The Stellar (XLM) price is currently $0.233855 in USD, with a circulating supply of 18.77B XLM. Its market capitalization (market cap) is $4.39B. $93.95M worth of XLM has been traded in the last 24 hours, with its price changing by +6.09% over this period.
Stellar is a blockchain-based distributed ledger and database that focuses on facilitating cross-asset transfers of value between people, payment networks and institutions such as banks. The Stellar network, which includes Horizon API and Stellar Core, is powered by its native digital asset Lumens (XLM) and is governed by the non-profit Stellar Development Foundation.
Born in 2014 as a hard fork of Ripple, Stellar wants to “develop the world’s new financial system” where money is moved quickly, safely and cheaply to incentivise financial inclusiveness and fight poverty. Jed McCaleb, who also founded the P2P file sharing network eDonkey, Bitcoin exchange Mt. Gox, and Ripple, started Stellar together with former lawyer Joyce Kim. A big name involved in the project is Stripe, which supported the creation of the Stellar Development Foundation and also invested 3 million USD in the project’s seed funding round. In return for the investment, Stripe received 2 - out of the 100 issued - billion Lumens.
In January 2015, only 6 months after the launch of its decentralized payment network and protocol, Stellar counted 3 million registered users and a market cap just below 15 million USD.
The Stellar network is essentially a grid of decentralized servers in a number of locations which power a distributed ledger to allow for multi-currency, global value exchange. Every transaction is recorded in the ledger and every server has a copy of the ledger. As any entity can become a server, Stellar’s network becomes more and more solid the more servers join the grid. By communicating with each other every 2 to 5 seconds, the servers verify the transactions and reach consensus about the ledger.
On Stellar, entities such as banks and PSPs are called anchors, which are a sort of bridge between a given currency and the Stellar network. Anchors issue credit, which is essentially how your money is recorded in the ledger, and are to be trusted to hold your money and honor your withdrawals during transactions.
The Stellar platform allows also for the creation of a number of value exchange related applications such as mobile wallets, bаnkіng tооlѕ, tokens, self-paying ѕmаrt dеvісеѕ, and more.
Implementations of Stellar
Stellar entered a number of partnerships since its launch and has been implemented in several projects, especially in developing countries like India, West Africa and Philippines. Among Stellar’s partnerships, the following are worth mentioning:
- Praekelt Foundation
- DigitalBits Project