The cryptocurrency market is becoming increasingly more competitive every day with the addition of new cryptocurrencies. At the moment, there are nearly eighteen hundred digital coins vying with each other for a decent market cap. Besides, new ICOs (Initial Coin Offerings) are getting legitimized as new cryptocurrencies every month. Under such circumstances, every digital coin needs to offer some sui generis features to earn a decent value as well as market capitalization.
Stellar Lumens (XLM) is an open-source protocol designed by the creator of eDonkey Jed McCaleb and Joyce Kim, which came into the market in 2014. The sole purpose of XLM was to provide an efficient protocol for exchanging money and it has now become a standout feature of this cryptocurrency.
By the end of 2017, the price of this coin exhibited a significant upsurge amongst the general turmoil created by drastic falls in price, scams and hacking incidents. Statistically speaking, XLM had an upsurge of 65% in its price in the previous year that put this cryptocurrency on the list of top ten digital coins. Currently, Stellar holds the eighth position on Coimarketcap. Here, you would find a few aspects of this coin that could help you comprehend why Stellar might become a cryptocurrency giant in future.
The Ingenious Design of XLM:
Stellar was designed as an open-source protocol for quick transactions. The entire design of this coin takes part in this transaction process actively. The internal architecture of Stellar includes several servers that are capable of running a software implementation of the protocol while connecting with other XLM servers via the internet. This allows the protocol to generate a value exchange network that is accessible to all traders spread across the world.
In this network, the record of every individual account is held by the servers on a database known as the “ledger”. A transaction takes place through this network when all of the servers come to an agreement to move a certain amount to a definite address from the ledger. This mutual agreement is known as a “consensus”. Each consensus takes 2 to 4 seconds on an average and happens at regular intervals while keeping each server’s copy of the ledger in sync.
The Unique Cross-Border Transaction:
Because of the efficient global network provided by XLM, a cross-border transaction has come within the grasp of every cryptocurrency traders. The Stellar protocol allows the traders to exchange money from one country to another for a very low cost and in a lightning-fast speed. The quality of this service is one of the main reasons behind its increasing popularity.
Lucrative Partnerships with Mainstream Companies:
Although according to many crypto-connoisseurs, the transaction service is enough for Stellar Lumens to achieve a commendable position on Coinmarketcap, this coin has strengthened its position by partnering with several reputed mainstream companies like IBM and KickEx. These two companies have major contributions to XLM’s cross-border transaction facility using blockchain technology. Besides them, Stellar initiated collaborative partnerships with 37 companies last year including 6 partners in Africa, 3 in Europe, 8 in Asia-Pacific, 5 in the Persian Gulf, and 4 in North America. Among these 37 partners, the endorsement from the renowned internet service provider Stripe is worth mentioning.
Launching of Stellarport:
Stellarport is a cryptocurrency exchange that was designed by the creators of Stellar Lumens. The unique feature that makes this cryptocurrency exchange different from the others is that it makes the trading possible for cryptocurrencies immediately tokenized from ICOs. This feature is allowing several traders to make a significant amount of profit through speculation and trading across several platforms.
Listing on eToro Trading Platform:
eToro is predominantly a platform for commodities and securities. Very recently, with the gradual acceptance of several Altcoins by financial and governmental organizations around the world, eToro has listed six Altcoins including Stellar Lumens.
Getting listed on a trading platform that possesses a community of 6 million traders, XLM is likely to receive even more exposure resulting in more circulation as well as popularity.
Current Scenario and Future Speculation:
Stellar Lumens is in the eighth position on Coinmarketcap with an overall market capitalization of more than 7 billion USD along with an individual value equivalent to $0.386595 (On 5th March 2018).
Despite the volatile nature of cryptocurrency market, the incidents and points cited above should make a positive impact on Stellar Lumens and if it continues its dream run as the previous year, being a future crypto-giant won’t be impossible for this virtual currency.
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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.
Reasons Why You Are Much Safer When Crypto Trading on Dexes
While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.
During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.
Here are some reasons why you might want to consider doing the same.
1. True ownership of your coins
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Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.
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The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model. And online casinos are no different. It still needs to be said that centralized casinos have proven that there is a great demand for online gambling. The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative. But industries are continually evolving and this one is no different.
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