Stellar is the network’s name that allows you to send and receive money quickly and cheaply. Lumens, also known by the ticket symbol “XLM,” are the cryptocurrency used on the stellar network.
Exchange of Fiat Currency Directly
The Stellar network will allow you to exchange two different currencies directly. For example, if you want to exchange Euros for US Dollars and someone else wants to exchange US Dollars for Euros, you can both do so in seconds using Stellar Lumens.
Using Lumens as the Middleman
If you want to exchange currency but the amount does not match a seller’s, the network can use Lumens to connect the two currencies. It is what it might look like: Lumens>US Dollars>Euros.
Chain of Conversions
If the Stellar network cannot perform either of the two options listed above, it can perform a chain of conversions. It is when multiple currencies are traded to obtain the desired currency. It might look like United States Dollars>Ethereum>Yen>Euros.
These tools are especially useful for currencies used in poorer countries, which are frequently difficult to exchange on international markets! The best part is that the network can automatically select the best option in seconds.
Furthermore, sending a transaction is nearly free. The network will levy a small fee of one XLM per transaction, which is less than one cent. Unlike other cryptocurrencies such as Bitcoin and Ethereum, Stellar Lumens does not rely on miners to confirm transactions. Instead, businesses that use the system will automatically contribute by hosting a “Node” on their servers.
However, the network is still decentralized because no single server controls it. So it is still very secure, and to hack the network, someone would have to hack every node that is in use.
There will be a maximum supply of 100 billion Stellar Lumens available. Its value has increased significantly since its release in 2014, and it is now a top ten coin in terms of market capitalization.
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Final Say
One thing to keep in mind before investing in Stellar Lumens: Stellar’s goal is to provide very cheap financial transactions to poorer countries; the team does not want the value of XLM to skyrocket. It could raise transaction costs, which would be counterproductive to the project’s goal.