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Introduction of Steller

Jeremy
Jeremy Posts: 1298 Points

What Is Stellar?

The term Stellar cryptocurrency refers to a digital or virtual currency developed by Stellar Development Foundation. The organization's currency, which is called the lumen, is traded under the symbol XLM on various cryptocurrency exchanges. Lumens can be used by traders on the Stellar network, which is a blockchain-based distributed ledger network that connects banks, payments systems, and people to facilitate low-cost, cross-asset transfers of value, including payments.

Understanding Stellar Cryptocurrency

Cryptocurrencies are digital or virtual currencies that were developed for trading on decentralized networks called blockchains. Doing so ensured they couldn't be counterfeited like regular currencies. It also prevented them from being double-spent.

Unlike fiat money, cryptocurrencies aren't issued by central banks, which means governments don't interfere in their trading activity. A variety of cryptocurrencies popped up following the success of Bitcoin—created in 2009—including the lumen.

As mentioned above, the lumen is Stellar's cryptocurrency. There are roughly 22.5 billion coins in circulation, with a maximum supply of 50 billion. The Stellar Foundation originally had over 100 billion lumens in existence but burned roughly half of its outstanding coins in November 2019. The move caused a short-term rise in the price of XLM, though the rally quickly faded. Coin burns are controversial because they imply the kind of manipulation that decentralized systems are supposed to protect against.

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