Check crypto prices - CPP logo Check crypto prices - CPP logo
2018-12-23 17:09:36

What is stellar lumens XLM cryptocurrency explained

Stellar - a trustworthy digital distributed platform

Stellar is a digital service which provides clients with the opportunity to make currency exchange of value at a small amount of money. Stellar aims to become a developed system, which gives an opportunity to use inexpensive financial service to people with any level of income. These services provide different issues, some of the common are:

  • Money remittance;
  • Small transactions;
  • Mobile wallets and transactions.

Besides all these services, there is a reliable and well-functioning network, which allows sending one type of currency in another one.

Money Exchange

With the help of Lumens service, you can send the currency you have in a currency that needs another person.

For example, if someone wants to send pounds to his mother, using his euros, a process of selling euros for pounds is sent to this money exchange can be called distributed. This exchange process forms a so-called order portfolio. The program processes the portfolio to offer the most suitable rate of money exchange for the particular transaction offer in order to save the user’s money.

There is a type of transaction, which can be only completed with the help of Anchors. They are trustees, which hold clients’ deposited money and provide credits. Anchors indeed has a role of a connecting-link between money transactions and Stellar program.

Lumens

There is a currency within the Stellar system, which is called Lumens. At present, they serve to:

  • Poly-transactions;
  • Spam protection.

Poly-currency transactions

Lumens is a type of currency, which allows clients to make some currency operations, including sending money in one currency and receiving them in another. Lumens currency is a digital mediator, that gives the opportunity to make this kind of transactions at low cost.

Spam protection

A small payment is levied with every bargain. It is used to prevent distributed DDoS attacks which would definitely appear on the Stellar network. Due to the small amount of payment, it almost won’t change the price of the transaction. But at the same time, the payment is high enough to dissuade swindlers from spam in the network.

Incentives program

In order to support and contribute to the development of the Stellar network, there are presented the following incentives programs:

  • Stellar Development Award;
  • Partnership Award.

Stellar Development Award

This is a permanent program, which is aimed to encourage innovations in Stellar network. Getting rewards up to 2 million Lumens creators are motivated to develop projects in such areas as Apps for money exchange, digital wallets, and tokens. With the help of financial incentives, the ecosystem can develop in the trustworthy and stable distributed system.

Partnership award

This program was created to motivate leading companies to create the network and to develop a more integrated financial network. Awards in the amount of 2 million Lumens can be given to a company.

With the help of such companies as IMB and other huge businesses, there is a huge need for Stellar reliable services.

Future Development of the Stellar

There are no doubts that developing partnership and ecosystem will make Stellar an authoritative service on the market. Its services are simple and effective. The professionalism of the Stellar team makes this service outstanding and noticeable on the market.

Most Read News

Related News

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer