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Stellar lumen3/5/2023 ![]() ![]() Originally a fork of the Ripple protocol-hence the frequent comparisons between the two-the Stellar network is touted as a more accessible, affordable, low-cost system of financial services. ![]() Gox, the world’s first bitcoin exchange (now defunct) in 2010, and the Ripple protocol with its native currency, XRP, in 2012. Stellar and XLM were created by cryptocurrency developer Jed McCaleb and former lawyer Joyce Kim in 2014. These terms are interchangeably used by financial media and traders. Stellar’s native cryptocurrency is called lumens, also referred to by its ticker symbol, XLM. The network’s main objective is to connect banks, payment systems and customers faster and without the high fees consumers often must fork out when transferring government-backed currencies across borders. Stellar is a blockchain-based, open-source global payments network for storing and transferring money across currencies at significantly lower cost than traditional means. ![]() This MoneySense guide breaks down everything you need to know to make an informed choice. If you’re interested in expanding your crypto exposure beyond headline-making coins, Stellar might deserve a closer look. What makes Stellar even more interesting in the short to medium term is the fact that, unlike other crypto issuers, it’s partnering with some central banks, such as the National Bank of Ukraine, to help develop their own digital currencies. Thanks to its payment processing power and provenance, Stellar has come to be regarded as a serious challenger to Ripple, which is a considerably stronger altcoin both in terms of the unit price and market capitalization. Compare the top crypto platforms and apps in Canada ![]()
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