Stellar (XLM) is a peer-to-peer (P2P) decentralized network created in 2014. The platform is designed to move financial resources swiftly and reliably at a minimal cost. Stellar is a platform that links people, banks, and payment processors and allows users to create, send and trade multiple types of crypto.
The basis of the network is its native digital currency, XLM, which acts as an intermediate currency for operations and is also used to pay transaction fees. How it works: the protocol converts money in a few seconds, first into XLM and then into the requested currency.
In today’s article, we will analyze the XLM cryptocurrency in more detail and tell you how to buy it. Let’s get started!
What Is Stellar (XLM) Crypto?
Stellar is an open-source distributed transaction framework; suitable for creating publicly available financial instruments. Using the Stellar network, developers can build mobile wallets, banking tools, smart automated payment systems, and a host of other distributed applications (dApps).
The Stellar blockchain’s main advantage lies in the possibility of issuing new tokens for ICO. By the way, writing code based on Stellar is much easier than writing code on Ethereum since you can use any programming language rather than mastering a specialized one.
The main function of XLM tokens is to serve as an auxiliary means for exchanging one monetary unit for another. Operations are performed through the system interface.
How Was Stellar (XLM) Created?
Stellar was founded by Joyce Kim and Jed McCaleb five years ago. The project became a fork of the Ripple cryptocurrency. The reason for its creation was the numerous indignation of the crypto community about the principles of the Ripple network. At the time of the XRP founding, the project had a closed source code; most of the coins belonged to the developers, and Ripple Labs owned the servers.
In 2013, the Ripple team opened its source code, which somewhat reduced the outrage, but some of the creators still insisted that a fork was necessary since it was impossible to solve other issues without it. This is how the new cryptocurrency Stellar (XLM) appeared.
At first, the project used the old Ripple protocol, but since 2015 it has been working on a separate Stellar protocol. From that moment, the popularity of the new currency on the market began to grow steadily.
Key Stellar (XLM) Features to Know
Most apps interact with Stellar via the Horizon API Server. This provides an easy way to make transactions, check balances, and subscribe to specific events. Since it’s based on plain HTTP, Horizon can be accessed via a web browser and command line using your favourite programming language.
Stellar supports JavaScript and Java, as well as a number of SDKs for various programming languages. Each Horizon server connects to the Stellar Core network backbone, and this software handles the validation and approval of every transaction via the Stellar Consensus protocol. The Stellar Network itself is a collection of interconnected Stellar Cores that are managed by organizations and individuals around the world. Some are available for interaction, and some serve only to support the network.
Distributed technology makes the network reliable and secure.
Where to Buy Stellar (XLM): Switchere Exchange
If you’re wondering where to buy XLM, you should definitely think about buying it at Switchere. On our platform, you have an opportunity to buy XLM in the fastest and most convenient way. Moreover, we offer some surprising bonuses! Users of our platform enjoy a 0% service fee for the first order.
How to buy XLM with USD? At Switchere, you can buy crypto for fiat money or swap crypto for crypto. In addition to traditional purchases with a bank card, you can use alternative payment methods available (SEPA, SOFORT, Asian local banks).
Here is an easy step-by-step guide on buying XLM at Switchere!
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- Visit our website and log in to your account.
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- Choose the currency pair for exchange as well as a payment method and enter the amount. Don’t forget to check the transaction details by clicking on ‘Details.’ Once you’ve done, click the ‘Buy’ button.
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- Specify your Stellar wallet address and Memo ID and click on the ‘Buy’ button.
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- Enter your card details and click on the ‘Pay Now’ button. Please take into account that you have a limited amount of time to send your funds. Elsewise, the transaction will be canceled automatically.
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- Once you send the funds and your transaction receives the required number of blockchain confirmations, the amount of purchased XLM will be sent to your provided wallet address accordingly.
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- Congratulations! The transaction is completed, and now you can check your Stellar wallet.
Usually, Switchere transactions take 5-30 minutes. If you have any troubles with the exchange process, let us know at [email protected].
Key Pros to Know
As a result of attempts to correct the shortcomings of its progenitor, Stellar has acquired the following advantages:
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- Equal rights for all participants in the system.
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- Very fast transactions (up to 1000 in one second).
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- Open source, maximum decentralization.
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- Security is achieved through crypto-encryption and the use of autonomous nodes.
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- Support for integration with other projects and financial systems.
Conclusion
Stellar (XLM) cryptocurrency is a fairly serious project and has almost caught up with Ripple Labs in terms of market coverage. However, experts still do not advise relying on active growth like Ripple.
Still, analysts predict active growth of the Stellar (XLM) cryptocurrency over the next few years. Already now, it has a large market cap (included in the top 30 rating of cryptocurrencies) with a fairly low rate. This, in turn, can definitely be considered a reason to invest.
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