Stellar Development Foundation Developed Stellar cryptocurrency in 2017. Jed McCaleb, the founder of Ripple, created Stellar Lumens (XLM). Every cryptocurrency and blockchain platform on the market is trying to increase the speed, scalability and reduce the cost of transactions; Lumens is a blockchain platform trying to do the same thing. Suppose you want to look for an opportunity to diversify your holdings away from Bitcoin. In that case, Lumens is an excellent choice for you. Stellar gathered a lot of attention over the years and is now one of the leading cryptocurrencies on the market. This article will talk about everything you need to know about this cryptocurrency.

What is Stellar?

Stellar Lumens is an open-source payment technology based on blockchain that connects payment systems, banks, and people to facilitate low-cost transactions. Jed McCaleb, the co-founder of Ripple, created this system; Lumens shares some similarities with Ripple. 

Ripple is a payment technology that reduces the cost of transactions and connects financial institutions. According to the Stellar Lumens website, Lumens aims to move money quickly, reliably, and at almost no cost. The system governance cryptocurrency is called Lumens. You can trade Lumens under the symbol XML on different cryptocurrency exchanges. The total supply of XML is 50 billion. The entire collection of XML was originally 100 Billion, but the foundation burned half of it in 2019.

Differences between Ripple and Stellar Lumens

Ripple is a closed system, while Stellar is an open-source network. Financial institutions and consortiums are the main customers of the Ripple network. The customer, in this case, uses Ripple for their cross-border transfers. 

On the other hand, Lumens try to develop and market with different use cases such as money remittance and bank loans.

How Does Stellar Work? 

Like any other cryptocurrency, Stellar is a digital or virtual currency perfect for trading on a centralized network or blockchains. Blockchains are secure and do not allow any counterfeit and being double-spent.

After Satoshi Nakamoto created Bitcoin in 2009, many cryptocurrencies popped up. Central banks do not issue cryptocurrencies, so the government cannot interfere in crypto trading activity.

The developers update the Stellar blockchain every 2 to 5 seconds. There are several differences between this cryptocurrency and Bitcoin. Lumens’ consensus mechanism does not depend on a network of minors for verifying transactions. The Stellar uses Federated Byzantine Agreement (FBA) algorithm to facilitate transactions. In this sense, just a portion of the network validates a transaction. 

History of Stellar

Jed McCaleb founded a non-profit organization called Stellar Development Foundation. The foundation created Stellar. 

Organizations like BlackRock, Google, FastForward, and payments startup Stripe Provide initial funding. 

What Are the Features of Stellar Blockchain?

Now we know a little more about this cryptocurrency, it is time to look at the features that matter the most in this blockchain. One of the essential features of the Stellar blockchain is being a decentralized and open-source network. We have talked about how it fascinates transactions; it is good to know that the transaction confirmation time in this blockchain is 3-5 seconds. It can support thousands of transactions every second. It has provided multi-signature is a smart contract too. And more interestingly, Stellar has a 1% fixed annual inflation, which is remarkable.

Stellar Future

Stellar aims to develop economies in regions of remittances and bank loans for people who don’t have access to banking services. Institutions and individuals do not have to pay for using the system.

The Stellar network is a cross-border transfer and payment system that will reduce transaction cost significantly.

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FAQs

Best Way to Buy Stellar in Australia

For those who live in Australia, it is imperative to find a local crypto exchange platform that is reliable and registered DCE. Bitunivex is not just a crypto exchange platform; it is also a wallet service provider. We aim to provide best-in-class cryptocurrency services for the customers. We know how important it is to have a quick trade feature available. You can buy cryptocurrency using Australian local currency on Bitunivex . You can also trade across different cryptocurrency markets on the Bitunivex exchange. To have a profitable business, you need to act at the right moment. So if you don’t want to miss a trade, you need to set buys and sells stop limits to trigger at any price you want. And we are proud to provide you with a spot stop-limit market orders feature. 

When choosing a suitable cryptocurrency exchange to trade, it is essential to think about the level of security the exchange will provide you. Bitunivex provides a two-factor authentication process to keep your account safe. Last but not least, by using this crypto exchange, you can overview top movers, recent activity, and account referrals, along with all the other things in one crypto Exchange.

Is Stellar Real and Safe?

Lumens have intrinsic value, and it acts as a bridge between different currencies. It can convert currencies in a short mother of time. That is why Lumens is one of the best cryptocurrencies to invest in because soon, it will gather investors’ interests. You need to use a reliable exchange for safe trading in this network. Bitunivex has provided a fast and secure trading experience for the users.

Can I Cash Out Stellar Anytime?

When dealing with Bitunivex, you don’t need to be worried about cashing out your assets. Whenever you need to cash out your investment, all you need to do is send us a message or request. We are proud to answer your message in less than 3 minutes. It is possible to withdraw your investment in AUD or any other currency you see fit.