Stellar Lumens, or Stellar XLM, is one of the OGs in crypto. These guys have been around long before many VC-backed firms came in with their heavy presence. We already have an article answering some popular questions about Stellar XLM. So this piece will continue the trend.
How Does Stellar XLM Work?
All of the accounts and tokens on the Stellar network are tracked using a ledger. The Stellar Consensus Protocol is the platform’s special algorithm that it uses to maintain the ledger and execute transactions. The Stellar ledger records the operations of each account.
Stellar relays details of balances and operations to the network every five seconds. In addition, nodes, which are computers that operate the main Stellar software, are responsible for validating transactions on the platform. The nodes ensure that the right amount is sent for each pending transaction.
There's a problem with today's digital economy. Stellar is fixing it. pic.twitter.com/iXryATvnjL
— Stellar (@StellarOrg) August 30, 2022
It is easy to join the Stellar system. All a person has to do is install the Stellat software, and their computer will become a node. This means it will play a role in the consensus process. Stellar can process transactions in five seconds thanks to the method it has set up. The transaction cost is 0.00001 XLM. The fee may increase during periods of high network usage but would remain reasonable.
How to Buy Stellar (XLM)?
You can buy Stellar on any exchange, such as Binance, Coinbaise, KuCoin, etc. The process takes a couple of minutes. You’ll also need a stable internet connection. So here are the steps in detail:
- Select the most suitable exchange
- Create an account: Follow the account creation steps for your selected exchange. You’ll most likely need a means of identification.
- Make a deposit: Anyone can use any method that’s suitable for you. So you can decide to pay via crypto, bank transfer, PayPal, or any other method.
- Purchase your Stellar: Now, you can exchange your funds for Stellar tokens. Some exchanges make this process as easy as selecting the amount you want to buy and clicking “buy.” You can also withdraw Stellar to your wallet.
— Stellar (@StellarOrg) October 26, 2022
When Did Stellar XLM Start?
Stellar was launched on July 31st, 2014. The goal was to build a cryptocurrency that could lower transaction fees and operate as a link between fiat, digital, and other currencies. The platform can also provide banking services to people who cannot access such.
Who Created Stellar XLM?
Stellar was launched by Jed McCaleb, David Mazières, and Joyce Kim. Jed was a co-founder at Ripple and also the founder of Mt.Gox. Patrick Collison, the CEO, and co-founder of Stripe helped launch the Stellar Development Foundation. Stripe also provided a $3 million investment. The platform gained almost 3 million users in its first year of operation.
Do you think Stellar can compete with the newer guys? let us know in the comment.
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