The financial market has been transformed with the development of various cryptocurrency and the newest ‘kid on the block’ is Stellar. In 2014, Jed McCaleb launched the Stellar network system. This network system allows you ease of transferring currencies between individuals, businesses and financial organizations.
As a financial platform, stellar allows for multiple transactions within a few seconds. It is said that transaction confirmation occurs within 3-5 seconds. The fact is you can trade your XLM cryptocurrency in any currency, token or asset easily with this multifunctional system.
The crypto currency exchange has been revolutionized by rubix.io and everyone now has the freedom to trade their preferred digital currency with friends and others alike. With this new development, users will find the environment more comfortable as they will now be able to trade on different social media platforms.
The Coin’s Development
Launched in 2014, the network then, had a capital of 100 billion stellar. By 2015, rebranding of the platform led to a name change; Lumens. The change of name came about to dispel any confusion because both the token and network shared similar names.
CoinMarketCap stated that on August 5, 2014, Lumens had a listing of $0.002. At the start of 2018, XLM reached the highest price ever; nearly $1.
The Lumen is Stellar network’s natural asset. The Lumen is a component of a digital currency that is built into the network. Lumen is similar to other cryptocurrencies such as bitcoins in that you cannot really save it, however, users can use a private key to state their ownership. Check this URL: https://en.wikipedia.org/wiki/Stellar_(payment_network)
By December 2018 its ranking was sixth in marketplace capitalization. The project capitalization has increased to nearly 2.5 billion US dollars, with each coin having a value of nearly $0.12. Although 104,164,783,043 XLM were released, only 19 160 191 169 XLM were in actual circulation.
In examining the history of Stellar, let’s focus on the following achievements
- This non-profit development foundation was initiated in partnership with Patrick Collison, the CEO of Stripe, and its official launch was in 2014. The primary goals of the foundation are: to increase digital fiscal literacy, to create the network’s services and tools and running the company’s protocol.
- Mercado Bitcoin, Brazil’s first Bitcoin exchange declared in August 2014, that it would be utilizing the Stellar network.
- In April 2015, the Development Foundation publicized an upgraded procedure which had a new set of rules.
- In May 2017, it launched Lightyear.io, its own non-profit entity as the commercial branch of the company.
- Four months later (September 2017) the company publicized a benefit program whereby each of its partners would get a grant of $2 million Lumens for project advancement.
- The company declared an alliance with IBM in October 2017
- In 2018, the network had superseded other networks on the ICO platform to become second in ranking after Ethereum in terms of ICOs held in 2018.
What are the 2019 price predictions?
Recent news indicate that the Stellar Development Foundation has plans to launch a private decentralized exchange (SDEX). This launch could be revealed in the ensuing month(s) and there are plans to effect changes to the main procedure. How will this change affect the company’s protocol? Well, the company states that these changes will definitely take care of how each Stellar-based trading platform handles buy-and-sell orders. Read here for additional info.
It’s evident also that Stellar can depend on IBM’s for providing it with Blockchain World Wire. The company enjoys a solid-rock relationship with IBM’s Blockchain World Wire. The result of this relationship is that the company is now introduced into succeeding monetary system. This partnership will definitely mobilize XLM as the transaction mode whereby IBM will be able to penetrate the global market effectively.
Stellar has certainly become one of the networks among the few that offers ordinary people the opportunity to trade in cryptocurrency. It’s ability to attract minimal fees have slashed remittances costs along with the possibility of making micropayments competitively.
The company has become a leader in the industry due to its 2-5 seconds real-time settlement and has also become a pace setter in global money integration. Stellar partnership does not stop at IBM but includes other companies such as Deloitte, TEMPO Money Transfer and Parkway Projects. As the partnership expands to include more companies overtime, XLM usability will increase.