What is Stellar Lumens (XLM)?
2024-11-28
Bittime -Stellar Lumens (XLM) is a blockchain platform that aims to make it easier to transfer money between countries with low fees and high speed.
Launched in 2015 by Stellar Development Foundation (Stellar.org), Stellar is designed to connect various financial systems around the world, for both individuals and institutions.
Stellar's main focus is financial inclusion, where they want to provide access to financial services to people in developing countries, so they can send and receive money easily and efficiently.
Within the Stellar network, there is a native currency called XLM or Lumens, which has an important role in carrying out various transactions on this platform.
How Stellar Works
Stellar operates using a system peer-to-peer (P2P) decentralized which allows users to send and receive money across borders in various types of currencies.
When someone makes a transaction, the money sent will first be converted into XLM, and then the XLM will be converted back to the currency requested by the recipient.
This process allows transactions to be carried out at very low costs and in a fast time, even for international transactions. Stellar took advantage distributed ledger technology (DLT) or distributed ledger technology to ensure that all transactions are recorded securely across the networkn.
Read Also: Tomarket Daily Combo November 28, 2024, Choose These 3 Items!
XLM Function in Stellar
XLM, or Lumens, have several key functions in the Stellar network. Apart from acting as a bridge currency for transactions between currencies, XLM is also used to pay transaction fees within the Stellar network.
Every time a user makes a transaction, a certain amount of XLM will be deducted as a transaction fee, which helps keep the network efficient and secure.
Apart from that, XLM also functions to ensure that users remain active in the Stellar network, because each user is required to have at least one XLM token to continue operating in the system.
Read Also: Crypto Airdrop Until December 2024, Chance to Get Free Tokens!
Benefits of Using Stellar
Stellar offers a number of advantages, especially for users in developing countries who may have difficulty accessing traditional financial services. One of the main advantages of Stellar is its ability to facilitate fast and cheap cross-border transactions.
With low transaction fees, Stellar makes it easy for individuals to send money abroad without having to pay the high fees typically charged by banks or other money transfer services.
Additionally, Stellar also makes it possible multi-currency transactions, where users can send money in one currency money and the recipient can receive money in other currencies. This feature is especially useful in international transactions, where certain currency pairs are not always available.
Stellar also has a system strong security, where every transaction is guaranteed security through technology distributed ledger. Additionally, Stellar uses Anchors, which serves as a bridge between various currencies and the Stellar network, speeding up the currency exchange process and increasing transa efficiencyksi.
Conclusion
Stellar Lumens (XLM) is an efficient and affordable solution to the problem of cross-border money transfers. With decentralized technology and low transaction fees, Stellar offers individuals around the world easy access to the global economy.
XLM's key functionality in the network, along with its multi-currency transaction features and reliable security system, makes it an attractive choice for people looking for a faster and cheaper payment system alternative. Stellar continues to grow as one of the leading blockchain platforms, facilitating cross-border transactions with incredible speed and efficiency.
FAQ About Stellar (XLM)
What is Stellar?
Stellar is a server (node) based payment network with an open-source, decentralized and peer-to-peer (P2P) system.
What Stellar Uses?
The Stellar Network is the ideal platform for asset tokenization , which is currently trusted by global financial institutions.
What is the Price of Stellar?
Currently, the price of Stellar Lumens (XLM) is $0.44 per coin.
How to Buy Crypto di Bittime
Want to trade sell buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.
Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!
Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.
Additionally, visit Bittime Blog to get various interesting updates and educational information about the world of crypto. Find trusted articles about Web3, blockchain technology, and digital asset investment tips designed to enrich your knowledge in the world of crypto.
Reference:
Stellar Lumens, Website Stellar Lumens, accessed November 28, 2024.
Coin Market Cap, Media Coin Market Cap. accessed November 28, 2024.
Author: MF
Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.
