Who is behind the project?
Stellar is a platform that aims to connect people from around the world, whether rich or poor, with banks, low-cost payment methods and Stellar Coin's own cryptocurrency. The team behind stellar.org is a motley team of top developers and finance personalities. The fight against poverty is paramount.
Stellar Development Foundaten is the nonprofit organization behind the project, founded in 2014 in the state of Delaware.
What are lumens?
Lumens are the actual native asset of the Stellar network. This means that the lumens are brought into the network so that this works in the first place. A lumen is thus like Bitcoin a virtual payment unit, so a crypto currency. The "Lumen Coin" ensures that payments within the community can be processed quickly and easily across the world.
There are currently 100 trillion Stellars that were put into circulation in 2014. In 2015 there was an update of the network that led Stellar to be transformed to Lumen to allow a better distinction between the Stellar Network and the non-profit organization stellar.org.
The lumens take on two different functions:
An anti-spam role: a very small fee of 0.0001 lumens is allocated for every transaction. This effectively prevents the blockchain from being flooded with DoS attacks and attacking the network. Similarly, the Stellar network requires all accounts to keep a minimum of 20 lumens. This requirement ensures that the accounts are authentic, which maintains the network a seamless transaction flow.
Luemns can facilitate payments between different currencies. The tokens act as a kind of bridge between the pairs (euros and pounds, for example) and allow for a bargain at a low price. This project is now working on IBM, Stellar Lumens and KlickEx together to simplify cross-border payments with a common blockchain solution.
The lumens token will thus act as a means of payment within the blockchain and up to 12 different currencies, including those from the South Pacific (Australia, New Zealand), will be part of it.
How does the network work?
As with all cryptocurrencies, the network is organized on a decentralized basis so all transactions are stored on a blockchain. There is a copy of this virtual cash book on every server in Stellar Network.
Should I invest in Stellar Lumens?
Since the Coin is currently experiencing a little hype due to the above-mentioned news, it is difficult to give an accurate forecast. If it actually succeeds in implementing the project and simplifying global payment transactions and reducing the fees to a few cents, then the coin can definitely continue to grow strongly.
The potential is in any case given, we remain alert and keep you up to date what new things there will soon be around the Stellar Community to report.
Buy Stellar Lumens
Currently, you can only trade Stellar Lumens for other currencies such as Bitcoin, Ethereum, Waves, Stratis or many other coins. How it works is shown in our step-by-step guide to buying Stellar Lumens.
Of course Stellar Lumens also has an official wallet that you can use to keep your lumens safe. In our Stellar Lumens Wallet tutorial, we'll explain how it works quite simply and quickly.
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