Added: February 2, 2018
Stellar Lumens (XLM) – Stellar is a platform that connects banks, payments systems, and people. Integrate to move money quickly, reliably, and at almost no cost.
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The mission of the Stellar Development Foundation (SDF) is to promote global financial access, literacy, and inclusion. SDF accomplishes this by expanding worldwide access to low-cost financial services through the development and maintenance of technology and partnerships.
SDF’s vision is an open and affordable financial system where people of all income levels can access simple-to-use, secure, and low cost financial services. SDF also aims to empower developers with useful technology to create financial products and services for their communities.
SDF — also known as Stellar.org — was incorporated in 2014 as a non-stock nonprofit corporation in the U.S. State of Delaware. SDF has no stock, no profits given to individuals, and no private inurement. The Stellar Network and Stellar Protocol, as defined in the Responsibilities section, are hereinafter collectively referred to as “Stellar.”
To promote global financial access, literacy, and inclusion, SDF shall:
- Develop and maintain a secure and low cost global transaction network (“Stellar Network”) and protocol (“Stellar Protocol”) that is high quality, open-source, and publicly accessible to everyone
- Develop and maintain publicly accessible tools and services to support the Stellar Network and its users
- Provide guidance and direction for the Stellar ecosystem
- Promote adoption of Stellar as a worldwide payment standard
- Distribute the native currency of the Stellar ecosystem, lumens, to the world to expand the reach of the network and create a more inclusive digital economy
- Create and support technical and non-technical partnerships and educational initiatives to boost digital financial literacy and development efforts at the institutional and community level
What are Lumens?
Lumens are the native asset of the Stellar network. Native means that lumens are built into the network. Asset is how the network refers to an item of value that is stored on the ledger.
One lumen is a unit of digital currency, like a bitcoin.
While you can’t hold a lumen in your hand, they are essential to the Stellar network—they contribute to the ability to move money around the world and to conduct transactions between different currencies quickly and securely.
In 2014 the Stellar network launched with 100 billion stellars, the original name of the network’s native asset.
In 2015, with the launch of the upgraded network, the name of the native asset changed from stellar to lumen to distinguish it from 1) the Stellar network itself and 2) Stellar.org, the nonprofit organization that contributes to development of the network.
The Stellar network offers all of the innovative features of a shared public ledger on a distributed database—often referred to as blockchain technology. The Stellar network’s built-in currency, the lumen, serves two purposes:
First, lumens play a small anti-spam role.
Each transaction has a minor fee—0.00001 lumens—associated with it. This fee prevents users with malicious intentions from flooding the network (otherwise known as a DoS attack). Lumens work as a security token, mitigating DoS attacks that attempt to generate large numbers of transactions or consume large amounts of space in the ledger.
Similarly, the Stellar network requires all accounts to hold a minimum balance of 20 lumens. This requirement ensures that accounts are authentic, which helps the network maintain a seamless flow of transactions.
Second, lumens may facilitate multi-currency transactions.
Lumens sometimes facilitate trades between pairs of currencies between which there is not a large direct market, acting as a bridge. This function is possible when there is a liquid market between the lumen and each currency involved.
Stellar Lumen Chart
Stellar Lumen Markets
Stellar Lumen Socials
Official Site: https://www.stellar.org/
Official Blog: https://www.stellar.org/blog/
Bitcointalk.org Topic: https://bitcointalk.org/index.php?topic=1428573.0