The Stellar Lumens is a open source crypto currency that was developed with blockchain technology, which provides convenience for overseas payments. The team behind the Stellar Lumens works on a global payment convenience that is cheaper, faster and more flexible than the current models. The mission of the Stellar Lumens, which is a nonprofit organization, is by simplifying the money transfer process to third world countries, combating the poverty.
Is Stellar (XLM) Better Than Ripple (XRP)?
Stellar Lumens is fundamentally similar to the other digital currencies because of the fact that the distributed books are stored on a non-central network. However, what separates Stellar Lumens from the other currencies is that it can trade money directly via its own network. Stellar Lumens does this by using secure parties on the net, from which the users can withdraw or deposit money.
Stellar.org was founded in Delaware USA in 2004 as a non-profit organization. SDF has no shares and it does not provide dividends to individuals. The mission of the Stellar Development Foundation is encouraging the access to global finances, literacy and integration. The vision of the Stellar Foundation is to establish an open and reasonably priced financial system, in which people from all income levels may access to financial services that are easy to use, reliable and reasonably priced. Furthermore, the Stellar Foundation aims to provide opportunity to use technology to the developers in order to create financial products and services for their communities.
Stellar Lumens is more than a fund transfer system. It also operates as a foreign currency (forex) platform. The user of the platform may trade the foreign currencies in the best possible rate automatically. It may serve as an exchange tool in the network. It may be used for foreign currency exchange trade. For example, it connects two people who wish to trade with the order that corresponds to their respective currencies. A person, who wants to trade USD for Euro and a person, who wants to trade Euro for USD may use the digital currency (Lumens) as the intermediary tool.
Born of Stellar
Jed McCaleb, who is one of the founders of the Stellar happens to be also one of the founders of the Ripple. McCaleb added David Schwartz, Arthur Britto and Chris Larsen to the team in order to form the ripple network. Jed McCaleb left after a dispute with Chris Larsen and after a year, he made a fast comeback with Stellar. Stellar uses the same code base of the Ripple open source code. It also went on a partnership with Stripe as well.
Stellar was born in 2014. Stripe made a 2 million USD investment on Lumens that was paid with 2 billion crypto currencies. The Stellar Team also attracted prestigious consultants such as Patrick Collison, Stripe, Sam Altman and Matt Mullenweg, the founder of WordPress. The main difference between the Ripple and Stellar Platforms comes from the philosophy, the management models of the projects and the primary users.
The future of Stellar Lumens
Stellar Lumens announced that it has formed various new partnerships with respectable companies, BM and KlickEx. Since their main focus is on third world countries, the Stellar Lumens is a good investment in respect of the future. Stellar Lumens, in order to improve its cross borders payment applications, announced yet another partnership with Deloitte. Relying on its high profile global partnerships with Deloitte and IBM, Stellar Lumens has a lot of potential. Although Stellar Lumens is still in its infancy, it looks more than ready to make the global world closer by alleviating the restrictions on the cross borders monetary flow.