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BitGo announces support for Stellar Lumens [XLM]

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Today, BitGo announced that it is supporting Stellar. It is the first multi-signature wallet and custodial solution to support the digital asset Stellar Lumens [XLM] which is the asset owned by the Stellar network. XLM is an open source distributive ledger.

With Lumens added to the list of tokens and coins on BitGo, the custodial solution now supports 115 virtual currencies.

According to the blog post, the wallet offers the best security for institutional investors who have an eye for investing in different cryptocurrencies to deal-out the risks involved.

The solution supports 9 blockchains which include that of Bitcoin, Ethereum, Ripple, Stellar, and others. Along with these major cryptocurrencies, it also supports 5 of the 6 major stablecoins and 101 ERC-20 tokens.

According to Mike Belsche, CEO of BitGo, the network benefits its users with a unique payments system. The network’s infrastructure permits cross-asset transfers of value which includes cross-border payments and brings to its clients an instant clear, execution, and settlement platform.

“We’re continuously adding support for digital currencies that our clients express interest in, and lumens are a natural next addition. The Stellar network offers BitGo clients access to a public financial structure for cross-border transfers, making XLM an important new asset for investors,” said Ben Chan, CTO of BitGo

Earlier the network used a manual method to create a multi-signature wallet for Lumens. Currently, BitGo assures security to the cryptocurrency by providing the multi-signature wallet and custody solution

“As the leading institutional custodian service and business wallet in the market, BitGo provides a broad range of options for anyone interested in holding lumens. BitGo broadens institutional client exposure to Stellar by making it significantly easier and more secure to hold XLM,” said Jed McCaleb, Co-Founder, Stellar Development Foundation.

Source:bcfocus

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Stellar (XLM) Analysis: Price Approaching Crucial Support, Can Bulls Make It?

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Stellar lumen price rallied significantly above $0.1300 and $0.1500. XLM price traded close to $0.1620 and recently corrected lower. On the downside, there are many important supports near $0.1180, $0.1110 and $0.1100 levels.

  • Stellar lumen price failed to hold gains above $0.1500 and recently corrected lower.
  • There is a crucial breakout pattern forming with resistance near $0.1320 on the 4-hours chart.
  • XLM price could decline sharply towards $0.1100 before it starts a strong bullish wave.

Read: Trade at Vantage FX

Stellar Lumen Price Analysis (XLM To USD)

This week, there were neutral-to-bearish moves in bitcoin and altcoins such as Ethereum, ripple, cardano, bitcoin cash, EOS and litecoin. Earlier, Stellar rallied significantly above the $0.1200, $0.1300 and $0.15000 levels.

Stellar Lumen Price Analysis (XLM To USD)

Click to Enlarge Chart

Looking at the 4-hours chart of XLM/USD, the pair towards the $0.1600 level and settled above the 25 simple moving average (4-hours). The pair formed a new 2019 high near the $0.1620 level and recently started a major downside correction.

The price traded below the $0.1400 support level and the 25 simple moving average (4-hours). The last swing high was formed at $0.1460 and the price is currently trading below $0.1300.

It traded below the 76.4% Fib retracement level of the upward wave from the $0.1174 low to $0.1460 high. An immediate support on the downside is near the $0.1174 swing low.

More importantly, there is a crucial breakout pattern forming with resistance near $0.1320 on the same chart. The triangle support is near $0.1180, below which there is a risk of more losses. The next key support is at $0.1110.

Besides, the 1.236 Fib extension level of the upward wave from the $0.1174 low to $0.1460 high is at $0.1106 to act as a support. However, the main support is near the $0.1100 level (the previous resistance area).

Overall, stellar lumen is currently under pressure below $0.1250, but there are many supports on the downside. If there is a downside thrust, XLM price is likely to find a strong buying interest near $0.1110 or $0.1100 in the coming sessions.

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Why You Should Consider Investing in STELLAR (XLM)

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Stellar (XLM) is a cryptocurrency, a digital asset, a medium of exchange for secure financial transactions. Cryptocurrencies use a decentralized control as opposed to common central banking systems. This decentralization is usually controlled by a distributed ledger technology like blockchain processes.

The well-known Bitcoin currency, first released in 2009, is considered as the first decentralized cryptocurrency. However, since its release, over 4.000 alternative cryptocurrencies have been created. Stellar (XLM) is one of them, and it may unveil more value than most current altcoins.

The internet is made up of network servers containing our date, websites and applications. Like the Internet, Stellar is a network of decentralized servers in many locations that power the distributed ledger. This ledger records every transaction in the system for people and companies alike.

A complete copy of the global ledger exists on each Stellar server. The network become more robust and secure with more servers as they communicate with each other to verify transactions and sync the ledger periodically. The ledger records your money as credit, issued by anchors.

Anchors act as bridges between a given currency and the Stellar network. Banks and payment processors are an example of real-world anchors. The credit is issued to your online account, just like a virtual wallet, in exchange for deposits. Anchors have to be trusted to hold your money. Credit can be sent and received between people of the network.

