What is XLM?
XLM (Stellar Lumens) is the digital currency of the Stellar network, an open-source platform aimed at facilitating international financial transfers and digital currencies quickly and at low cost. Stellar was created in 2014 by Jed McCaleb, one of the co-founders of Ripple, to act as a bridge between traditional currencies and digital currencies.
Main uses:
1. Cross-border money transfers: The Stellar network allows sending money between countries quickly and at minimal cost.
2. Support for financial institutions: It is used by some banks and companies to transfer digital assets.
3. Funding for charitable projects: Such as the "GiveDirectly" program that uses XLM to send financial aid directly to those in need.
Features of XLM:
- Transaction speed: Transactions are completed in seconds.
- Low cost: Minimal fees compared to traditional transfers.
- No mining: Most coins were distributed at launch, which reduces energy consumption.
Difference from Ripple (XRP):
Despite the similarity to Ripple, Stellar focuses more on individuals and small projects, while Ripple is aimed at large banks.
XLM Price:
Like most digital currencies, the price of XLM is volatile and influenced by market conditions and institutional adoption.
In summary, XLM is a currency designed to efficiently transfer money, especially in developing areas, making it a strong competitor in the global payment world.$XLM