Lumen (XLM) is the native cryptocurrency of the Stellar network, an open-source blockchain platform designed to facilitate fast and low-cost cross-border transactions between different currencies. Stellar aims to connect financial institutions, payment systems, and individuals, enabling seamless transfer of money across borders.
Key features of Lumen (XLM) include:
- Decentralization: The Stellar network operates on a decentralized network of servers and uses a consensus protocol known as the Stellar Consensus Protocol (SCP), which allows for quick and secure transaction validation.
- Low Transaction Fees: Transactions on the Stellar network require a minimal fee, often just a fraction of a cent, making it cost-effective for users.
- Speed: Transactions on Stellar are processed in just a few seconds, providing near-instantaneous settlement.
- Support for Multiple Currencies: Stellar facilitates the exchange of a variety of currencies, including fiat and cryptocurrencies, through its built-in decentralized exchange (DEX).
- Partnerships: Stellar has formed partnerships with various financial institutions and technology companies to enhance its network’s usability and reach.
- Stellar Development Foundation: This nonprofit organization supports the development and growth of the Stellar network, focusing on financial inclusion and open financial systems.
Lumen is used within the Stellar network to facilitate transactions, prevent spam, and provide liquidity for currency exchanges. As the platform continues to evolve, Stellar and Lumen aim to bridge the gap between traditional financial systems and blockchain technology.
Lumen XLM on Stellar.expert