Everything You Need To Know About The Currency "Stellar Lumens" That Rose 500% In 7 Days
Cryptocurrencies are booming more than ever, popularity and trading volumes are rising and more and more new alternative currencies are being created all the time.
That's why I have decided to start a new series on my Steemit Blog : introducing Altcoins that are either new or have gained a lot of popularity recently!
The past 2 weeks have been incredible for the crypto world - many different currencies were reaching all-time highs and increasing several hundred percent over just a few days.
One of these coins was Stellar Lumens, with a total increase of approx. 500% in the last 7 days only.
Overview
Network: Stellar
Currency: Stellar Lumens (XLM)
Market cap: $ 290,000,000 (Top 9)
Current price: around $0,030
Founded: 2014
Mission Statement: Stellar is a platform that connects banks, payments systems, and people. Integrate to move money quickly, reliably, and at almost no cost.
Although Stellar was created in 2014 and is not an entirely new currency, it has gained massive popularity in the last few weeks.
Stellar even became the cryptocurrency with the 9th largest market cap (just one spot above Steem, #10!)
Stellar is a platform that describes itself as "The Future of Banking" - their aim is to provide almost-instant, secure transactions with low fees.
“Stellar.org is one of a new breed of tech non-profits whose ambition is for technology to help solve some of the world’s most intractable problems such as global poverty and climate change.”-The Wall Street Journal about Stellar
Stellar and Ripple
There are many similarities between Stellar and Ripple, and price fluctuations often seem similar for these 2 currencies.
Why? Stellar was created by the same developers of the Ripple cryptocurrency.
When Stellar first launched in 2014, it was even based on Ripple's protocol.
But in late 2015, the Stellar Development Foundation then updated the protocol with a new consensus Algorithm, with an independent new code.
Lumens Giveaway
Stellar decided to give away 95% of its lumen tokens when the network was established.
95% of the lumens created when the Stellar network began will be given away to the world. 5% remains with Stellar.org for operational costs. Stellar.org designed the giveaway program to ensure that lumens are given away to diverse groups: - 50% to individuals who want lumens - 25% for nonprofits to reach underserved populations - 20% to bitcoin holders
Why? On their website, Stellar explains that they have come to this conclusion to expand the reach of the network and to achieve a more "inclusive" digital economy by giving away some of the tokens for free.
The last giveaway round took place on march 28, 2017 where tokens with an approx. value of $16 million were given away for free to bitcoin holders.
Conclusion
Stellar is a cryptocurrency that aims to connect banks with people, and offer its users a near-instant, secure payment gateway.
It is similar to Ripple in both their mission and their price developments, it's created by the same developers but is now an independent currency.
Stellar has experienced a price increase of over 500% in the last 7 days and has achieved the 9th largest market cap in the world.
Do you own, hold or trade Stellar Lumens? What are your experiences / thoughts?
Images: 1, 2, 3, 4, 5, Sources: 1, 2, 3, 4, 5
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© Sirwinchester
Can i trade it on poloniex?will love to try it out.
Thanks for the updating @sirwinchester.
Yes you can! Just search for "Stellar" or STR on the poloniex exchange site.
Thanks for your feedback, glad you enjoyed my post!
You the best mate!!!!
I would have bought it over a month ago if Poloniex listed it as XLM. No idea why they've put it as STR. I wasn't sure what I would be buying. But now I know.
I would tread very lightly... Polo has gone "offline" several times in the last few days and everytime STR and XRP have taken massive losses during the outage. Someone certainly is manipulating Polo... You're either going to get paid or lose big, GL!!
Thanks for this.Better to deal with the stable Altcoins then.
I've seen that too, you temporarily couldn't buy stellar on poloniex because the demand was too high and the site was overloaded, plus they had a ddods attack on the same day..
A lot going on in the trading world and on poloniex these days!
When I hear "banks" and "giveaway" I can't help but think the 95% giveaway is really hard to know who actually claims it. As we've seen with account manipulations on most sites and platforms it wouldn't be surprising to know a big % of that does go to the bot-nets. :P
Just my opinion, I can't wait for @dan's new distribution model he mentioned in the EOS post, though.
I agree and is one of the main reasons for my exit from owning STR.
Hmm, that's true, who knows what really happens to those percentages
In the term of micro payment and remittance i see stellar have great potential over XRP. Stellar is also very competitive with XRP in the term of transaction time and cost.
Stellar looking for all types of partner big to small from rich to poor on the other hand ripple targeting only big financial institution.
Looking forward to your take on the top 10 Alts!
😏 🔜
Very interesting. Do you think bitcoin will eventually be superseded by another cryptocurrency, or will it stay at the top?
Tough question. I think that Bitcoin will remain at the top for quite some time, simple due to popularity reasons and the widespread acceptance.
But there could be something revolutionary coming in the future that overtakes btc !
I bought some the other day. Going to hold forever. I think it will do half as good as ripple, and that will be pretty good.
Ripple has been quite the rocket. I'm sure stellar will live up to its name. Especially with all the recent attention it has received.
Very true!
Ripple has even overtaken litecoins market cap so I do think there's a bright future for it and stellar as well!
Hope you got some before they rose!
Definitely 😄
nice to see you back on Steemit!
I recently purchased some lumens, I think what the company is doing is a fantastic idea and they are going to do a lot of good.
Yes their concept is great, let's see how stellar & ripple will develop in the future!
I think you would enjoy this post! https://steemit.com/tezos/@nschairer/one-of-bitcoin-s-original-investors-is-pouring-money-into-this-ico
Very nice, they have an interesting concept - upvoted!
Thanks! I think it could really change the way cryptocurrencies work
Expecting good things from Stellar in 2018
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I jumped on Lumens as it rose and gain a 200% profit before I jumped off. Bought Ripple at .16 cents and am holding it long term. Nice post. Thanks
That's amazing! Seems like you got the right feel for trading!