Stellar Aiming to Follow Ripple's Footsteps, With One Key Difference [Video]
|We have a new altcoin in our top 10 largest cryptocurrencies by market cap which is making a buzz in the market. Stellar Lumens or XLM has been soaring up since last Christmas day, and only in the past 24 hours, it’s been up another 65%, approaching the $1.00 level versus the USD. They aim to be a one-stop shop in the financial world, where with just one integration into the Stellar Network, everyone including, payment networks, banks and market participants have equal economic access economic. Stellar operates a network with the blockchain technology behind bitcoin. But unlike Bitcoin, Stellar's transactions settle in 2 to 5 seconds and allow users to quickly exchange government-backed currencies, such as turning U.S. dollars into euros. Stellar coins are officially called lumens or XLM for short when traded in the crypto exchanges. Some analysts argue that Stellar could be the next Ripple. In 2014, one of Ripple’s key management members, McCaleb, left Ripple to join Stellar. While Ripple and Stellar have many similarities, such as employing a native cryptocurrency and conducting fast and cheap cross-border payments, they do have some differences. The biggest one is in their respective intended use cases. In which Ripple is going after big banks, while Stellar is going after individuals. If Stellar can follow Ripple’s footsteps and prove that its alternative use case can survive the markets, there’s no reason XLM can’t catch up to XRP this year. Thanks for watching, invest responsibly, and I’ll see you with more updates next time.
For more from Invest Diva, click here
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.