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Getting Acquainted With Stellar Lumens (XLM) And Understanding The Driving Forces Behind It
2017 has been the year that cryptocurrencies have dominated the spotlight with many notable digital coins such as bitcoin, Ethereum, Litecoin and many others. They have surged massively over the past 12 months and proven to be a lucrative way of making money. This has, in turn, led to a hunt for other promising cryptocurrencies and this time we look at Stellar Lumens (XML).
It is currently one of the fastest growing cryptocurrencies in the world with a market cap of $4.9 billion, and it is currently ranked at the 12th position based on market cap. It is also an open –source distributed payments infrastructure as described on its website. To clarify, Stellar is the network or infrastructure while the Lumen is the asset operated on the network. A Lumen thus represents a unit of a digital currency. The system was conceived based on the international community’s need for a worldwide open-source financial network that targets the public domain.
A simpler explanation is that the system will allow people to transfer send cash instantly using the system without having to go through the trouble of conversion. For example, a user in the U.S can send money in XLM to a recipient in Japan and the recipient will withdraw in Japanese Yen. This could be very useful to people traveling abroad because they can use XML as a payment option through which they do not have to convert their money to the currency of the country where they are traveling.
The underlying goals are thus part of the Stellar Lumens team’s plan to come up with solutions that make monetary transactions faster, cheaper and more reliable than what is offered through the current financial systems. The team’s protocol aims to connect people on a global scale so that payments across borders will be more efficient.
As for the Lumen cryptocurrency, it is operated on premises that are similar to those of other digital currencies, thus blockchain technology with all the benefits such as decentralization included. The Stellar network is operated on servers operated by entities and individuals. These servers support the ledgers that document all the transactions as well as the data from the network.
The digital currency attracted a lot of attention on Sunday after it surged by 54 percent within a span of 24 hours. The significant jump also added to previous growth that the altcoin has demonstrated before that. This jump also aligns with the jump in the value of most cryptocurrencies over the past few weeks. The surging prices have most likely gotten the attention of investors looking for opportunities to grow their portfolio. This is because XML is shaping up to be quite promising as far as growth is concerned.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of Luke S via Flickr
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
Altcoins
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has…
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