[cryptocurrency series] Stellar

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Leading Founders: Jed McCaleb and Joyce Kim

Founded: 2014

Issue size: 100 billion XLM

Introduction:

Stellar Lumens (trading code: XLM) is the native token in the Stellar network, supported by the non-profit organization Stellar Development Foundation. Stellar aims to connect people with low-cost financial services and hopes to help the poor.

Stellar was originally developed on the basis of Ripple, using the same code. However, Stellar later claimed that Ripple’s consensus algorithm had systemic problems, so a new version was introduced and the new algorithm continued to evolve.

Users can transfer different legal tender such as US dollars, Euros, Renminbi and Japanese Yen through stellar coins; they can also be converted into Bitcoin. One of the features of the Stellar network is that the transaction is fast and can confirm the transaction within a few seconds.

Stellar coins initially issued 100 billion XLM, 95% of which was used for free distribution and 5% was reserved for the Stellar Development Foundation. Each year, Stellar will increase its supply by 1% with the Inflation Mechanism. Stellar will charge the basic fee calculated by XLM for each transaction, and the fee will be added to the “inflation pool” and will be taken out of the pool every year. 1% XLM is added to the Stellar network again.