Stellar Lumens (XLM) Review

Stellar Lumens (XLM) Review! Let’s say you wanted to send funds to your impoverished ex-pat brother living in France. You would use your credited USD balance to shoot his funds through the Stellar network. Stellar would then automatically convert the USD to EUR using the lowest exchange rate, and your brother’s account would be credited with the exchanged amount in EUR. After receiving the transfer, he can withdraw the funds from an anchor that supports EUR and go about living his Bohemian lifestyle.

On its website, Stellar Lumens advertises itself as an open-sourced, distributed payments infrastructure, built on the premise that the international community needs “a worldwide financial network open to anyone.” Stellar Lumens will fill this need, connecting individuals, institutions, and payment systems through its platform.

In doing so, the Stellar Lumen’s team wants to make monetary transactions cheaper, quicker, and more reliable than they are under current systems. In addition, their protocol would connect people from all over the world by allowing for more efficient cross-border payments. Stellar Lumens (XLM) Review

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The Stellar network runs on a web of decentralized servers supported by an international consortium of individuals and entities. These servers support the distributed ledger that keeps track of the network’s data and transactions.

In practice, the Stellar protocol will function like a more inclusive, more flexible PayPal. To start using Stellar, you would need to upload funds to an anchor on the network. Much like a bank or PayPal, this anchor then holds your money and issues credit to your virtual wallet in its stead.

If Ripple was built for financial institutions and banking giants, then Stellar Lumens goes to work for the common man. It has the potential to revamp how we process peer-to-peer transactions on a global scale.

Its versatility and use cases make it function like a financial Swiss Army Knife. With Stellar, you can handle micro-payments with nominal fees, send remittances without fretting over currency exchange or bank transfers, and settle payments in real-time (2-5 seconds).

Stellar Lumens (XLM) Review