Stellar has a distributed exchange so you can also send USD credit using EUR credit between your friends. The network will do it at the lowest rate possible. They will then receive the money which can then use by withdrawing using an anchor supporting the currency.

One lumen (XLM) is a unit of digital currency, like a bitcoin. Lumens are the native asset of the Stellar network. While you can’t hold a lumen in your hand, they are essential to the Stellar network—they contribute to the ability to move money around the world and to conduct transactions between different currencies quickly and securely.

Now that you know how crypto works and what Stellar does differently, why should you consider starting investing in it?

Deloitte, one of the world’s largest financial consulting firms, set out to innovate in the core banking space with blockchain technologies. They had a prototype that reduced transaction costs by 40%. Each transaction resolved in 5 seconds. Eric Piscini said, “the client was amazed by how fast and how cheap those transactions were.” In other words, this partnership launches the cryptocurrency world to a new higher level.

Although many recall all the buzz, regarding the Bitcoin value crash and the consequent controversy, Stellar invests in a continuous development approach. The partnership between Stella Lumens and IBM runs deep. They’ve announced steady progress on a wide range of shared initiatives. IBM along with 12 other banks across the world have joined hands for the faster transaction of financial assets throughout the world.

What about predictions? Stellar has been maintaining a steady trend since the beginning of 2019 with the price of the coin peaking up to 0.13 USD in the April. Stellar’s recent listing on the coinbase platform is now making it more accessible to the traders, and hence a price surge of over 75% can be expected till the end of 2019 with the highest peaking to almost 0.15 USD.

Google and other big companies already predicted that in the next 2 years, the value of each XLM coin will fall between 10 USD and 100 USD. Nothing is certain as cryptocurrency come and go, however, Stellar seams to be the one to bet on when it comes to target a bigger future revenue in the near future.

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Stellar’s Hour-Long Shutdown Shows That Stellar isn’t Completely Decentralized, What Does It Mean For Stellar Price Prediction

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The Stellar network has done well enough since it’s launch. But as it’s always the case there isn’t any perfect Blockchain solution. The network is always evolving as startups look for ways to improve their protocol and facilitate better user experience. Now, the Stellar Blockchain reportedly hit a snag in recent days after reports came to light that the Blockchain network went offline on May 15 for about 67 minutes.

Stellar Lumens News Today: What Caused the Hour-Long Shutdown?

The hour-long halt doesn’t speak well of the network. Many claim the shut down occurred as a result of Stellar’s Consensus Protocol failing. But What really caused Stellar’s hour-long shutdown? The Stellar Development Foundation believes it wasn’t a failure of Stellar’s Consensus Algorithm. Via a blog post regarding Stellar’s shutdown, the Stellar Development Foundation remarked that the network failed because new nodes took a larger amount of consensus responsibility at an early stage.

Via the aforementioned blog post that was published after the reports of the incident came to light, the Stellar Development Foundation had this to say:

The halt didn’t occur because Stellar’s Consensus Algorithm failed . In fact, the consensus worked as originally intended. For Stellar’s system, a temporary halt is often preferable to the confusion of a fork. However, the incident from yesterday shows that Stellar must look for better tooling around uptime. The network needs better status monitoring for its validators. Stellar has to ensure that it is easier to re-initiate a validator after it going down.”

Stellar Lumens Price Prediction: This Isn’t the First Time Stellar Was Accused of Not Being Completely Decentralized

As reports of the halt spread, analysts, enthusiasts and experts, all started to share their thoughts on Stellar with many criticizing the platform not being decentralization enough. The fact that a management team can put the network down or make it halt is enough to call the network a heavily centralized protocol.

This recent predicament with Stellar isn’t the first time the network has been accused of being a centrally controlling network. Earlier in the year, a group of researchers heavily criticized XLM and Stellar. Accusing the network of a lack of decentralization. According to the group all the nodes in Stellar can’t run the Stellar consensus protocol should only two nodes fail. The two nodes are operated and controlled by one organization, known as the Stellar Development Foundation.

Stellar Lumens Price Prediction: Many New Nodes Were Added to Stellar’s Network

However, the Stellar Development Foundation stated in its blog post regarding the shutdown, that even though it is accused of being over-centralized the opposite is the case. The halt occurred because many new nodes were included on the network. Then Stellar added that this situation caused the nodes to take more than enough consensus responsibility too early.

Many cryptocurrency enthusiasts have different ideas about what happened. Whatever the truth may be in any case, the biggest losers for such a situation is always the users. It is users who are affected with shutdowns, whether the network is if centralized or not decentralized enough. The Price of Stellar Lumens was trading at $0.132472 as of press time according to CoinMarketCap. The digital asset is down by 0.96% in the last 24 hours.

How Will This Affect The Price Of Stellar Lumens?

The price of XLM was not largely affected by the shutdown. It only saw a small loss of value and seems bullish in the short term. The network has lots of viable partnerships to push its value through the roof. The coin is occupying the ninth position on Coin Market cap.

 

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