Stellar, which was developed by one of the creators of Ripple is the latest cryptocurrency to invest in today. Stellar is one that is very similar to Ripple.
Stellar is described as a distributed hybrid blockchain that allows transfers of value for a fraction of a cent. Just like Bitcoin, it can work as a decentralised currency whose value is not based on anything tangible. While Bitcoin is a digital currency popular among individuals and consumers, Stellar has more business appeal. It’s faster and cheaper than Bitcoin.
Stellar is an online cryptocurrency system that uses Lumens as units of value. Stellar Lumens (XLM) is a crypto platform that’s designed to enable the fast and secure transfer of money at low cost. It is intended for individuals as well as for enterprise users such as banks. Stellar Lumens was launched in the year 2014, before undergoing a major upgrade in 2015. Lumens are available for purchase on several known markets and exchanges. So far, more than 8 billion Lumens have been distributed all over the world.
Transactions that are sent through the Stellar network take an average of 2-5 seconds to clear. The base fee for sending a transaction on the Stellar network currently stands at 0.0001 XLM. These fees are collected and then redistributed by being added to the inflation pool. Each year, the number of Lumens on the network increases by 1%.
Stellar’s market cap has been predicted to rise to $183 billion by the end of the year. Just weeks into the new year, the market value of Stellar’s currency, Lumens rose from $2.5 billion to over $12 billion at a time when lots of digital currencies saw their market caps slip amid a crypto correction.
Stellar could potentially change the way money is moved around the world, helping to improve existing international transactions and advancing financial inclusion in developing countries.