What is Stellar Lumens XLM?

BroStocks is a financial entertainment and education web site. We are not licensed financial professionals. All information on this site and in the following post should not be construed as investment advice or a specific recommendation. Do your own research and/or consult a financial professional before investing your money.

Stellar Lumens (XLM): An open network for money

Stellar is a digital currency platform that connects banks, payments systems, and people. It is not just a cryptocurrency, but a cross-border payment solution that connects financial institutions. Recently, Stellar was featured in the Coinbase Earn program, where new users get to earn free XLM by watching short videos or completing small tasks. Since then, Stellar has established itself as a serious project.

Who created Stellar Lumens?

Stellar originally started in 2014 as a payment network, created by Jed McCaleb, also one of the co-founders of Ripple. The original aim was to have a transaction protocol between banks, companies, and consumers with quick, cheap, and safe transactions. The coin associated with Stellar is called Lumens or XLM. Stellar is a decentralized open network, and it is funded by a non-profit organization.

How to send Stellar Lumens

One amazing feature of Stellar mentioned on its official website is that it can be used to create, send, and trade digital representations of all forms of money: dollars, pesos, bitcoin, and just about anything else. It’s designed to make all the world’s financial systems work together on a single network. Stellar can do this really quickly and inexpensively, in contrast to other apps or sites that allow you to send money, which will charge you at least 3% of what you are sending. The fees associated with Stellar are just high enough to discourage spammers, but low enough to encourage the consumer and prevent the network from getting clogged.

How to get free Stellar Lumens

When researching Stellar’s site, I found another interesting way that Stellar is connecting people. On their official site, you can sign up to learn more about Stellar by signing up for the “Stellar Mobile Quest App” (which sounds amazing). Stellar is gamifying their information by creating challenges or ‘quests’ as a way of obtaining more knowledge about Stellar’s APIs (Application programming interface) or SDKs (software development kit). 

In order to play the Stellar Quests game, users must first purchase the Stellar Lumens (XLM). Users can purchase the XLM from online exchanges or from other users on the Stellar network. Users can also earn the XLM by completing quests and challenges.

Stellar also participates in Coinbase’s learn and earn program which is how I first started hearing about XLM. I earned my first $10 in Stellar just by watching a few videos.

Stellar is available for purchase on Coinbase.

RELATED:

What is Rally?
What is EverGrow Coin?: The First Hyper Deflationary Token
The Case for Shiba Inu
What is Cardano (ADA)? A history and timeline of Cardano
How to Earn Free Cryptocurrency on Coinbase
What is DOGE?

Advertisements

Leave a Reply