The Rise of stellar cryptocurrency
Digital currencies have essentially changed the way in which many financial transactions are implemented today. However, since these forms of currency are still relatively new, they are often prone to ripples. The latest form of digital currency in the financial market is referred to as the Stellar Cryptocurrency. In particular, the price of this currency has been rising since late last year. Many financial experts that argue that it could be the next currency to go huge
The cryptocurrency seeks to achieve the same performance as the Ripple, which is to offer free cross-border transactions. In fact, both platforms have in increased in value in the past few weeks, with the Stellar currency demonstrating an exceptional performance level. There are various reasons as to why the stellar currency is the next big thing. It is based on a contemporary approach, and the founders have incorporated various features for hassle-free transactions.
What is the Stellar Blockchain?
This refers to a digital currency that was developed with the aim of surpassing the conventional forms of digital currency. It involves a one-stop shop in the financial realms, with just one connection to the Stellar platform. In fact, every user including financial institutions, payment platforms and market participants all have equal access to the platform.
The financial platform is operated by using special blockchain technology that also powers the bitcoin. That said, unlike the bitcoin, stellar transactions can be settled in an average of 2 to 5 seconds. This allows users to quickly exchange any form of currency, such as converting British pounds to Canadian dollars.
The stellar coins are referred to as lumens, otherwise known as the XLM. The lumens are generally an asset of the Stellar platform. This means that they are integrated into the network. The assets include the items in the stellar network which have value. In essence, one lumen is unit of digital currency, just as in the same way as a Bitcoin.
Could Stellar Be the Next Ripple?
Various financial analysts have mentioned that stellar could be the next ripple. In fact, one of Ripples Key management staff recently left to be part of the Stellar platform. Rippler and stellar have various similarities. For instance, both involve the use of a native form of digital currency. Also, both these digital currencies are used to conduct fast and cheap international payments. That said, they also have several variations. The most notable one relating to their expected functionalities. Ripple is targeting large financial institutions, while the stellar platform is aiming individual users. If the stellar platform can follow in the way as Ripple, this will demonstrate that it can survive in the financial market.
Stellar Lumens XLM Price Action
Understanding the price action of this currency is also crucial. As a native of the Stellar platform, the XLM lumens currency has been on the rise since late last year. That said, similar to most forms of cryptocurrency that often experiences surges, much has to be said about the performance of this currency.