Stellar is the name that refers to an open-source protocol and public infrastructure for monetary exchanges of value. It was created by two programmers, Joyce Kim and Jed McCaleb. Jed is known best for creating peer-to-peer file sharing network known as eDonkey back in 2000. The nonprofit organization called Stellar Development Foundation currently supports and oversees the Stellar open-source protocol. Anyone interested in creating a better financial infrastructure in the world is encouraged to work on Stellar and join the community of developers who have the same goal.
The purpose of the Stellar protocol technology was to allow different currencies and financial system to exchange money and information with one another. It allows financial institutions, individual people, and companies to move money so easily that it can be done through email. This makes it more accessible to people while reducing the expenses for banks. Most of all, it allows businesses to generate additional revenue.
This has certainly been a very versatile cryptocurrency. Its trade volume has fluctuated drastically over the last couple of months. Recently, the value of the cryptocurrency increased by about 20% after the internet payments service provider called Stripe announced that they were thinking about supporting XLM on their platform. Not only that, Stripe is in the process of getting rid of Bitcoin from their services altogether.
Like many lesser-known cryptocurrencies, the value of XLM is benefiting a lot from the problems that Bitcoin is having. Even though Bitcoin is still the number one cryptocurrency because of its market capitalization, the time for one transaction to be completed takes more than 24 hours. That is why a lot of people are flocking to cryptocurrencies like XLM because they have a transaction time that takes no more than 5 seconds.
XLM price range at the beginning of 2018 was between $0.50 to $0.60 . A little over 6 months ago in May of 2017, one XLM coin was worth under $0.01. Since then, the market value of XLM has increased by more than $10 billion. Stellar is ranked number 6 on the list of largest cryptocurrencies in the world. If more online payment providers like Stripe begin to drop Bitcoin and use XLM, there could become a point in time when Stellar surpasses Bitcoin. This is what investors are counting on as they continue to scoop up as many XLM digital coins as they can.