Gaining global marketplaces can be tough in areas that do not have access to modern technology. In some far off places of the world, asking to use someone’s cell phone is a tall order. Not to mention, a stable currency and even internet access. This is where Stellar (XLM) aims to meet the demands of a growing population seeking financial inclusion to the ever growing global marketplace. Like a virtual Superman, Stellar, wearing the blockchain for a cape and carrying a mobile internet hot spot, wants to free the masses from the tyranny of low bandwidths and shoddy fiats. All while giving lumens away with a smile. Yes, it’s true, there are good guys on the blockchain and they are lead by chief scientist David Mazieres, professor at Stanford with a PhD from M.I.T. In fact, the entire development team has high accolades from many prestigious schools. What’s not to like about that?
What is Stellar?
Stellar (XLM) is a decentralized network started in 2014 using the original name stellars. In 2015 the system was upgraded and the name of the native asset was changed to lumens, to differentiate between the network and the nonprofit organization Stellar.org. With a mission to fight poverty with low-cost financial services for free, Stellar never charges the people or institutions that utilize the network. The operation costs are offset by setting aside 5% of the initial lumens and by taking tax deductible donations, with some pretty heavy donors, like, Google and Blackrock. To facilitate the widespread use of the network, Stellar.org is developing new technology for low-bandwidth environments and awarding grants to their partners for developing crucial parts of the network. These grants can be upwards of 2 million USD and are paid in increments depending on the road map of the selected innovation. Of course, these developments must be dedicated to promoting the Stellar mission. Stellar has allocated a great deal of lumens for the philanthropic work being done but also has lumen giveaways that include portions going to reach under-served populations and just handed out to people who want to have lumens. This philosophy is backed by the idea if more people have lumens, more people will want to use lumens, thus, creating utility for the coin in places that would otherwise have none. Stellar plans to give away 95% of the total amount of coins. The first attempt at giving away lumens was a recognized failure and they are working on plans to improve the system in the future.
Having been in the crypto currency market for over almost three years now, XLM has had steady growth as far as market cap, currently at roughly 11 million USD. The total number of lumens is 103 billion with 17 billion being in circulation. Stellar is also an inflationary currency with a fixed increase rate of 1% a year. One month ago a single lumen was $.18. In just a short amount of time the coin has shot to a high of $.92 and has recently settled down to about $.60 per lumen. The recent dip in price can be attributed to the overall market cap as it has been fluctuating greatly, as of late. Going from pennies, to about a dollar in such a short amount of time has garnered it a great deal of attention from the crypto currency community. XLM’s main goal is to be a usable currency adopted by the masses. Sometimes, mistakes happen and XLM recognizes this allowing for assets to be frozen if a transaction is disputed. Freezing a transaction in this way renders the asset valueless ensuring the return of the coin to the sender.
Nice guys finish last, is common jargon among the vile governments and bankers of this world. Stellar (XLM) seeks to re-write this misconception. With developments in the works to reduce the amount of people on earth with little or no access to the internet and/or banking services, not very much bad can be said about this Organization. Decentralized niceness verified. A fascist smashing currency designed to be used by the disenfranchised, for free. Also, most of the team is smiling in their photos. Proving the point that, Stellar (XLM) really are the good guys on the blockchain.