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Stellar (XLM): The 20% Dip and Should You Be Worried

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Stellar

Although the beginning of January 2018 went on pretty smoothly for Stellar, it seems that this currency is now among top 10 currencies that lost the most of their value up until the last week of February. What is going on with Stellar and will the recent 20% dip end up affecting XLM in the long run?

A Little About Stellar

Stellar is a decentralized blockchain-operating value founded by Jed McCaleb. McCaleb was also a co-founder of Ripple, so these two currencies share more than just a couple of similarities.

Stellar is a payment technology that aims at creating an easy way of making transactions between multiple users set on a decentralized ecosystem. With this idea, XLM is even using the same protocols as Ripple. However, the similarities between the two make different ways after 2014 when Stellar launched SCP, which is a protocol that changed the way Stellar works.

Now, Stellar is an open source system, Ripple is dealing with a closed source, which is at the same time the main difference between the two. Moving forward from the story about the differences between Ripple and Stellar which were both developed with the help of McCaleb, Stellar is focused on the idea of enabling fast and cheap global payments for the developing countries as well as for people who don’t own a bank account.

Unlike many other altcoins, XLM is not taking advantage of miners for their need of approving transactions. So, instead of having miners within the network to approve transactions, XLM is using the FBA protocol.

With FBA algorithm, Stellar has enabled fast transactions and prompt transaction approvals. This is the case because this algorithm uses only fragments of the network at the time.

Stellar also uses smart contracts for more thorough legal binding, just like Ethereum, which additionally raises its technological and practical value.

Since Stellar has the required technology to support these demands, it is no surprise that this currency had an amazing rise in its price at the beginning of January 2018. At that time Stellar was dealing at over 1$ per one unit, which was at the same time a value multiplied 15 times in oppose to XLM’s previous price.

What is going on with Stellar?

Unfortunately, the previous week was rough on Stellar as this currency got on the list of top ten loses on the crypto market. In oppose to 2017 when Stellar had an amazing progress in its price, XLM also represented the top currency when it comes to price gains.

Now, we are seeing a completely different story as XLM is trading at an almost underrated price of 0.35$ per one unit. Unlike the price this currency was dealing at during January, 0.35$ is pretty low for a coin like Stellar.

The most recent fall in its price that consequently brought it to the current value was market at -2.94% against the dollar.

In case you are looking for a solid good investment, at least you can take advantage of buying XLM at a pretty low price with the condition that you are interested in operating with this currency.

Stellar and Its Partnerships

If you are too concerned about the Stellar’s latest drop, you should probably consider keeping calm about it as Stellar is here to stay.

Given the fact that XLM is a combination of fast and cheap transactions, making online banking as simple as a piece of the pie, many interesting partnerships were sealed over the years since the first time of its launching.

One of the companies that believes in Stellar is IBM which is one of the greatest software companies ever to exist. IBM has mentioned their partnership with XLM back in October of 2017, also announcing that IBM itself is looking forward to using blockchain technology in their projects.

Thanks to their partnership with IBM, Stellar is actually being used in their blockchain banking protocols.

Another partnership worth the mention is their agreement with ICICI Bank, which is the biggest bank in India. Since banking in India is still in the developmental stage, ICICI’s partnership with Stellar has enabled this bank to operate with transactions through XLM’s blockchain system.

Since Stellar is successfully operating with blockchain cross-payments between the users, Deloitte, which is a private consulting company, also sealed a partnership with this currency.

If you pay attention to the way Stellar is operating, its technological capabilities, adding these partnerships to the table, it is more than obvious that this currency will most certainly find its way back to dealing in green on the long run.

For now, this amazing currency can be purchased at a pretty low price, which could make up for a solid good investment.

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 coinmarketcap.com

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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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.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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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…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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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 been…

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