptocurrencies, while charging very low fees and being able to make transactions in just seconds.
Stellar is a decentralized blockchain in which there is no organization regulating the chain, and each server acts independently. Servers, which can be hosted by any organization, are periodically synchronized every 2/5 of a second to authorize transactions in a process known as “consensus”. Through this process, users can quickly exchange currency using Lumens as an intermediate currency.
All transactions made on Stellar are public, although they can be made privately through third-party applications. In addition, the platform offers the ability to make micropayments or transactions using a cell phone, as its creators say it is an affordable cryptocurrency that is in full expansion after reaching agreements with several money-sending companies.
Features of Stellar Lumens
The low fees
They apply to transactions and the structure with which Stellar Lumens works make Lumens an ideal cryptocurrency for currency exchange.
Very fast transactions
Thanks to the “consensus”, all transactions are completed within 5 seconds at max.
Accessible and easy to change
It has wallets available online, for computers or cell phones, allowing the user to easily use the currency from any device and make micropayments with a fee of just one cent.
Stellar Lumens Wallets
The Stellar ecosystem is constantly evolving and new storage services are being added every day as well as improvements to existing ones. There are 4 types of storage services for XLM: online wallets, software wallets, physical wallets and exchange wallets.
Online wallets are the most attractive from the perspective of the average user. All you need to access a wallet is a browser and internet access. The peculiarity of online wallets is an intuitive simplicity of functionality and sufficiently reliable protection of your funds. Among the many options we can highlight the service https://stellar-wallet.org/. This service positions itself as an online wallet, with which even a beginner can deal. Simplicity and reliability are two words to describe this service.
Software wallets have extensive functionality as well as support for storing a whole list of cryptocurrencies. Security of storage is on par with online wallets. But the complexity of managing such wallets often discourages inexperienced users. This type of wallets is often chosen by experienced users and investors who cannot do without advanced functionality.
Physical wallets are the most reliable place to store funds. But you will have to pay about $80 for increased reliability. Suitable for storing large amounts of money. Among physical wallets, Ledger Nano is the most popular.
Exchange wallets are the latest storage option. If you decide to store funds in such a wallet, you should know that the exchange will have full access to these funds. Even if the exchange would be number 1 in the world and you trust it completely, it is not immune to hacker attacks, and if attacked successfully, they can empty all the wallets on the exchange. The wallet is very rarely used for storage.
Stellar technology
Ledger
Stellar has a ledger, which collects all offers to buy and sell currency made on the platform. This ledger acts as a marketplace where equivalence is established for each currency pair.
Consensus algorithm
Unlike other mining-based cryptocurrencies, Stellar uses a consensus algorithm that allows transactions to be confirmed in just a few seconds. To do this, it connects simultaneously to all servers that have a copy of the verification software.