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Stellar Lumens (XLM) Explained – How does it work?

Stellar Lumens (XLM) Explained – How does it work?

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This educational article about Stellar Lumens (XLM) covers the following topics:

  1. What is Stellar Lumens, a decentralized protocol for payment network
  2. Lumen supply meters
  3. Key metrics of stellar lumens
  4. Github Key Figures of Stars
  5. How to use Stellar Lumens
  6. Star lumens: flash or good investment?
  7. Article resources

What is Stellar Lumens, a decentralized protocol for payment network

Lumens are a cryptocurrency that runs on the Stellar network.

Allows users to send any amount of money worldwide simply by using their phone and automatically convert it to the recipient’s currency, Star lumens (XLM) made its fortune by making money more fluid and consumable.

In the plan of its creator Jed McCaleb (former founder of Ripple), it was supposed to be a very competitive way to transfer money (only 0.00001 XLM Lumens transaction fee) in a very accessible way: internet connection and lumen ready wallet application are what you need to do online exchange.

What is the outlook for Stellar Network, founded in 2014, after its recent sharp drop in value?

Lumen supply meters

SDF (Stellar Development Foundation) Dashboard API endpoint reports real-time totals of relevant numbers around lumens.

As of December 12, 2019, the Dashboard API will show:

{
  "updatedAt": "2019-12-12T21:07:23.480Z",
  "originalSupply": "100000000000",
  "inflationLumens": "5443902087.3472865",
  "burnedLumens": "55442098181.3755700",
  "totalSupply": "50001803905.9717165",
  "upgradeReserve": "414310437.8111675",
  "feePool": "1807341.5766261",
  "sdfMandate": "29635032570.5297368",
  "circulatingSupply": "19950653556.0541861",
  "_details": "https://www.stellar.org/developers/guides/lumen-supply-metrics.html"
}

Glossary endpoints can be found in the Stellar documentation and API (V2)
https://developers.stellar.org/docs/glossary/lumen-supply/
https://dashboard.stellar.org/api/v2/lumens

Star Lumen Key Metrics (August 2022)

RANK 11
Price in BTC BTC 0.00000645
Price USD 0.0734
Price EUR 0.1663
Price in GBP 0.1474
Market value 1,526,957,370
Volume 24h 114,117,951
Recyclable XLM 20,798,735,655
Total supply XLM 50 001 803 703
Stellar Explorer: https://stellarchain.io/

Github Key Figures of Stars

In August 2022, Stellar GitHub reported a total of:

– 👀 Looking for blockchain and cryptocurrency jobs? Visit our Blockchain & Fintech Jobs page 👇 –

  • 148 publications (latest V19.3.0)
  • The most popular languages, e.g. JavaScript TypeScript Go Rust Python
  • About 3000 Stargazers at Stellar’s core
  • About 100 repos.
  • 6 Star Organization members

How to use Stellar Lumens

Star lumens (XLM) (where Stellar denotes the network in which exchange transactions take place, and The snow its correlative cryptocurrency) is designed to help people during cross-border transactionswhich is often characterized by long procedures and high fees.

In the first six months, it had connected 3 million registered user accounts on its platform and allowed over 450 million transactions to be completed so far.

As a novel intermediaryStellar simply confirms the correctness of the procedures and issues the passport without changing the market in any way, making things like SWIFT codes unnecessary.

And even makes the bank unnecessary. Let’s see how it works.

Users need simple wallet where to deposit their money in any currency, and an application programming interface (API) manages all money exchange operations.

The money is practically sent to the address anchor online, which delivers the payment to the recipient.

Blockchain’s decentralized nature can be seen in all its extraordinary revolutionary scope: wallet addresses are completely anonymous because they are identified by a series of numbers, although transactions are visible to all participants.

When a new deposit is made in one of the traditional currencies, the network creates a corresponding number of tokens (i.e. XML).

Its decentralized Blockchain network consists of many nodes that work to verify the ledger and ensure that the correct amount of XML has been credited to the rightful person, while keeping a record of all transactions that occur.

Is there a new successful payment method? It’s still too early to tell, as it depends partly on how it takes root in different economic systems, but it can certainly help solve some real problems, and this may be its luck.

Star lumens: flash or good investment?

Lumens definitely has few arrows in his bow: among his various practical intentions, even the most honorable one is to fight poverty and give and give away to developing countries for its ridiculous transaction costs.

Its partnership with multinational giants like IBM and recent experience with the Ukrainian government trying to adopt it as a digital currency for central banks is a 2020 collaboration with a Blockchain analytics company. Elliptical is noteworthy.

Elliptic, which collaborates with various players in the crypto-scenario, detects and blocks illegal activity on the Stellar network (first money laundering).

According to CEO James SmithElliptic receives long strings of numbers, Blockchain transaction codes and customer IDs: this information should only be used to identify suspicious users to prevent crimes.

Things are not going well at the moment: along NasdaqIn 2021 alone, the currency ranged from a low of 13 cents to 79 cents before falling dramatically in May.

All crypto experts seem to agree that, like other cryptocurrencies, Lumens can be quite volatile, and its future is uncertain. Bitcoin and Ethereum.

However, the system withstood relatively well the impact of the big loss in May and died the losses of users, relying on the undeniable usefulness of its mechanism.

Many crypto writers agree on the fact that if adopted on a large scale, its straightforward mechanism should overcome its extreme volatility in 2021.

The lack of real utility and applicability is often the pitfall of cryptocurrencies: companies need adequate resources to comply with regulatory requirements and adopt Blockchain technology.

Lumens’ exceptional ability to manage 3,000 transactions per second, combined with the potential to revolutionize financial payments, may truly be its trump card.

Sources

Stellar Dashboard, Stellar Developers Nasdaq, CoinJournal, Decryption, Blockchain 4 Innovation

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