Stellar (XLM) lands on Young Platform
Stellar is the new altcoin available on Young Platform exchange, a cryptocurrency famous for its nonprofit mission
Young is pleased to announce that from today it’s possible to buy and sell on our exchange Stellar (XLM), one of the main cryptocurrencies on the market.
Stellar is one of the top 10 cryptocurrencies most traded daily and its foundation has a very noble and ambitious mission: to reduce poverty and help all those countries that do not have an adequate banking system.
Why has Young Platform decided to list Stellar (XLM)?
Since it is one of the main cryptocurrencies, Stellar is very much in demand. The Young community also voted for Stellar in our contest in which we ask which currency to list: that’s why Stellar (XLM) is now finally available on our platform!
What is the value of 1 Stellar (XLM)?
At the moment the value of 1 Stellar (XLM) is €0.067140.
What is the total number of Stellar (XLM) on the market?
There are currently 20,221,018,958 XLMs on the market.
What is the maximum value reached by Stellar (XLM)?
On 4 January 2018, Stellar (XLM) reached its historical high of €0.867960
Which Stellar (XLM) pairs will be available on Young Platform?
What are the fees (commissions) of XLM?
Fees for XLM vary from 2.5% to 1.35%:
Euro – XLM: 2.5%
Bitcoin – XLM: 1,35%
The story of Stellar
Launched in 2014, Stellar is a blockchain-based platform designed for rapid currency exchange and money transfer. Originally based on the Ripple Labs protocol, Stellar later forked and entirely rewrote its code.
Like XRP from Ripple Labs, Stellar’s XLM currency serves as the linking currency for various transactions on the Stellar platform. This is why each XLM token has a very low value compared to most other major cryptos.
Stellar: the success of a nonprofit
One unique aspect of Stellar is that it is a non-profit organisation. Founded by two well-known personalities from the world of technology, eDonkey creator Jed McCaleb and veteran investor Kim Joyce, Stellar aims to use the power of blockchain technology to help populations in need.
Using Stellar’s protocol, which requires no “intermediary” or third party to transfer funds, even those without a bank account can use basic banking services. Also, since Stellar can be used to convert different currencies and other tokens, users can quickly convert different payment methods.
Closeness to the banking system
While it bears many similarities to other blockchain networks, Stellar works slightly differently. On the Stellar network, there are multiple servers, which communicate with each other at 2-5 second intervals. In addition, each server contains a copy of the public ledger, which records all transactions on the network. The ledger is also updated every few seconds.
Each time an order is placed on the network, the Stellar protocol automatically finds the best exchange rate for the transaction. Although this could be as simple as converting one currency to another, the algorithm can also create a conversion that goes through various currencies, if the end result is more advantageous for both parties. Each transaction involves a small fee of fractions of cents, charged in XLM.
Despite the fact that Stellar has stated that its goal is to help the poor, an important step that the company has taken was to get closer to traditional banks. In October 2017, for example, IBM announced that it will use the Stellar protocol to develop a blockchain-based cross-border payment system for large banks.