Stellar XLM Coin

What exactly is XLM? What does it do? Is it possible to mine XLM? Who owns XLMCoin? How much was Xlm Coin when it first came out? What is the future of XLM Coin? XLM coin review? Is xlm invested?

What exactly is xlm? What does it do? Is it possible to mine xlm? Who owns Xlm Coin? How much was Xlm Coin when it first came out? What is the future of XLM Coin? XLM coin review? Is xlm invested? The answers to all the questions you are looking for answers to are in Bankofbritish!

Recently, many people attach importance to investment and want to invest their money. Although there are many different investment branches such as gold, cars, land, silver, stocks, the most preferred investment tool today is crypto money. Cryptocurrencies, which emerged in the last ten years and started to spread rapidly all over the world, consist of block-chain technology. Undoubtedly the most important of these cryptocurrencies is bitcoin, but Xlm, which has been mentioned frequently with the many conveniences it provides in banking transactions recently, also has an important place in the market. So what exactly is Xlm? What does it do? Is it possible to mine xlm?

What is xlm coin?

Stellar, whose full name is Stellar Lumens and known as XLM Coin in the cryptocurrency market, is an open network system that allows the movement and storage of money. When it was launched on July 20, 2014, one of its goals was to increase financial inclusion by reaching the unbanked around the world. But their priorities soon shifted towards helping financial firms connect with each other through blockchain technology. The network’s native token, the lumen, acts as a bridge across borders making asset trading cheaper. All this aims to challenge existing payment providers, which often charge high fees for a similar service. In other words, it aims to make more transactions with lower transaction costs.

All of this is actually somewhat familiar because Stellar was originally based on the Ripple Labs protocol. The Stellar network is an open-source, distributed, and community-owned blockchain network that enables the transfer of value between different entities. Stellar aims to make these transfers for less than a penny. While doing this, it aims to be an open financial system that aims to provide access to low-cost financial services for people of all income levels. The Stellar network’s own digital currency is called Lumens (XLM). Each Stellar account is required to keep a small amount of Lumens to prevent unintentional spamming of the Stellar payment system. Thanks to the Lumens, a user can send any currency he has to the other user in a different currency. Stellar also supports smart contracts.

Who is the founder of Stellar Lumnes XLM coin?

Stellar was founded on July 20, 2014 by Joyce Kim and Jed McCaleb, formerly attorneys. Jed McCaleb is also known as the founder of the defunct Mt.Gox exchange and co-founder of Ripple. In fact, at first both payment networks used the same protocol. Stellar, like Ripple, operates as a payment technology that aims to unify financial institutions and significantly reduces the cost and time required for cross-border transfers. While Ripple focuses on banks, Stellar aims to bring banking services to unbanked workers. As one of Stellar’s largest partnerships, the partnership signed with IBM in October 2017 aims to open a multi-currency corridor to facilitate payments across the South Pacific. In addition, Stellar is a nonprofit that helps maintain Stellar’s codebase while supporting the Stellar community. Sponsored by the nonprofit Stellar Development Foundation.

Is XLM mining possible?

Unlike cryptocurrencies like Bitcoin, Stellar is not mined. When the Stellar network launched in 2014, 100 billion Lumens were created with an annual inflation rate of 1 percent. A community vote in October 2019, however, put an end to the inflation mechanism, and in November 2019 the total Lumens supply was reduced to approximately 50 billion Lumens so that no more could be produced. There are around 20 billion Lumens in the free market. While the Stellar Development Foundation, which owns the remaining 30 billion Lumens, uses the amount it has to support the Stellar ecosystem, the remaining Lumens supply is expected to gradually enter the open market.

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