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A newbie asks what is Stellar?

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Written by   46
9 months ago

Today, I've decided to start a new mini-series, besides my already two that I've already previously started: geo-political episodes where I present different countries, regimes, civil wars and so on and different crypto-stuff explained through the eyes of a newbie.

Today's episode is also about crypto, but I prefer to make this episode the first of a new mini-series called Top 100 crypto-currencies. I will probably not be able to finish 100 episodes, but what the hell, Netflix is doing the same thing. I will try to do as many as I can, but my work takes my entire time.

So, in the current post I will talk about Stellar/ XLM.

What is XLM?

Stellar is an open network that allows the circulation of money and also allows the storage of money. This project has been founded in 2014 and one of its aims was to offer financial freedom and access to online payment services to those people that did not have access to banking services or these were not available to them, for some reasons. Almost half of billion of people in the world don't have bank accounts, even if I believe there are more. These type of people are targeted by different crypto-projects, such as Stellar.

It is worth to mention that this project has been created in 2014 and it is already a veteran among the crypto-projects. The founder of Stellar is Jed McCaleb, a former participant and member of Ripple project. Stellar, the blockchain itself, is a high fork and a rewritten version of the Ripple Labs Protocol.

Now, let’s talk about the numbers of this project

Currently, Stellar occupies the 12th place in the world top of crypto-currencies. Its value today, on the 14th of January 2021, is $0,30.

The total value of the project is $6.6 billion. The total dollar value of all XLM transactions over the past 24 hours is $1.7 billion. The amount of XLM that is currently liquid and in circulation is 22.1 billion coins.

In the future, there will be 50 billion coins in total.

Highs and lows of Stellar

The all-time high value of Stellar was reached on the 3rd of January 2018, when one single coin was $0,87, according to coingecko.com. The minimum value of XLM was at the time when the project was launched, on the 31st of July 2014. At that time, one coin was approximately $0,0027, practically nothing. Since then, currently XLM has a 8.5k% increase in price.

The fluctuations that this crypto-currency has, are quite large and strong on the market. It is true that during the period when the market is down, the price does not increase spectacularly, but when the market becomes dynamic, the price also increases.

The big market advantage is the very low fee for Stellar transactions, somewhere at 0.000001 fraction of a coin. This is a real advantage if we are to compare with the classic fees from Ethereum or Bitcoin or other crypto-currencies including the fees from the banks, where we are talking about much higher fees.

Stellar is listed on many big international exchanges with high credibility such as Binance, Coinbase, Bittrex, Upbit, Coincheck and many others. It is listed on more than 100 exchanges, but I just mentioned the most important ones.

This is all for today. I hope that I made myself understood and I managed to make those who are at the beginning of the road, like me, to understand, in general terms what it is about, what Stellar is, what it does, how much it is worth, it is worth or not worth to buy it etc.

As a conclusion, my personal opinion is that Stellar is a project that is worth to invest in when there are major market corrections and subsequently sold for profit. It has credibility, it is in the top 20 crypto-currencies (currently it occupies the twelve position). Therefore, those that are interested in making money with Stellar, they can make money with this project.

The next episode from this new mini-series, Top 100 Crypto-Currencies, is Uniswap.  

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Written by   46
9 months ago
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Comments

Stellar is... instant and has no transfer fee!

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9 months ago

No trasnfer fee at all? Or just a very insignificant amount?

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9 months ago

Absolutely zero ... same as Nano

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9 months ago

Aha, ok. I understand

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9 months ago