In previous articles, Vietnam-ustrade.org has mentioned many different types of digital currencies such as Bitcoin, Bitcoin SV, Chainlink,… Today, Vietnam-ustrade.org will also discuss one of the ‘hot’ cryptocurrencies in the Crypto community today. That is Stellar coin, also known by the symbol XLM coin.
What is Stellar coin?
Stellar, also called XLM coin, is a technical term referring to a cryptocurrency with an open-source method, facilitating users in exchanging, buying, and selling various currencies. Stellar is a digital currency developed and launched in 2014 by Joyce Kim and Jed McCaleb. The Stellar development team comprises experts and top-tier advisors with high professional qualifications such as Greg Stein, Keith Raboios, Patrick Collison, Joi Ito, Matt Mullenweg, Sam Altman,… This XLM coin was established under the operations of the Stellar Development Foundation – a non-profit economic organization.
Stellar is a type of coin that operates under the principle of Stellar Lumens, which is the core operating principle, supporting users in sending, receiving, and exchanging currencies between pairs under a decentralized protocol. This mechanism is quite similar to Bitcoin (BTC), both adhering to the principle of transfer and transaction between different currency pairs within the same system platform.
Some information about Stellar coin
To form an objective and comprehensive opinion about any issue, users should explore all aspects of that issue. The same applies to Stellar coin. Users should gather information from the early days of XLM coin’s launch, through the ups and downs during its development, up to the present day.
As mentioned above, Joyce Kim and Jed McCaleb are the co-founders of XLM coin. They shared common business ideals and objectives. Therefore, on August 1, 2014, their collaboration marked the birth of a joint product called Stellar coin, with an initial investment of about 3 million USD based on the Ripple Consensus Protocol platform.
After a few months of operation, in January 2015, the Stellar Consensus Protocol was officially launched – a completely new protocol for Stellar. From that point, Stellar no longer has any relation to Ripple Consensus Protocol. The two platforms have become two different entities operating independently.
Principles of application of Stellar coin
As mentioned above, Stellar coin operates according to the principle of Stellar Lumens. This mode of operation is quite similar to Bitcoin. It allows users to perform transactions, send, receive, and transfer money between currency pairs under a decentralized protocol.
Currently, Stellar coin is considered a primary base and infrastructure platform for non-profit organizations and some enterprises in developed countries. For example, Praekelt Foundation, a non-financial, non-profit organization using mobile technology to improve people’s lives, has integrated Stellar coin into the open-source messaging app Vumi. This mechanism has helped women and residents in African regions save a significant amount on credit costs.
Additionally, another example comes from Oradian, a cloud-based software company, which has been planning to apply this virtual currency to connectivity and communication technology with financial organizations at a macro level in Nigeria.
The current exchange rate of XLM coin
According to Vietnam-ustrade.org, compiled from CoinMarketCap – a reputable electronic information site in the Crypto field, on July 14, 2020, the current price of XLM coin was about $0.0089 USD. At present, Stellar coin ranks 14th on the list of the most valuable digital currencies today.
Where to buy, sell and store Stellar coin reliably and safely
With the popularity of Stellar coin nowadays, it is not difficult for users to find a platform or system to buy, sell, exchange, and store XLM coin. Just a few clicks, users can find some places to conduct secure and efficient transactions.
When engaging in buying and selling, users should carefully research related information about the exchange platform. Given the significant technological development today, scams and fraud are no longer rare. Therefore, Vietnam-ustrade.org offers some trusted exchanges for trading Stellar coin such as: Upbit, Binance, Kraken, Poloniex,…
See more: What is Binance exchange? Introduction, guide to Binance from A to Z
Similarly, storing Stellar can be quite straightforward. Users can access the following types of wallets to store XLM securely and reliably:
- Exchange wallets: Current exchanges often integrate a trading wallet feature, making storage more convenient. However, this method is not highly secure, so users should keep only a small amount here for transactions.
- Other types of wallets: Today, users can store XLM coins on hot wallets like Ledger Nano S, Trezor,… or on cold wallets or online web wallets. Each type has its own advantages and disadvantages, so users should consider to choose a suitable method.
Conclusion
In conclusion, with this brief and simple overview, Vietnam-ustrade.org has provided some useful insights related to one of the valuable coins today – Stellar coin. We hope this article helps users gain more useful information about the financial crypto market. Hopefully, this small knowledge can assist users in some non-profit investment decisions in the future. Wishing users interesting experiences and additional valuable information at Vietnam-ustrade.org.
