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Stellar Lumens (XLM): The Future of Fintech

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Stellar Lumens

Any time that someone mentions banking and cryptocurrency in the same breath, talk of the Ripple payment protocol follows. That’s apt, given their market share within that space – but the Stellar payment network is gaining ground. The two are not in direct competition, but there are certainly overlaps. Considering Stellar Lumens was originally a fork of the Ripple system, that isn’t surprising.

Where Ripple is the centralized, profit-seeking corporate banking cryptocurrency, Stellar is a non-profit. Ripple appeals to large banks and financial institutions, but Stellar aims to provide low-cost banking to developing nations. Integrating cryptocurrency with individual remittances will eliminate most fees associated with the practice.

An Upgrade to Ripple

Originally envisioned in 2014, Stellar was hard forked from the Ripple protocol. Over the initial phases of development and multiple changes to the code base, Stellar decided to split entirely. They created their own network with a new code base and a new algorithm. That network went live in 2015 and gained serious traction throughout 2017. Their partnership with IBM, in particular, has catapulted them to the forefront of the cryptocurrency spotlight.

All of this came about from the desire to create an altruistic ecosystem for financial access. Underbanked and unbanked people lack basic avenues for advancement. Even those that leave to find more lucrative work often find their remittances to home torn apart by fees. Easing these issues provides more capital at home, which creates an environment where the home nation can succeed. Ripple has similar plans, but their framework is entirely within the larger financial sector – they consider remittances as a potential revenue source, but the altruism is lacking.

Stellar’s Lumen currency is in a position to provide that friction-less, low fee transactions necessary for this ecosystem. As adoption increases, Lumens will be more easily accessed by the people of the developing world. This is good for them, through the free flow of remittances to home, but also for investors who are gaining value.

Cross-Border Exchange and the Bridge Currency

Traditional banking institutions face several hurdles in exchanging money across international borders. First, they need someone looking to sell the local currency. Second, they need to be willing to accept the currency that the institution possesses. Finally, the associated government agencies need to take their cut of the transaction. Combined, this creates an inefficient market where everyone except the individual is making a profit. In order for that to change, a system that removes those inefficiencies needs to be developed.

Stellar is looking to be just such a system, using the advantages of blockchain technology to step around the hurdles entirely. To a certain degree, the US Dollar acts as a bridge currency for much of the world. Most countries are willing to trade their local currency for USD. There are not nearly so many willing to spend USD to gain exotic fiat currencies. They solve this by the internal use of the Lumen cryptocurrency. The system benefits from holding a reserve of all currencies, and to that end, it maintains Lumen-Fiat trading pairs. Fiat can be traded through the bridge currency at will, ensuring rapid transactions. The inherent digital, consensus nature of blockchain use ensures a low fee and avoidance of government interference.

Banking the Unbanked

The phrase ‘banking the unbanked’ is a catch-all used to suggest that there is a massive, under-accessed group of potential investors. That isn’t necessarily true, but there is an untapped group that would benefit from financial access. While a corporation looking to gain revenue may falter in entering this market, the non-profit status of the Stellar Foundation can make great strides. As they are not searching to maximize their exploitation of the new market, they can focus instead on providing the greatest service for the user base.

Success in that endeavor will still reap great rewards. Stellar is heavily involved in the upcoming Tel Aviv 2018 conference, and most fans are expecting some major announcements. That can always cause some heavy volatility in the price of a cryptocurrency, but the strong support base at the current price may help to push Lumens up above recent highs.

FinTech and the Future of Blockchain

We tout Blockchain technology as a cure-all to every technological issue that plagues us. While that may not be completely true, the advantages in the financial sector are blatantly obvious. Distributed ledgers provide a much-needed level of transparency and trust that has been sorely lacking. The greater the distance and the more steps involved, the higher the associated cost and the greater the counterparty risk.

If Stellar can bring secure, reliable banking to the developing world, it would be a complete game changer. Areas that had previously been stagnant or regressing would see advancement and new opportunities. This could create a domino effect that would see greater adoption and market share for the Stellar Lumens cryptocurrency – making it very valuable for the average first world investor as well.

We will be updating our subscribers as soon as we know more. For the latest on XLM, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of techinasia.com

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META 1 Coin Trust Announces Commission to Study Global Persecution of Cryptocurrency Projects

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Boca Raton, Florida, 27th October, 2020, // ChainWire //

Collaborating with Other Cryptocurrencies, META 1 Tackles Injustice and Human Rights 

META 1 Coin Trust has announced plans to identify, research and document instances of governmental overreach in cryptocurrency cases globally, as part of its ongoing efforts to advance human rights and individual freedom. 

According to Robert P. Dunlap, Executive Trustee of META 1 Coin Trust, “The malicious attacks on crypto projects globally by overzealous government agencies must be documented and publicized to protect the individual liberties of META 1 Coin holders, as well as issuers and holders of other cryptocurrencies.” He added, “The decentralized, non-jurisdictional reality of crypto has left government agencies often unable to fully litigate cases and the general public should not have to continue suffering due to excessive overreach as agencies clamor to save face.”

META 1 Coin Trust is led by Robert P. Dunlap and Nicole Bowdler, who are both committed to pushing back against unimpeded global persecution of cryptocurrencies. By calling attention to years of organized efforts by government agencies to specifically target cryptocurrency projects, their hope is that the public will see and demand an end to these unjust violations of individual liberty. 

Specific grievances which motivated this initiative include grave concerns over government agencies’ obstruction of individuals’ livelihoods, defamation of character, and libelous false accusations which could tarnish the names of individuals for years to come, long after legal actions…

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Chainwire Launches Blockchain-Focused Automated Press Release Distribution Service

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TEL AVIV, Israel, 13th October, 2020, // ChainWire //

MarketAcross, a world leader in blockchain public relations and marketing services, is pleased to announce the launch of Chainwire, an automated press release distribution service which provides guaranteed coverage and in-depth reports. Chainwire will be a one-stop-shop for the distribution of press releases in the cryptocurrency and blockchain sector. The launch marks the first time that advertisers can reach leading publications in the crypto media with the click of a button. 

While most industries have some kind of PR newswire service, the cryptocurrency sector has become a victim of its own rapid pace of growth over recent years. Since the ICO boom of 2017, there has been a proliferation of blockchain and crypto-focused projects, exchanges, investment firms, and marketing agencies, along with niche news and informational content sites. 

However, the infrastructure to connect this complex ecosystem has been slow to come up to speed, meaning that existing newswire services don’t reach their target audience. It’s estimated that one in five people own cryptocurrencies, so there is currently a significant missed opportunity to reach a massive global readership. 

As a newswire service dedicated to the crypto and blockchain space, Chainwire aims to address this gap. Press releases are distributed to leading publications, offering guaranteed coverage to reach audiences worldwide. The system is integrated with publishers and blogs, enabling accurate reporting via a user-friendly dashboard. It also…

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How Can Foreigners Get Loans in Singapore

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loans for foreigners in Singapore

Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary. 

What defines a foreigner in Singapore? 

A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also houses many International students attending many esteemed Singaporean Universities.  

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