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Why IBM (NYSE:IBM) is Getting Serious about Stellar (XLM)

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Founded in the early years of 2014 by Joyce Kim and Jed McCaleb, Stellar is considered as an open source protocol for exchanging money. Although, it is the offshoot of Ripple, yet there are few philosophical differences. While Ripple focuses on providing solutions to banks, Stellar on the other hand aims to simplify the payment system for people.

Stellar (XLM) has become one of the most well-known topics in the realm of cryptocurrency because of its connection with one of the tech giants IBM. According to the latest updates IBM is providing 9 key validators for Stellar’s network. IBM also mentioned Stellar (XLM) as one of the most explored spaces in the blockchain.

Right now, there is a craze for tokenized assets are a result of the surge in interest for Stellar. However, in spite of the current bearish trend in the market people are still showing a keen interest in investing in digitalized assets.

What Causes The Rise of Stellar(XLM) to $1.09

According to the current updates IBM has been planning to meet with the executives from large corporations, commodity trading platforms and global central banks for finding ways of saving money by using cryptocurrency and the blockchain technology.  Stellar’s partnership with IBM, has already announced in last October. The partnership further, strengthens the use of Stellar, as the cross-border payments by making the digital connection of the fiat currencies on both ends of the transaction. Stellar now replaces Swift, by building a strong bridge.

Several, central banks consider issuing their own digital cryptocurrency and many of these banks use IBM products and services in their backend. Thus it is, natural to assume that the new crypto by these central banks will use the Stellar blockchain. This blockchain is capable of issuing their own tokens and smart contracts that are less malleable than the Ethereum smart contracts but it also has some certain qualities that the Central Banks would like to add in their control of transactions.

Stellar smart contracts are revealed as compositions of the transaction that are generally implemented and linked using several constrictions that are executed by the coder. These constraints comprise of multisignature, sequence, batching/atomicity, sequence and time bounds. These constraints will be absolutely perfect for the cryptocurrencies issued by the central bank.

According to the price analysis by the cryptocurrency market expert, although the market is still bearish yet, Stellar is trying to bounce off the downward trend line. Thus, the implementation of the stellar platform keeps on growing with IBM and its association with 20 global Central Banks. IBM is, in fact, running 9 Stellar nodes in order to confirm the transaction location around the world.

Blockchain Banking

The blockchain banking process generally depends on Bitcoin-like digital currency, known as Lumens only to facilitate the cross-border payments. In recent scenario, the banks opted for such payment options by maintaining foreign accounts in a local currency that is generally known as Nostro accounts. By using this blockchain arrangements banks will keep up the transactions using Lumens and then they try to convert the lumens into the local fiat currency by depending on the local market. These Lumens, created by the non-profit foundation Stellar, is a well-known name in the realm of the cryptocurrency world.

Both Stellar and IBM have become the part of the project named Hyperledger Fabric that is built on the open source blockchain tools that intend to support the infrastructure of the payment system.

As the future predictions made by the cryptocurrency market expert banks will use the Stellar’s digital currency on a temporary basis. There is a higher chance that the banks will start issuing digital currency on their own. These digital currencies will become an essential part of blockchain based money transfers.

Is it the right time to invest in Stellar?

As the time passes by, the Stellar platform is developing gradually and it is getting better day by day. There is a huge possibility that Stellar, after its association with IBM, is adopted by most of the central banks all over the world. The value of Stellar is growing at a significant rate. Thus, this crypto coin is giving a serious challenge to Ripple. Moreover, the volume can also get increased as its adoption by the financial sectors and ICO projects. Thus, it is the golden time to make an investment in Stellar, as later there is a huge possibility that the price can go up.

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 and read our full disclaimer.

Image courtesy of Kansir via Flickr

Blogs

How is the Crypto Market Changing?

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It has been around a month and a half since the start of 2019, and there are already some pretty obvious changes in the way the crypto market operates, especially when compared to the last year. Early 2018 was almost a complete opposite. The previous year started with cryptocurrencies at their strongest, only to see them crashing down after a few weeks. Back then, the ICO model was still quite strong, and so was the hype surrounding the crypto space. New investors kept entering the space, and new startups emerged with their tokens ready to be sold.

As the year progressed, things started to change. The prices continued to drop, the ICO model went down from around $1.4 billion in raised funds at the beginning of the year to only $100 million in the last month.

The ICO model lost investors’ trust, as many of the projects turned out to be either too weak to survive after the crypto winter struck, or scams which tricked investors out of their money and disappeared. Not to mention that the increase in ICOs popularity attracted the regulators who cracked down on them pretty hard, especially in the US.

With all of that happening, it is of a small surprise that the investors started giving up on ICOs, especially with the constant drops in prices which saw even the largest coins…

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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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gambling dApps
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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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