Stellar Lumens is a blockchain founded in 2014 by Jed McCaleb and Joyce Kim for cross-border payments and mobile money. The network syncs every 2-5 seconds, has a total supply of 103 billion tokens, and counts Stripe, IBM, and Deloitte as partners.
Questions this video answers
Founded in 2014 by Jed McCaleb and Joyce Kim.
Every two to five seconds.
100 million pre-mined coins were created and issued via various airdrops/allocations.
Total supply: 103 billion; circulating supply: 18 billion.
A fee of 0.01 per 600,000 transactions.
Chapters
Our altcoin of the Week this week is Stellar Lumens. This is because Stellar Lumens is pretty stellar. It has ambition and it has consistently climbed its way to the top 10 by calmly cultivating its name and product without being too flashy or over eager. Founded by Jed McCaleb and Joyce Kim back in 2014 as a fork of that which must not be named with a goal to fight poverty and help people reach their full potential. It is supported by the nonprofit Stellar Development foundation. As a nonprof collects tax deductible donations which allow them to further improve their product and platform while keeping it cost effective. Stellar doesn't use mining 100 million pre mined coins were created and issued out during various airdrops and allocated for various purposes. Stellar uses Stellar Consensus Protocol which syncs all Stellar servers every two to five seconds. Anybody can act as a Stellar server, thereby creating a decentralized network of entities validating transactions. This protocol also utilizes anchors. Anchors take a deposit from you and issue credit to your Stellar ledger account. This means that you have to trust the anchor to honor your deposits and withdrawals. Think PayPal if PayPal with Western Union and Moneygram and all other anchors so that transacting between them were rapid and cost effective. There aren't many choices for cross border payments. There are various payment processing services which charge very high fees. You can make a wire transfer which can take up to three to five days and charge also very high fees. This makes cross border payments a bevy of hoops and sticky fingers. So here's how Lumens plans to change that. Stellar will find the best rate of exchange automatically between two currencies and make that exchange. So if you wanted to exchange funny money for foofu cash, seller will find the best rate and exchange it at the same time. It will be looking to see if there are any inst where somebody wants to trade fufu cash for Stellar Lumens or another person wants to change funny money for lumens. If it turns out that making those trades will result in a better rate for you, it will make it and then send you the fufu cash even further. If previous two options do not work, it will create a chain of conversions from funny money to fufu cash. For example Funny Money to Puppy Bucks, Puppy Bucks to Bitcoin, Bitcoin to Stellar Lumens, Stella Lumens to fufu Cash and then you get your fufu cash. Yeah, basically Stellar is pretty determined to make sure that your money gets from one place to another in whatever currency you choose as quickly and efficiently as possible. There are many different applications for Stellar. STEL aims to help people as well as retailers and startups. With a fee of 0.01 per 600,000 transactions, Stellar aims to solve issues regarding micropayments, remittances and mobile money. So far, Stellar has achieved a lot. Recently, Stripe, an Internet business service provider, announced that they would be offering to support Stellar Coin. Stellar also announced that they are partnering with IBM and Deloitte to create a fast and efficient cross border payment system. All these pieces of News has since Stellar's price soaring up to the top 10 where it has stayed. Stellar has an open source code which you can find on GitHub. It currently sits with a market cap of $8 billion and a price of around 40. To take part in Stellar's system, all you need to do is own 20 XLM to participate. There are some drawbacks to Stellar when thinking about it. In terms of an investment, Stellar has a total supply of 103 billion and only a circulating supply of 18 billion. Also, companies are not required to use lumens in order to utilize the technology that Stellar is offering. So while Stellar seems to offer a good amount of scalability because it has a solid technical basis, treating it as a Wen Moon Lambo Times speculative asset as always, is not investment advice unadvisable to invest but not to be taken as investment advice for investing in investments. Her no way. Maybe bad idea, maybe not. Who knows. You have the facts. Now you can decide whether to invest, not invest. Maybe advice, not advice in Stellar lumens. Before that lazy.
