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Stellar lumens, traded under XLM, is the native digital currency of the Stellar network that enables faster and more cost-effective transactions across borders, assets and currencies.
Stellar is a decentralised network for currencies and blockchain payments that was created by Jed McCaleb who co-founded Ripple. Stellar is a blockchain-based distributed ledger that is designed to connect all the world’s financial systems on a single network and provide cheap transactions in developing markets. Stellar does not privilege any currency and promises a 1:1 relationship between a unit of your currency and your digital token in the Stellar network.
Unlike Bitcoin, Stellar does not rely on the traditional mining network to approve transactions. Instead, it uses the Federated Byzantine Agreement (FBA) algorithm, which enables faster processing of transactions than other blockchain-based systems. Stellar allows for any asset to be represented digitally as Stellar coins. Known as lumens (XLM), these can then be used to transact on Stellar, and can be redeemed at any time for the base asset. No matter how the digital coin moves through the economy, its underlying value never leaves that bank account the asset was based in. There would be no need for that bank to approve a loan or settle a purchase that was transacted in Stellar cryptocurrency. Because of this, transactions with Stellar lumens are much faster than any other cryptocurrency in the world.
With Stellar lumens, you would be able to send payments in specific currencies even if you hold credits in another. The network transcends borders, performing the forex conversion automatically. It is a unified monetary system that allows for the Stellar coin to be a fair and equal digital representative of any fiat currency.
You would need lumens to use Stellar. Given the volatile nature of cryptocurrency and the associated risks with it, it is important to use a trusted trading platform to keep track of changes in price of lumens denominated in fiat currency such as the USD and AUD. FAMEEX is a reliable platform for you to track these changes; it provides live charts and price histories for many cryptocurrencies including the Stellar cryptocurrency. You can sign up with FAMEEX and start your cryptocurrency journey today!