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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. Stellar has been 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. Below, we highlight the history of Stellar Lumens and how to get your own hands, well, “digital” hands, on some Stellar Lumens.
A Timeline of Notable Stellar Lumens Events
2014: The Birth of Stellar
- July 2014: Jed McCaleb and Joyce Kim launch Stellar with the goal of improving financial inclusion through blockchain technology. The Stellar Development Foundation (SDF) is formed as a non-profit to oversee the network’s development.
- Early funding comes from Stripe, which provides $3 million in seed capital.
2015: Stellar’s Evolution
- After encountering scalability issues, Stellar replaces its original consensus algorithm with a new protocol developed with help from Stanford professor David Mazières.
2017: Stellar’s Breakout Year
- May 2017: Stellar launches its decentralized exchange (SDEX), enabling seamless asset tokenization and trading.
- October 2017: IBM partners with Stellar to develop enterprise-grade cross-border payment solutions, marking a major corporate collaboration.
2018: Recognition and Growth
- March 2018: Stellar integrates with Stripe, expanding its reach in fiat-to-crypto payment gateways.
- July 2018: Stellar becomes the first blockchain to receive Sharia certification, opening doors to Islamic finance markets.
- October 2018: Stellar is shortlisted for listing on Coinbase, reflecting its growing mainstream appeal.
2019: Tokenomics Overhaul
- Stellar partners with remittance companies like Tempo Money Transfer, expanding use cases for international payments.
- November 2019: The SDF burns 55 billion XLM tokens, reducing supply by over half to increase long-term network sustainability.
2020: Entering the Stablecoin Race
- Stellar partners with Circle to bring the USDC stablecoin to its blockchain, a significant move for fiat-backed digital currencies.
- The SDF focuses on underserved financial markets, emphasizing remittances and inclusivity.
2021: Big Moves with MoneyGram
- October 2021: Stellar announces a groundbreaking partnership with MoneyGram, enabling USDC remittances and cash payouts in local currencies.
- Adoption accelerates in developing regions, particularly in Latin America and Africa.
2022: Building for the Future
- Stellar launches the Stellar Community Fund to support innovation within its ecosystem.
- Begins exploring smart contracts to compete with programmable blockchains.
2023: Expanding into Europe
- Stellar supports the launch of Circle’s Euro Coin (EURC), broadening its reach in stablecoin markets.
- SDF commits $100 million to fintech projects leveraging Stellar’s blockchain.
2024: Stellar’s Surge
- November 2024: Stellar sees a massive 500% price surge, fueled by its growing role in global financial inclusion and endorsements from the United Nations and World Bank.
- MoneyGram expands its Stellar-powered services, making it easier than ever to convert crypto into fiat currencies.
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.
Parting Thoughts
Stellar Lumens (XLM) has evolved from a blockchain experiment into a trusted platform for financial innovation. Its partnerships with giants like IBM and MoneyGram, combined with its focus on stablecoins and inclusion, make it a key player in the blockchain space. Stellar is poised to continue its upward trajectory as it focuses on improving access to financial systems worldwide.
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