Name: Stellar
Brand: Stellar
SKU: XLM
Price: 0.21 USD
Availability: InStock

Question 1

What is Stellar (XLM)?

Accepted Answer

Stellar (XLM) is a peer-to-peer decentralized network created in 2014 by The Stellar Development Foundation. The network aims to connect the world's financial systems and facilitate fast, low-cost financial transactions among users globally. With its open-source, community-owned architecture, Stellar enables instant cross-border payments and supports a wide range of currencies and assets.

Question 2

What differentiates Stellar (XLM) from other tokens?

Accepted Answer

What sets Stellar apart from other cryptocurrencies is its unique focus on financial inclusivity, particularly for users in developing regions. Stellar allows for ultra-low transaction fees, currently at 0.00001 XLM per transaction, making it cost-effective for personal transfers. Furthermore, it utilizes the concept of Anchors to facilitate the connection between different currencies, enhancing its capability for cross-currency transactions.

Question 3

What is the utility of Stellar (XLM)?

Accepted Answer

The utility of Stellar (XLM) lies in its ability to provide a seamless platform for cross-border transactions at low costs. It functions as an intermediary currency that enables users to transfer funds in multiple currencies while overcoming barriers like high fees and slow transfer times. Stellar is also designed to empower individuals and small businesses, facilitating access to the global financial system through user-friendly applications.

Question 4

What does the Stellar (XLM) whitepaper promise?

Accepted Answer

The Stellar whitepaper emphasizes its commitment to building an open financial system that allows people of all income levels to access low-cost financial services. It outlines the network's goal to enable cross-asset transfers among different currencies and create a more inclusive economy, thereby reducing the barriers to financial participation for unbanked populations.

Question 5

What consensus mechanism does Stellar (XLM) use?

Accepted Answer

The Stellar network uses the Stellar Consensus Protocol (SCP), which is designed to achieve decentralized control and low latency. It allows anyone to participate in the consensus process, aiming for flexible trust and asymptotic security. This ensures that transactions are confirmed quickly and securely without a single entity having control over the network.

Question 6

Who created Stellar and why?

Accepted Answer

Stellar was founded by Jed McCaleb in 2014, along with former lawyer Joyce Kim. McCaleb, who had previously co-founded Ripple, created Stellar to facilitate moving money across borders with low-cost transactions, making financial systems more inclusive for all.

Question 7

When was the Stellar (XLM) token created?

Accepted Answer

The Stellar (XLM) token was created in 2014 when the Stellar network was established. The official launch of the network took place in 2015.

Question 8

How do I use the Stellar (XLM) token?

Accepted Answer

To use the Stellar (XLM) token, users can engage in multi-currency transactions by sending any currency they own through the Stellar network, which utilizes XLM as an intermediary currency. This process involves submitting offers to the distributed exchange, which helps to find the best exchange rate for the transaction while keeping costs low. Each transaction incurs a small fee of 0.00001 XLM to prevent spam and protect the network's efficiency.

Question 9

Where do I buy the Stellar (XLM) token?

Accepted Answer

Stellar can be bought on the SwissBorg app with just a few clicks. Download the app for Android or iOS and exchange cryptos instantly at the best price.

Question 10

What problem or need does Stellar aim to address?

Accepted Answer

Stellar addresses the need for an open financial system that connects various financial institutions globally to facilitate low-cost and efficient cross-asset transfers. It aims to provide access to financial services for individuals of all income levels, overcoming barriers faced by unbanked populations while allowing for easy exchange between different fiat currencies and cryptocurrencies.

Question 11

Is the Stellar (XLM) open-source, and can I review its code?

Accepted Answer

Yes, Stellar is open-source, allowing anyone to review its code. This decentralization enables a community-driven development approach, making it an accessible platform for developers and contributors to enhance and innovate.

Question 12

How was the Stellar (XLM) token generated?

Accepted Answer

The Lumens token was initially generated at the launch of the Stellar network in 2015, with a total of 100 billion XLM issued. However, in 2019, the Stellar Development Foundation burned over half of the supply, adjusting it to a total of 50 billion XLM.

Question 13

What is the Stellar (XLM) transaction speed and scalability?

Accepted Answer

Stellar’s network boasts an average transaction speed of approximately 5.8 seconds, ensuring quick and efficient processing of cross-border transactions. The low-cost fee structure is designed to keep transactions affordable, typically costing just 0.00001 XLM, thus making it scalable for high-volume usage.

Question 14

Is Stellar (XLM) environmentally friendly in terms of energy consumption?

Accepted Answer

Stellar is recognized for being more energy-efficient compared to several other blockchain systems. Its decentralized and open-source network operates with lower energy consumption, thus making it a more environmentally friendly option in the cryptocurrency space. These attributes ensure that Stellar can create a lasting real-world impact while maintaining sustainable operations.

Question 15

What is the governance model for Stellar (XLM)?

Accepted Answer

The governance of Stellar is not centralized entirely. It operates as a decentralized protocol supported by the Stellar Development Foundation, a non-profit organization. This governance model enables users to participate in decision-making processes, such as voting to support projects benefiting the Stellar ecosystem, enhancing community involvement and transparency.

Question 16

What are the long-term goals and vision for Stellar?

Accepted Answer

The long-term vision for Stellar focuses on promoting global financial inclusion by connecting financial institutions and providing low-cost financial services to individuals of all income levels. Stellar aims to enable seamless cross-border transactions, enhance the fluidity of money in the digital economy, and empower users worldwide to interact with the financial systems efficiently.

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Market Stats

What is Stellar (XLM)?

Technical Analysis

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Stellar Price

Top up and invest in seconds!

Market Stats

What is Stellar (XLM)?

What differentiates Stellar (XLM) from other tokens?

What is the utility of Stellar (XLM)?

What does the Stellar (XLM) whitepaper promise?

What consensus mechanism does Stellar (XLM) use?

Who created Stellar and why?

When was the Stellar (XLM) token created?

How do I use the Stellar (XLM) token?

Where do I buy the Stellar (XLM) token?

What problem or need does Stellar aim to address?

Is the Stellar (XLM) open-source, and can I review its code?

How was the Stellar (XLM) token generated?

What is the Stellar (XLM) transaction speed and scalability?

Is Stellar (XLM) environmentally friendly in terms of energy consumption?

What is the governance model for Stellar (XLM)?

What are the long-term goals and vision for Stellar?

Technical Analysis

Exclusive tools

Automate your investment today!

Receive notifications when Stellar reaches certain prices.

Get paid to trade

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