Thu. Jun 13th, 2024

There are no universal standards in the crypto world with which to make a fair rating of digital currencies. Each coin has its own features and scope, which suits some users and does not suit others. As a result, everyone chooses “their” coin and invariably encounters difficulties in converting and transferring digital assets between blockchain platforms. The multi-currency transaction system created by the Stellar team is designed to eliminate this problem.

Community

Fans of the coin say that using the platform is not only easy and convenient, but also profitable: for example, User A has bitcoins. He must transfer an amount equal to 1 BTC to user B. But B needs ethereum, not bitcoin. Then A appeals to the multicurrency payment system of the Stellar network, which automatically determines the best offer in the market and sends funds to User B with minimal cost. Anchor guarantees the integrity of the transaction.

The community of XLM cryptocurrency fans consists of more than 1,800 people who learn news about the project and communicate mainly at keybase.io/team/stellar.public. You too can become a member of the Stellar group, you just need to complete a simple registration on the website.

Stellar storage

There are two main ways to store XLMs:

  • Hot, aka online wallets;
  • Cold offline wallets (hardware).

Cold wallets do not require an internet connection, work and look like a simple flash drive. This is the most reliable and secure way to store coins, but it is inconvenient for daily use. That’s why most of XLM and other cryptocurrency holders prefer to keep their principal on Stellar cold wallets and use hot wallets for current payments.

Stellar Wallet

A simple and convenient online wallet for storing Lumens, available at this link. According to user reviews, it is quite a reliable service with high speed.

Stargazer

Desktop Wallet (software that is installed on your computer) with support for Windows, Linux and MacOSx, has a mobile app for Android and iOS gadgets. Key advantages – security, simple interface.

Stellar Desktop Client

Another desktop wallet, a great option for beginners. Like Stargazer, it can be installed on computers with different operating systems. Simple, convenient, quite reliable, with standard functions. The drawback is the lack of a mobile version.

Solar Wallet

This wallet is very simple and easy to use. Available for macOS, Windows, Linux, and mobile versions for iOS and Android. The wallet can be started in just a couple of minutes.

Mining

The use of the SCP consensus protocol has allowed XLM developers to do away with energy-consuming mining. Nodes are used to confirm transactions on the network, the operation of which involves voting and making a decision on each issue. In general, the process is the same as in the parent Ripple network, the only difference is a simplified mechanism for creating the nodes.

  • Blocks are formed in the following way:
  • selecting the nodes that will be involved to validate the block;
  • transmission of information to the nodes from the user performing the operation;
  • request processing by nodes (determining the possibility and legitimacy of performing the requested operation by searching for data about the sender in the ledger, analyzing its balance, transferring this information between the nodes);
  • recognition of the operation by the network when 80% approval is received;
  • transfer of data on the successful transaction to the register of the node responsible for block approval.

This principle of operation completely eliminates the possibility of fraud in the Stellar network, because the nodes that cannot trust each other repeatedly double-check the information.

How to get XLM?

Having a node, you can get Stellar Lumens for free for participating in maintaining the network. Admittedly, it’s not easy to do. In addition to the high collateral requirements in XLM coins, you need to have a dedicated server and IP address, be online 24 hours a day, and constantly monitor software updates.

Node startup process:

  1. Buy the required number of coins.
  2. Install the wallet on the PC and synchronize it with stellar blockchain.
  3. Send funds to the wallet installed on the computer.
  4. Configure the address in the wallet node and send the coins to it. This will provide private keys and additional data required for the installation.
  5. Configure the node using a personal server or purchase a VPS service from a data center.
  6. Assemble and configure the nodes for the wallets and run the server.
  7. Configure the node.

That’s it, now the node will work and bring you a passive income.

By admin