Charts price for Stellar (XLM)

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Description of Stellar (XLM)

Stellar Origin

Release Date: 2014

Upon launch, Stellar was initially based on the Ripple (XRP) protocol. The founders of XLM are Jed McCaleb and Joyce Jim. Stellar is supported by the nonprofit Stellar Development Foundation.

Stellar Functionality

Stellar, is an entirely open source protocol focused on the seamless exchange of money. The projects servers run a software implementation of the XLM protocol, utilizing internet connectivity in order to communicate with other distributed XLM servers to create a worldwide value exchange network.

XLM aims to connect institutions, payment systems, and individuals through its platform. The end goal is to make monetary transactions as cheap and time efficient as possible, as well as to be much more reliable than current money transmitting systems.

The Stellar network is a decentralized distributed ledger which records all of the networks transactions and information. The network is supported by an international consortium of organizations and individuals.

Stellar can sort of be seen as a flexible PayPal alternative. The XLM network allows for instantaneous fund transfers without the need to wait as you would for a traditional bank transfer. Additionally, if you were to execute a cross border payment between two different currencies. Say USD and EUR, you would be able to send USD to someone and the Stellar network would automatically convert the funds based on the lowest exchange rate instantaneously.

Users of the Stellar network can thus execute multi-currency transactions as well as conversions on the public ledger (the purchase and sale of one currency for another). How this works in practice, Stellar takes currency A and converts it into XLM within the systems marketplace, which are then converted into currency B and sent to where it needs to go.

Stellar’s market cap is close to 4 billion as of the end of March 2018. Thus, it is in the top ten list of cryptocurrencies based on market capitalizations.