The price Stellar today is 0.267469 USD, and the trading volume in 24 hours - 458,060,683 USD. The crypto asset has grown by -0.84% over the day. Currently, the coin’s market capitalization is 6,243,996,033 USD, and has 23,344,746,618 coins in circulation with the max supply of 50,001,802,993 coins XLM.
What is Stellar? (XLM)
Stellar aims to rethink the currency and asset transfer market by creating a distributed network that spans everything from a payment system to an exchange.
Launched in 2014, Stellar allows users today to send money and assets in ways that have traditionally been the preserve of payment service providers.
The difference is that Stellar provides these services by encouraging a distributed network of computers to run shared software.
The idea is that anyone using Stellar's services can transfer everything from traditional currencies to tokens representing new and existing assets. These assets can then be traded between users using their cryptocurrency, lumens (XLM).
As such, Stellar shares similarities with the XRP Ledger and its XRP cryptocurrency, which is also designed to provide a protocol for payment providers and financial institutions.
But Stellar has also sought to position itself as a kind of decentralized exchange, as its registry has a built-in order book that tracks Stellar asset ownership.
Developers have increasingly sought to make Stellar a marketplace for assets issued under its own protocol, with features that allow users to manage buy and sell orders and set preferred assets when making deals.
Who created Lumens (XLM)?
Stellar is the name of a distributed computer network in which Lumens are the cryptocurrency needed to send transactions. Lumens are now traded under the ticker XLM on exchanges such as Kraken, and as a result they are often abbreviated as XLM.
The person credited with creating Lumens is a co-author of Stellar (and founder of the Stellar Development Foundation) Jed McCaleb. McCaleb, in particular, founded the first successful Bitcoin exchange-Mt Gox, and developed the XRP Ledger.
He continued as Chief Technical Officer (CTO) of Ripple, the company that is now responsible for developing the XRP Ledger, until 2013. After that, he left, and created Stellar.
Other notable contributors to the XLM technology and ecosystem include:
- David Mazier is the author of the Stellar consensus protocol.
- Denel Dixon is the Executive Director and CEO of the SDF.
- Joyce Kim is the founder of Stellar and a former SDF executive.
More information about the Stellar Development Foundation's leadership team can be found on the project's official website.
How does Stellar work?
During its launch, Stellar copied the code used to run the XRP Ledger, meaning it inherited much of its design and features.
However, Stellar has since made technical changes that distinguish its offering.
Stellar Consensus Protocol
Stellar's biggest update came in 2015, when it replaced the mechanism that was used to keep computers running its software running with a custom-built alternative.
Based on a concept called the Federated Byzantine Agreement, a type of consensus method that predates the one developed for Bitcoin (BTC), the Stellar Consensus Protocol allows nodes to vote on transactions until a quorum is reached.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.