admin | Cryptinfo
ForexNewsNow | Published on December 7, 2017 at 4:29 am
Stellar Lumens go by the abbreviation XLM, and this past week it has burst onto the scene, quickly approaching the top 10. With a market capitalization of just under $3 billion, it is now the 12th largest cryptocurrency, and it’s about time.
The cryptocurrency has been around since 2014 and it is only now receiving the attention it deserves.
What exactly are Stellar Lumens?
Stellar Development foundation is the company behind Lumens. Initially, the cryptocurrency was referred to as Stellars, but the name was changed to Lumens in 2015. It was created by Jed McCaleb who was, prior to this, one of Ripple’s co-founders.
McCaleb left Ripple to pursue a different vision, which was a blockchain network that was more versatile. At first, Stellars were based on pretty much the same blockchain as Ripple, but the system did not work well.
At some point, it even crashed the network, so the company created a different technology.
Stellar Lumens transactions are also recorded on a distributed ledger. However, unlike other cryptocurrencies that require miners to maintain the ledger, Lumens uses a different technology – Stellar Consensus Protocol.