(XLM) – Stellar Lumens
What is XLM?
Stellar aims to provide all of the same types of service as a banking institution, but on a decentralized network with no banks charging you outrageous fees. By removing the banks from the equation you would only pay a fraction in the fees when using Stellar. This removes the friction of multi-currency transactions. With Stellar also providing specific micropayment benefits that decrease cost, and increase efficiency. Businesses can offer customers incremental payment options without any downside. A fee of 0.01$ will handle roughly 500,000 transactions. Agency banking companies can acquire mobile branches to help expand their retail operations without having to worry about overhead costs, like rent and electricity. With Stellar customers can also send and receive mobile payments to each other, regardless of provider. Due to all of these varying use cases, Stellar has the potential to appeal to many different financial institutions.
Starlight – Stellar Payment Platform
Recently, Stellar announced a preview of Starlight, an implementation of bidirectional payment channels on the Stellar Network. Payment channels are the programming means that allow parties to transact privately, instantly, and securely without paying any fees. Normally, a payment on any blockchain network such as Stellar involved posting details of the payment to all observers or nodes in the network, paying a small fee while the network reaches consensus to confirm the payment. On the other hand, a payment channel uses the network to “lock up” X amount of funds for use by the channels participants thereby allowing parties to pay each other the funds contained without involving the network any further. Therefore, all payments using this method are private, instant, and free. This can be thought of somewhat akin to the Lightning Network for Bitcoin.
(XLM) – Stellar Network
The Stellar network runs on a web of decentralized servers by an international group of individuals, and entities. The servers support Stellars distributed ledger that records network data and transactions. In practice the Stellar protocol will function like PayPal while being more inclusive, and flexible. Stellar requires a user to upload funds on the network to be anchored in the same way a bank or PayPal does. The anchor then holds your funds and issues credit to your virtual wallet instead. You can send and receive your credit across the network, and with Stellars distributed exchange, Stellar will automatically convert between currencies using the lowest possible conversion rate. When money is received on the network you can withdraw it via an anchor in that currency.
What are Stellar Lumens?
A Stellar Lumen, or XLM, is the unit of currency behind Stellar. They are native assets built into the network. Lumens have various use cases including the prevention of spammers from flooding the network. Lumens also assist in ensuring accounts are authentic since account-holds on the Stellar Network must hold at least 20 Lumens. Lumens make it much easier to conduct transactions in multiple currencies.
(XLM) Team / Board Members / Advisors
Stellar has a vast network of valuable individuals comprising its overall team structure. It’s worth noting that Stripe CEO – Patrick Collison, and CTO – Greg Brockman are on the Stellar team. Furthermore, Stripe will stop accepting Bitcoin on their platform in July 2018. They will be implementing a new cryptocurrency for payment, and one could argue it would be within their best interest to integrate Stellar Lumens. Also on their team, the President of Y Combinator – Sam Altman. Additionally, Matt Mullenweg, the founder of WordPress is a member of the Stellar board. Last but not least, Jed McCaleb, the founder of Mt. Gox, the first Bitcoin exchange.
XLM has been able to acquire a superb partnership line-up including leading technology company IBM, the payment processor Stripe, and Deloitte a leading global finance and technology consulting firm whose clients include 80% of the Fortune 500 and more than 6,000 private and middle market companies. These partnerships fall right into the proverbial ballpark for Stellar.
Website: Click to see website
Whitepaper: Click to see WhitePaper
Roadmap: Click to see Roadmap
Partners: Click to see Partners
Team Members: Click to see members
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