Stellar’s Lumen (XLM) now available at KuCoin Exchange

KuCoin, as a reliable blockchain asset exchange, has proven its capacity in terms of system and customer service support, has today announced the listing of another promising cryptocurrency, this from the Stellar Network, in their native Lumen asset (XLM).

Deposits are now available with trading pairs including XLM/BTC and XLM/ETH. Buying was made ready on June 16th at 19:30 (UTC+8) and selling/withdrawal at 20:00 (UTC+8). Any transaction can be made on the KuCoin mobile apps on both iOS and Android or straight from their website.

Stellar is a distributed payment network which endeavors to secure sending money globally as cheap and easy as sending an email. While Stellar does allow a native crypto asset called Lumens (XLM), the currency works only an integral role in the network’s configuration. Stellar’s primary use cases rotate around remittances and banking the unbanked, and the network prioritizes convenience, security, and low transaction charges above all else. The concluding goal is to build a financial network that is comprehensive to everyone, including the poor, who are at present being underserved by costly and outdated financial institutions.

Stellar was organized in early 2014 by Jed McCaleb, the same Jed McCaleb responsible for founding P2P file sharing network eDonkey, Bitcoin exchange Mt. Gox, and Ripple. Distinguished members of Stellar’s advisory board include Keith Rabois, Matt Mullenweg, Sam Altman, and Naval Ravikant.

Stellar Entities:

– The Stellar network attributes to the distributed payment network responsible for preparing financial transactions. Lumens (XLM) are the tokens native to the Stellar network; essentially serving as a bridge currency.
– Stellar Development Foundation (SDF), also designated to as, is a nonprofit accountable for maintaining the Stellar network. Operational charges are covered by the 5% cut of total Lumens supply preserved at launch, in addition to tax-deductible donations from the public.

Stellar commenced as a fork of the Ripple protocol after Jed McCaleb left the project referring to philosophical differences. McCaleb’s breakup from Ripple was a rumpled affair, finishing with him venturing to sell the total of his 9 billion ripples, a move that would have had a significant influence on the XRP market. McCaleb later ended with Ripple in a court agreement that would restrict the amount of XRP he could sell at one time.

Stellar Network Function

Stellar, like Ripple, is a payment network first and a cryptocurrency second. Stellar utilizes its native crypto asset, XLM, as a means to better transfer fiat currencies rather than endeavor to substitute them.

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