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Is New Stellar Coin Giving Ripple A Run For Its Money?

Stellar has been designed to be a cryptocurrency platform that will connect people, payment systems, and bank, which will enable funds to be quickly and reliably transferred for a fraction of a penny.

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Stellar is a completely different kind of blockchain, which runs across thousands of servers worldwide. Each server stores a record of all balances and transactions, in a ledger, and these servers communicate with each other to ensure that all of the transactions are valid and will get applied to the ledger by a consensus. This process takes just two to five seconds, and it allows you to send the currency you hold t anyone across the world.

Despite this new coin suddenly becoming popular, it was actually originally founded in 2014 by Joyce Kim and Jed McCaleb, and was based on the Ripple protocol, before Kim found a flaw. Several changes were made and the updated version came into full effect in April 2015.

When the coin was first introduced, there was a cap set at 100.0 billion Stellars and was originally divided into 50% for the world, 25% to non-profit organisations, 20% for the Bitcoin programme and 5% for operational costs. Right now, the coin supply is at approximately 17.9billion Lumen.

The biggest thing that’s sets Stellar aside from other cryptocurrencies is that it is not for profit. If you invest in Stellar, you are doing it to help fight poverty. They have stated;

Network Nodes Blue Circle Icon

“With a team of top technology and finance professionals, the non-profit expands access to low-cost financial services to fight poverty and maximise individual potential.”

The aim is to create a network that will help people and businesses in regions of high diversity and low monetary stability circumvent banks, exchange money through multi-currency transactions and provide fast liquidity.

One of the main reasons that Stellar has increased in value and popularity recently is the partnership with IBM. This has opened the door to massive potential, and as the market continues to grow, the relationship can only improve, and the long term potential is looking good.

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Frances is a writer for Crypto Daily, and she is responsible for bringing you the latest news on everything that is related to the Crypto world. She has a keen interest in Cryptocurrencies, and has many years of experience writing in all different roles. She is incredibly passionate about writing, and this combined with her interest into the finance, and virtual currency sector means that you are kept up to date with all of the latest news and information regarding all cryptocurrencies.