Cryptocurrency XLM is a coin that is used as an internal means of payment in the Stellar system. Recently, due to the growth of its capitalization and exchange rate, it has attracted quite a lot of interest from users, so in this article, we will look at the features of the Stellar platform itself and the coin associated with it.
XLM Cryptocurrency And The Stellar Platform: Features
Stellar is a blockchain platform that connects users of different statuses (banks, businesses, individuals, etc.), facilitating transactions between them. Its main features include:
- Transaction time is 2-5 seconds and network throughput reaches several thousand transactions per second.
- The platform can be used to conduct transactions using any assets or coins.
- All committed transactions are recorded in a ledger, which is stored on the “servers” of multiple participants at once, which makes the data more secure from unauthorized adjustments.
The principle of this platform is quite simple: there is a list of certain trusted servers. When you perform a transfer, your transaction is sent to them for review. If servers verify that you have the required amount of money and all conditions are met, then the funds are transferred to the recipient and deducted from your account. It takes 2-5 seconds to perform this verification.
The cryptocurrency XLM, or Lumens, is an internal payment instrument of the platform, which is used not only to pay for the services of the network but also to protect it from spam. Each user is required to have 20 coins in reserve – otherwise, the functionality of Stellar cannot be used.
Also, this token is used as a “bridge”, which allows you to make transfers in different cryptocurrencies. That is, you can send any coin in the equivalent of XLM, which is then accepted by the recipient and converted as desired.
As of today (at the moment of writing this article) the value of one XLM is 0.0000058 BTC or about 32 cents, while the total market capitalization is almost $8 billion. You can read more about the technical implementation of the Stellar project at this link.
XLM Cryptocurrency: Wallets And Purchase Menu
Today, XLM cryptocurrency is supported by a variety of wallets that are available on a wide variety of platforms. Perhaps the easiest to use is Stellar Web Wallet, available at https://stellar-wallet.org/. It does not require downloading and installation. There are web wallets for Lumens in the form of browser extensions, such as Stargazer. Desktop Stellar wallets are represented by such programs as Lobstr, Keybase, Solar Wallet. There are also IoS and Android versions of these wallets. Finally, XLM can be stored in Ledger and Trezor hardware wallets. Storage of this type is considered the most secure.Â
These are just some of the options for Lumens wallets, in fact, there are many more.
You can buy XLM on many cryptocurrency exchanges. Suitable resources and convenient direction of the exchange can be found on the Stellar website.
Final Words
If we talk about the prospects, today the cryptocurrency XLM and its associated platform are quite popular among entrepreneurs due to the fact that it allows you to carry out various types of payments and exchanges quickly and inexpensively. Accordingly, the acceptance of this coin as a means of payment by a growing number of companies will contribute to the growth of its rate. Perhaps, in the future, it will become an excellent object for investment, but one should not expect too big jumps. Cryptocurrency XLM is unlikely to repeat the success of bitcoin and show thousands of percent growth.
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