What Is Stellar? Introduction To XLM Carl Sagan's stellar bodies were in the billions... so are Jed McCaleb's Stellar Lumens. What Is Stellar? Stellar is a cryptocurrency that settles financial transactions through a peer-to-peer network. Using its lumens token, it aims to compete with other rapid settlement infrastructure platforms such as Ripple. In fact, its creator is an ex-Ripple executive and the blockchain of XLM is itself a hard fork of the XRP chain. Cryptocurrency’s original aim was to disrupt the existing financial infrastructure. Using Stellar XLM Lumens, financial transactions are settled fast through a peer-to-peer network. This Ripple hard fork stands on its own with enterprise partners like IBM, making Stellar a blockchain to watch. Stellar founder Jed McCaleb is a legend in the crypto community. Way back in the Napster days, he created eDonkey2000, a P2P file exchange program using blockchain’s precursor technology. He also built infamous crypto exchange Mt. Gox and helped in Ripple’s early development before leaving the project with Joyce Kim to start Stellar. Ripple isn’t Stellar’s only competition – blockchains like OmiseGo are also focused on serving the financial industry. It’s a huge industry – over $5.1 trillion a day is traded on speculative forex markets. Transferring money across borders and currencies sounds like it should be hard, but even transferring funds between banks or services like PayPal, Square, or a Green Dot card still takes several days to complete. Before exploring Stellar’s chances taking over the financial industry, let’s check out the crypto market performance of Lumens (XLM), Stellar’s native cryptocurrency coin.
Stellar Introduction Summary Stellar originated from the Ripple project, claiming to resolve flaws in the latter’s original coding. Since then, it focused intently on penetrating the financial sector and bringing banking services to the unbanked. Stellar can survive on its own and even overtake Ripple, thanks to these key strengths, features, and partnerships. Stellar is partnered with IBM as part of its Hyperledger Fabric Project. This partnership gives it an inside track into enterprises already partnered with IBM. Stellar has blazing fast transaction speeds. It accomplished this by removing validation redundancy and mining to create a leaner blockchain network. Stellar hosts decentralized apps and supports many of the most popular coding languages. It was created by developers for developers. With these pieces in place, the Stellar XLM Lumen stands its ground in the crypto industry. This blockchain project has a niche, a market, and a working product that has been functioning in the wild for years. This OG cryptocurrency is here to stay.