About the previous point of keeping the platform secure, these conditions make it harder for scams to flourish. A minimum of 0.00001 Lumen is needed for a transaction, and only 1 Lumen must be possessed by traders for their accounts to remain active. Since it was a built-in coin, it allowed Stellar to minimize transaction costs. This security measure has been criticized as being unideal, but it serves its purpose well for Stellar.Īnother positive effect that the Lumen created for the Stellar network was reducing costs. The Lumens also allowed transactions to be completed in less time, and with greater efficiency. Of course, the Lumen does have numerous other uses, but its role in improving security on the Stellar Network was the most important. The Lumen increased security by limiting the number of tokens an account needed to remain active. To control the security and privacy issues, the Lumen was created. It happened because increased ease of use made the platform susceptible to spam and abuse. This vision of user-friendliness would inadvertently lead to the creation of the Lumen cryptocurrency. The team that developed Stellar also wanted to make the platform as accessible and easy to use as possible. But one of the best things about the platform is that traders are only charged 0.00001 XLM for transfers.Īll this is possible because Stellar was built to be an online representation designed to be used for both local and digital currencies. Like XRP, XLM is suitable for fund transfer, smart contracts, and DeFi creation. XLM was first used in 2014 and has had 8 years to establish itself in the industry. Although the Stellar Network did not intend to create it in the beginning, the network’s activities naturally led to its development. Stellar Lumen is a new cryptocurrency that has gained more attention among crypto enthusiasts. BNB Price Prediction Today (Binance Coin)
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