Stellar Network and Lumens (XLM) Review

Stellar Network and Lumens (XLM) Review. Stellar provides nearly all the types of services you want from a banking institution, but on a decentralized network with no greedy bank taking your money in the form of fees. Remittances are simple, letting you send money across various borders for a fraction of what a traditional bank would charge. This makes multicurrency transactions nearly as simple as those in the same currency.

Stellar is one of the platforms that use the blockchain to make moving money fast and reliable. This hybrid blockchain is decentralized and completely open-source, so anyone can benefit from it. With the infrastructure behind Stellar, it is easy to transfer assets between users regardless of country. Users only need to integrate with the network to use the system. Best of all, in contrast to traditional money-transfer systems, banks, payment networks, and people all have the same economic participation and access.

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Stellar Network and Lumens (XLM) Review

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Stellar also provides specific benefits for micropayments by decreasing the cost and increasing the efficiency. This lets businesses offer customers incremental payment options without any downside. In fact, a fee of just $0.01 will handle about 600,000 transactions. Agency banking companies can also get mobile branches to expand their retail operations without having to worry about overhead costs, like rent and electricity. Branches aren’t the only thing that is mobile with Stellar; customers can send and receive mobile money to others, regardless of provider. Each of these use cases for Stellar will appeal to a different financial institution.

Stellar.org is actually a nonprofit, further aiding the unbanked and the goal of expanding access to the low-cost financial services needed around the world. The team behind Stellar understands how important these services, particularly the ability to save and get loans, are to maximizing each person’s potential and fighting poverty.

A lumen, or XLM, is the digital currency unit behind Stellar. These are the native assets, meaning they are built right into the network. At the launch in 2014, there were 100 billion stellars, which were the original lumens. When the upgraded network launched in 2015, stellars became lumen to help separate the currency from the name of the network and the nonprofit.

Stellar Network and Lumens (XLM) Review