What Is Stellar (XLM)? Where to Buy It?

What is Stellar (XLM)?

With the recent price increase, Stellar has become a favorite of those interested in cryptocurrencies. Especially the price drop seen in some coins has made XLM stand out as an alternative. Then, what is Stellar (XLM)?

What is Stellar (XLM)?

Stellar is the payment network that aims to connect global financial institutions through the prime token XLM. The main motivation behind Stellar is to enable the decentralized movement of money, as easy as sending an email directly between people, companies, and financial institutions. Stellar’s structure that allows money to be easily transferred between financial institutions, companies, and people provides improved access for individuals, lower costs for institutions and banks, and increased revenue for businesses.

Transactions that take place on the Stellar network are added to the distributed ledger, which is a database that can be accessed by anyone from all over the world. Stellar uses its own unique consensus mechanism to reach such a fast and accurate consensus on transactions.

Stellar’s consensus method allows for fast and inexpensive transactions, with everyone on the network agreeing on the correctness of the transaction in a matter of seconds. In Stellar, a transfer is completed within 5 seconds. The Stellar network can handle thousands of transactions per second.

Other tokens besides XLM, also called “Lumens”, can be created on the Stellar network. As in Ethereum, different tokens can be hosted in Stellar. Apart from Ethereum, Stellar is one of the prominent options for ICOs as tokens can be mined, traded, and transferred on the network.

Finally, the founder of Stellar is Jed McCaleb, who is also among the founders of Ripple. McCaleb left Ripple in 2013 and later founded Stellar in 2014.

How and where to buy Stellar (XLM)?

Stellar’s token, XLM, can be purchased through cryptocurrency exchanges. In general, it is sufficient to deposit money from your bank account to your account on these exchanges and then enter a buy order. You can use brokerage firms such as Coinbase, Paribu, Binance to buy XLM.

The Future of Stellar

Stellar’s (XLM) partnership ties are strong. Collaborating with technology giant IBM, Stellar recently reached an agreement with the Ukrainian government to digitize Ukraine’s official currency, Hryvnia. This deal was a turning point for both Stellar and XLM, as the price of XLM saw a significant increase after this development. Besides Ukraine, banks are also inclined to use the Stellar network. Stellar will also launch a stablecoin on the Stellar network by partnering with one of the well-established German banks later this year.

In recent weeks, banks in the US have been allowed to use stable cryptocurrencies and public networks for payments. The scope of this permit even includes banks to issue a stablecoin. So such permission is important for banks to use networks like Stellar. Stellar can stand out at this point.

SEE ALSO: What is SafeMoon Coin? Where to Buy It?

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Caroline Tetra

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