Review Stellar Lumen: Legit or Not?

Today, let’s review Stellar Lumen: Legit or Not? We need to determine whether it is a player in the crypto space.

The big key to cryptocurrency today is its interexchangability among several type of assets, and to be quicker, less costly, and energy efficient when it comes to blockchain transactions. In fact, below is a quote from the Stellar Lumen site itself.

Stellar Lumen’s Definition

This crypto “is an open-source network for currencies and payments. Stellar makes it possible to create, send and trade digital representations of all forms of money—dollars, pesos, bitcoin, pretty much anything. It’s designed so all the world’s financial systems can work together on a single network.”

“Stellar has no owner; if anything it’s owned by the public. The software runs across a decentralized, open network and handles millions of transactions each day. Like Bitcoin and Ethereum, Stellar relies on blockchain to keep the network in sync, but the end-user experience is more like cash—Stellar is much faster, cheaper, and more energy-efficient than typical blockchain-based systems.”

Stellar Lumen’s Price: Legit or Not?

After a couple of price spikes in April and May, Stellar seems to be on the downtrend lately. Its current price is $0.26 per token as quoted by goldprice.org. As I have observed several cryptocurrencies, many have had a difficult time just making it to the $1.00 mark. Stellar is no exception.

Stellar Lumen’s Goal: Legit or Not?

So if we are going to review: Stellar Lumen Legit or Not? What this cryptocurrency does have going for it is its ability to make money borderless? At the basic transaction level Stellar tracks ownership. It utilizes a ledger just like accountants have use for the last several hundred years. Its has no accountant as it has a network of computers check and rechecking each others work. Again like other Cryptos it has no central authority that can manipulate the numbers. Instead of using a proof of work protocol like Bitcoin, its uses “A unique algorithm, called the Stellar Consensus Protocol (SCP), keeps everything in sync.”

Stellar Lumen’s Future

The particular crypto’s ultimate goal is to be able to send money quickly and without significant cost.

Will Stellar succeed and is it Legit? Your guess is a good as mine in the crowded crypto universe.

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Please read my previous Crypto Blogs on Litecoin, Bitcoin, & Ethereum.