A Blockchain For Cross Border Payments
Stellar (XLM) was introduced to the world in 2014. Right away, the digital currency has an impressive resume.
For starters, it was co-founded by Jed McCaleb — the found of Ripple. McCaleb moved away from Ripple to cofound Stellar after differences came between him and the Ripple team. McCaleb has a long history in the digital currency space. Outside of Ripple and Stellar, he is also the founder of Mt. Gox — the world’s first Bitcoin exchange.
Despite the fact that it's often associated with Ripple, Stellar is a unique technology that deserves investor attention. Stellar has taken the idea of cross-border payments and has returned it to the people.
Let’s look at a few examples…
In today’s hectic financial world, if you want to send money to a peer overseas, you usually have to deal with the hassle of banks and middlemen.
The Stellar team helps to eliminate this through the use of its digital currency, Stellar lumens.
The Stellar network makes use of trusted entities called “anchors.” These anchors are trusted entities that can provide fiat lines of credit for individuals who want to send money overseas using the Stellar Lumens network.
Say you want to send money to a friend who lives in Paris, but you live in the U.S. You would provide a sum in dollars to be converted to lumens and then moved overseas. Once the sum reaches the anchor partner overseas, it would be converted into the resident currency — in this case, euros.
This has a lot of benefits for the anchor and the individual. If the two anchors settle the transaction in lumens, it should end up costing them less than a penny.
Outside of low transaction costs, the Stellar network also uses a built-in decentralized exchange to make sure network users are getting the best exchange rates. Stellar anchors can also be used to trade more than just fiat currencies — they can also be used to trade nearly anything, including other cryptocurrencies.
At the time of creating this index, the Stellar network supports trading Bitcoin, Stellar Lumens, and Ripple.
If you’re interested in learning more about Stellar, you can visit the company's website here.
And you can access the company’s white paper here.
How to Buy Stellar
You can buy Stellar Lumens on a wide range of exchanges, including Binance, Bittrex, and Poloniex.
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