Once IBM announced its new partnership with Stellar Lumens (XLM), which included eight new validators for Stellar’s network, provided by IBM, XLM’s price rose to $0.24.
Stellar introduced their concept of a network ATM last year in Singapore in a move that will bring a lot of attention to their currency in particular and the crypto world in general. Jed McCaleb (one of Stellar’s founders) announced as well that more than thirty banks would join the Stellar/IBM blockchain partnership (and that’s happened already). If that wasn’t enough great news, Nano Ledger S included the token in its list, and that all happened a decent time ago – many other good things have happened, too.
Stellar has grown by 6,300% (when we talk about the point from where the currency started its journey) despite the fact that it’s been included in exchanges only very recently. It’s an amazing feat for a relatively young project.
This has a lot to do with the number of other partnerships that Stellar Lumens has achieved. Let’s have a look at some of them:
- SatoshiPay. A service that allows websites to monetize in digital currencies.
- Keybase. A company working on centralization and privacy (has got pretty much the same beliefs has Stellar does). They have 200K users already, and growing rapidly – there’s an open Stellar team on the Keybase now.
- EXCH.ONE. It is a Swiss exchange that wants to include both fiat and digital currencies. They want Stellar to go along with them in Europe and the Americas.
- Klick-Ex. A famous firm that provides international transactions, especially relevant in Europe and the Pacific.
- HashCash. Developers of solutions for financial institutions such as banks.
- Mobius. This service will make them relevant in the mobile market. It has the ability to make smart contracts for non-chain users. Stellar’s co-founder, Jed McCaleb, is also part of Mobius.
- Deloitte. A consulting firm with clients who are in the Fortune 500 companies list. The firm expects some of its clients to adopt XLM soon.
Why are firms going for Stellar?
It would seem that Stellar means to steal Ethereum’s ICO protagonism when it comes to creating simple tokens, at the very least. Ethereum creates a new ICO by creating a new token based on the ERC-20 blockchain. This, still relatively new (if you compare it with the big guns), the token is nothing but a smart contract written in Ethereum’s Solidity programming language.
Stellar Lumens (XLM) uses a simpler, more user-friendly, language that could even do away with the need to have a Solidity expert at hand.
Blockchain networks need validation and validation takes power. This is one of the issues with blockchain technology. Bitcoin is notorious because of the huge amounts of power it takes to mine even a single block. Stellar offers an alternative. The use of the Consensus Algorithm saves a lot of energy, requires no mining per se and that makes everything cheaper.
Stellar (XLM) Market Analysis
With $5,152,384,774 in market capitalization, Stellar (XLM) currently holds the 8th place. This is impressive when you consider that all this progress has been made within just a couple of years. Many institutions have given Stellar their public support so FOMO is taking over FUD in social media, neutral observers, and crypto enthusiasts.
When Stellar Lumen’s XLM came live, it was traded at fractions of a penny. Now it’s at $0.27 USD which makes for almost a 6000% increment. Again, it’s not even been five full months yet.
So XLM is growing quickly but it’s still very cheap. This is very attractive for investors who expect this coin to keep growing. For them, this means they are in time to buy it in bulk and then just sit back, and watch it grow.
If the crypto economy goes all the way to another trillion dollars more or less soon (as it’s expected), then by coming September, Stellar could be on Coinmarketcap’s top 5 and could hit the one dollar mark during November or December.
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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 and read our full disclaimer.
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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.
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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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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world. Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon. This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs. One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos. TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.
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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.
A few of the problems facing centralized casinos include the following:
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