Stellar (XLM) is one of the most popular cryptocurrencies of the past year. While it was started in 2014, it broke into the top 10, despite its low exchange rate. One big reason for its low rate is the very purpose of the coin and the way it is used. Stellar is much like Ripple in that it is a way for people to make cross-border transactions instantly and with next to zero fees. There are many interesting facts about Stellar Lumens which people do not know.
Some Interesting Facts about XLM
- It forked from Ripple Labs’ protocol
The similarities between Stellar (XLM) and Ripple aren’t limited to the way the two work. Stellar Lumens was originally based on the protocol that Ripple Labs uses before forking and rewriting its code from scratch. It continues to function as a platform for people to make cross-boundary transactions in different currencies without the least bit of trouble.
- It is a non-profit organization
Stellar was founded by Jed McCaleb, creator of eDonkey, and Kim Joyce, an experienced investor. The purpose of this project was never to make money. Instead, Stellar has looked to harness the power of the blockchain technology to help the poor. Their model allows people who don’t have a bank account to send and receive money from people anywhere in the world.
- It is compliant with Regulators
Stellar is part of a select group of new wave cryptocurrencies which are fully compliant with regulators. Initially, cryptocurrency users rejoiced in the fact that these new currencies work differently from financial institutions. While that continues to be the trend, all the people working in this sector realize that they have to work with regulators and not against them in the long run. Even regulators and financial institutions recognize the power of the blockchain technology and are welcoming cryptocurrencies more than before.
Stellar’s initial approach was anti-bank, but the partnership with IBM in 2017 changed things. IBM partnered with Stellar to make a cross-boundary payment system for banks. This can also be seen as a sign of the trust which regulators and financial bodies put in Stellar (XLM).
- Nearly 50% of the staff are women
There’s no industry in which women haven’t forayed and thrived in recent years. Technology, or more specifically cryptocurrencies and the blockchain technology, was among the few areas where the presence of women was still lacking. But with Stellar, things are changing. Women make up about 50% of Stellar’s staff. However, their decision to help South African women and girls get a better education and knowledge is not influenced by this at all. Their reason, along with the model for this project, is clearly mentioned on their website.
- They published a graphic novel to explain federated consensus
Not everything is always simple to understand in the blockchain world. People try clarifying things with articles and by talking about it in a video, but Stellar took a different approach. They published a graphic novel to explain the concept of distributed consensus which they use, called federate consensus. It’s a real piece of art and can be found on Stellar’s website. It dispels all doubts and paints as vivid and clear an image about distributed consensus as possible.
Stellar Lumens (XLM) is now part of the top 10 cryptocurrencies. More and more organizations are realizing that a cryptocurrency shouldn’t just be an investment prospect but should empower a blockchain project that can solve the issues faced by people all over the world. Stellar tries to do that and aims to help the poor using its project. The non-profit project already has good backing and following from users and investors around the world.
Their team of developers is constantly trying to improve a service that already offers a scalable and quick cryptocurrency solution. Stellar (XLM) wants to help the poor get banking services and fund education projects using its service, thereby using the blockchain for a generous purpose.