What is Stellar (XLM)?
Introducing Stellar (XLM)! If you’ve been following our news recently, you probably heard that Stellar is one of the newest tokens added to our exchange platforms. A truly awesome development, as we add yet another of the top-10 cryptocurrencies by market capitalization to our ecosystem!
By adding Stellar to our platforms, we also open up a new fiat on-ramp to the XLM token, accepting exchanges/trades with Euro.
Stellar: An Introduction
Stellar is a decentralized, hybrid blockchain platform that aims to help facilitate the cross-asset transfer of value at high speed and extremely low cost – just a fraction of a penny. As a company, Stellar is aiming to build an open financial system that gives people of all income levels access to low-cost financial services. Lovely.
Stellar Vs. Ripple
If you’re into your crypto-assets, you might have read that last paragraph and be left asking yourself, “huh, cheap, fast international settlement… I thought that was Ripple’s thing?!”. Well, you’re not exactly wrong – the two companies are rivals, for a very good reason…
Stellar’s founder, Jed McCaleb, was also a co-Founder of Ripple before leaving to start a new project. McCaleb claims he understood what he saw as ‘deficiencies’ in Ripple’s token – XRP – and used a previous source code to ‘fix’ them while building Stellar and its native token, the Lumen (XLM). XRP has, of course, come a long way since then and both companies now vie for position in an increasingly competitive landscape, trying to convince banks, payment providers and challenges, that they have the key to unlock cheaper, faster money-transfer.
How Does XLM Work?
Stellar Lumens work in a similar way to Ripple’s XRP. XLM currently serves two distinct purposes:
- To enable multi-currency transactions – it’s main purpose – Lumens are a digital currency that acts as a bridge, facilitating multi-currency transactions, e.g. sending money in EUR, and then receiving it in USD. XLM is the digital intermediary that allows for such a transaction to occur at a low cost.
- Anti-spam – In-order to prevent DDoS attacks to the Stellar network, a small fee (roughly 0.00001 XLM) is attached to every transaction that occurs on the network. This fee is just small enough to not significantly affect the cost of the transaction but also just large enough to discourage bad actors from spamming the network. The collected fee is then redistributed and added to an inflation pool. This inflation pool releases Lumens at a rate of 1% each year. Very clever!
XLM in Numbers
All the important numbers, as of June 10, 2019:
Total Supply: 105,042,499,082 XLM
Circulating Supply: 19,331,689,941 XLM
Current price: €0.10
Current Market Cap: €2,083,473,097 (Rank 10)
ROI since launch: 3,993.67%
Why Trade XLM with CoinMetro?
One of XLM’s main advantages is the speed of transactions, which take no longer than five seconds to complete, making it perfect for banking services. Through a recent partnership with computer-giant, IBM, Stellar hopes to create a network of interconnected banks – the Stellar network, which is a promising sign for mass adoption and the use of this token on a more widespread scale.
On our side, the buying/selling process within our ecosystem, with its three platforms divided by skill level, is super-simple and intuitive, regardless of previous experience. It’s also important to remember that CoinMetro is a fully-licensed company, operating within the European Union. We run a thorough KYC /AML procedure, also running source of wealth checks.
CoinMetro has among the lowest fees in the industry and we run regular promotions: for example, right now we’re offering 20 XCM just for signing up and successfully completing our KYC checks!
If these reasons are not enough, here’s one more: we have the best Ambassador program in the Cryptosphere, where earnings can come not only from direct referrals but also from the referrals of their referrals! We also host a monthly raffle for Ambassadors, so there are plenty of additional earnings to be had using the CoinMetro platforms. Hop aboard now and see for yourself.
Until next time,
The CoinMetro Team