As the ongoing cryptocurrency trend rapidly changing the history of technology as an application to every industry, exchange platforms also have set its best standard to stand among all. With the continuing development of KuCoin market, it has the high-grade quality to become one of the leading exchanges in the current time globally.
Today, they are especially announcing that the payment network Stellar, has listed their native currency Lumen or the XLM to their platform. Immediate deposit is not open with trading pairs such as XLM/BTC and XLM/ETH.
Buying period starts at 19:30 (UTC+8). Selling and Withdrawal commence at 20:00 (UTC+8). All transactions can be made Utilizing KuCoin’s app or to their official website, www.kucoin.com.
Stellar as defined is an open source infrastructure for distributed payments. The fundamental concept behind Stellar is to be a cryptocurrency platform that will better connect people, payment systems, and bank, facilitating the transfer of funds quickly, reliably, and for a part of a penny.
Stellar’s current partnership with a software behemoth has advanced the Stellar value exponentially.
How Stellar Cryptocurrency Works
The stellar network is comprised of thousands of servers (computers) all over the world. The servers operate a software implementation of the Stellar protocol and utilize the Internet to communicate with other Stellar servers, setting a worldwide value exchange network.
Every server stores a record of all dividends and transactions of every single report on the network in a database described the “ledger.” An authenticated copy of the global Stellar ledger is received on each server that runs the Stellar software. In conclusion, the network does not depend on any single entity and will still operate fortunately even if some servers break.
Steller Lumens (XLM)
BTC is to Bitcoin and XRP is to Ripple, Lumen (XLM) is to Stellar. Lumens are the native asset that works within the Stellar network. In simple layman terms, consider of Lumens as the cryptocurrency (fuel) that functions within the Stellar network (engine).
The original name for Lumen was Stellar (2014), but in 2015, the name was changed to Lumen to evade confusion between the currency and the network itself. Lumens provides two purposes:
First, they work a small anti-spam role. Each Stellar transaction has a charge of 0.00001 Lumens. The fee of Lumens works as a security token that helps protect the network against flooding.
Anyone requiring to do transactions on the Stellar network will need Lumens to meet the base fees. It is why all accounts on the Stellar network must have a minimum balance of 20 Lumens to guarantee that the accounts are genuine.
Source: Crypto Potato