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What is Stellar (XLM) how it works

By Stat1c | NewCrypto news | 22 Apr 2020

Stellar Lumens (XLM) 

Is a platform that aims to connect banks with people from all over the world, for low-cost forms of payment using Stellar Coin (XLM). The team that makes up this project is a heterogeneous group of great developers and personalities from finance

The Stellar Lumens Development Foundation is a non-profit organization, founded in 2014 in the state of Delaware.

What are Lumens?

Lumens are the true native heritage of the Stellar network. A Lumen (XLM) is therefore like BitCoin, that is, a virtual payment unit,. The "Lumen Coin" ensures that payments are made within the community and can be processed quickly and easily worldwide.

Currently there are 100 trillion Stellar put into circulation in 2014. In 2015, there was an update of the network that led to the stellar transformation into lumens, allowing a better distinction between the Stellar Network and the non-profit organization 

Lumens take on two different functions:
An anti-spam role: for every transaction made, a small portion of 0.0001 lumens will be destroyed.

This prevents the blockchain from being invaded by denial-of-service attacks and from attacking the network. Likewise, the Stellar network requires that all accounts maintain a minimum of 20 lumens. This requirement ensures that the accounts are authentic and that the network can maintain a seamless flow of transactions.

Lumens can facilitate payments between different currencies. The tokens act as a sort of bridge between the Fiat currency pairs (for example, the euro and the pound) and allow exchange at low rates. This project was jointly developed by IBM, Stellar Lumens and KlickEx to simplify cross-border payments using a common blockchain solution.

The lumen token therefore acts as a means of payment within the blockchain and is intended to connect up to 12 different currencies and countries, including those from the South Pacific Ocean (Australia, New Zealand).

Like 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 each server in the Stellar Network

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