- Stellar (XLM)
Stellar is an open blockchain network that connects financial institutions for large transactions to provide enterprise solutions. Huge transactions between banks and investment companies that used to take days, involve various intermediaries, and cost a lot of money can now be completed almost instantly, with no intermediaries and minor to no cost to the parties involved.
Despite its positioning as an enterprise blockchain for institutional transactions, Stellar is still an open blockchain that everyone can use. Cross-border transactions in any currency are possible with the device. Lumens are Stellar’s native currency (XLM). For users to be able to transact on the network, they must have Lumens.
Jed McCaleb, a founding member of Ripple Labs and the creator of the Ripple protocol, created Stellar. He subsequently left Ripple and went on to found the Stellar Development Foundation with his co-founders. As of January 2021, Stellar Lumens have a market capitalization of $6.1 billion and are priced at $0.27.