The new version of virtual currency – meet cryptocurrency of Stellar

The cryptocurrency market is so developed that it would seem no new e-coin could gain the attention of the broader audience. Fortunately, the development continues, as indicated by the Stellar cryptocurrency, which is often called “the new version of a virtual coin”.

Innovation in the world of virtual money

Stellar, marked as XLM, is a developed open-source platform, based on the public and enhanced version of blockchain network. It was created to serve as a middleman, allowing to connect products and services available all over the world without the bank interference. The platform was supposed to guarantee a full independence while paying or transfering funds. It turned out to be possible, as Stellar became an efficient payment network, enabling the realisation of any payment with immediate confirmation and nearly zero fees. 

Cryptocurrencies stellar was created for international companies, businessmen, corporations and financists from all over the world, who don’t want to be limited by the bank services. People and companies looking for fast, infallible and nearly free payment platform. Stellar turned out to be the perfect solution.

The most crucial part of the platform are Stellar Lumens, the cryptocurrency of inflationary nature with no maximal supply. Thanks to this Stellar evolved into one of the most developed e-coin systems available on the market.

How to revolutionize the virtual coin market… The history of Stellar

Stellar functions currently as a virtual platform with its own cryptocurrency, the Lumens. Name of the system comes from the adjective meaning “star-like” or “star-related”, and the e-coins originates from the basic measurement unit of luminous flux. But before Stellar became known as the vision of the future, it had to go through a few phases of development.

Works on Stellar began in 2014 thanks to a programist Jed Caleb and a lawyer Joyce Kim. Those men, working together, set up a webpage called “Secret Bitcoin Project”, its aim being the analysis of Bitcoin’s shortcomings and gathering specialists to create a new, better e-coin. It was made possible, as the founders already had experience with the e-coin market. Jed Caleb was the creator of one of the first cryptomarkets – Mt. Gox, and worked on developing the Ripple e-coin, with Joyce Kim specializing in the investment law.

Once enough data and members were gathered, set up a non-profit organisation – the Stellar Foundation, aiming to create a platform enabling access to financial services for the citizens of excluded countries. This idea quickly gained supporters, thanks to which the organisation gathered 25 mln dollars of support and brought them 3 million users and 15 million capitalisations.

The coming years meant the further development for Stellar. In the april of 2015, a new source code was introduced, eliminating the connectivity problems and bringing the performance and security of the network up. In may 2016 began their partnership with the Deloitte Digital Bank, aiming to create an international accounting network. A year later the InterStellar Project was introduced to create a decentralized StellarX market and incorporate the Lightning Network. The non-stop work on updating the platform resulted in Stellar entering the cryptocurrency market where it keeps gaining the interest of investors.

Modern technology and modern possibilities

Stellar is an open-source platform based on the developed version of blockchain and owning its own cryptocurrency, the Stellar Lumens. This system allows for emitting tokens, basing on its own decentralised DEX market, and many more.

One of them is the practical ability to make transactions and build markets based on various types of financial instruments, which means that with the use of Stellar you can emit any asset in the form of a token. The system enables not only the exchange of other e-coins, but also currencies, securities and assets, thanks to which it became an universal investment platform. Moreover, every organisation can integrate their services with the Stellar network using a bridge server.

The regular works on improving Stellar caused the system to not only meet all the expectations, but also to become a revolutionary platform to mediate during investment operations, which uses its own cryptocurrency – Lumens.

Stellar Lumens are an inflationable cryptocurrency, with the constant inflation rate of 1% per year and no maximal supply. Thanks to this Lumens are used for covering the transaction fees on the network.

Safe storage – how to obtain and store Stellar?

Stellar’s development caused the platform to go far beyond the traditional view of cryptocurrecy and became an integral payment system. It would seem it should only be used by professionals. But in reality, you can buy and store it like almost any other cryptocurrency. There’s only one, small difference. Stellar is much more demanding in terms of storage.

Most of cryptocurrencies can be stored on regular platforms offering the access to a virtual wallet. Their principle is quite simple, so they don’t require very specialistic knowledge. Stellar is a little different, since its modern technology needs a tailored e-wallet system. As a consequence, the less experienced investors may have trouble with choosing the right virtual wallet platform.

In that case it’s best to seek the help of brokers, who will personally choose the best platform and set up an account. Additionally, to avoid login theft, they are only shared offline and sent to the client. This principle is used, for example, in Stellar Packet.