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Stellar / US Dollar Chart, XLM/USD ()
Stellar is a decentralized payment network for fast cross-border transfers in any currencies that are converted via a native cryptocurrency. It operates on its Stellar Consensus Protocol and consensus algorithm Federated Byzantine Agreement. The project has affiliated decentralized exchange, StellarX, which allows trading via external interfaces — Stellarport and StellarTerm.
Stellar project history
The crypto project was established by Jed McCaleb and Joyce Kim in April 2014. Mr McCaleb is an entrepreneur and developer with a 20-year experience. In 2000, he established MetaMachine Inc., created file sharing service eDonkey Network and application eDonkey 2000. In 2002, he created decentralized network Overnet. In 2010 — launched crypto exchange Mt. Gox, and sold it a year after. In 2011, together with David Schwartz, Arthur Britto, and Chris Larsen, he started working on Ripple. Mr McCaleb left joint company OpenCoin Inc. in July 2013, two months before it was renamed Ripple Labs Inc.
Joyce Kim is an attorney, entrepreneur, and venture investor. In 2011, together with Eric Nakagawa, she established Simple Honey Inc. that created mobile application Simplehoney. In 2013, this company was acquired by OpenCoin Inc.
On 30 July 2014, Jed McCaleb and Joyce Kim registered nonprofit organisation Stellar Development Foundation in San Francisco (USA). Upon the company’s establishment, David Mazières joined them. He is a professor of computer science from Stanford Secure Computer Systems Group. He became the third co-founder and took the position of the Chief Scientist.
Joyce Kim had been an executive director of the Foundation only up till May 2016, then she left for two investment firms. Jed McCaleb was CTO at first, then CEO, and now he is the Chief Architect. In March 2019, the Foundation hired Denelle Dixon for the CEO and Executive Director position. She used to be COO at Mozilla.
Stellar and investment
On 31 July 2014, Stripe representatives announced that their fintech company had provided financial support for the crypto project in the amount of $3 million two months before. Executives at Stellar Development Foundation confirmed this information but called that sum a loan, which they returned in the form of 2 billion units of the native cryptocurrency. Industry-specific mass media regarded that a seed investment.
That case was the only one similar to an investment in the Foundation. Since then, the Foundation took its turn to invest in prospective startups:
- February 2020: $715 thousand investment (in lumen) in exchange DSTOQ.
- May 2020: $5 million for application Abra.
- May 2020: $550 thousand (in lumen) for service SatoshiPay.
Stellar cryptocurrency features
At first, the Stellar payment network operated on the Ripple Transaction Protocol, the development of which involved Jed McCaleb. In April 2015, David Mazières presented a new protocol with open source code — Stellar Consensus Protocol. He had been working on it since December 2014. He described its benefits in the white paper, although it resembles a technical one. In November 2015, the network transitioned to its own protocol.
The cryptocurrency units had been previously known as stellar and had been listed with the STR ticker on exchanges. In April 2015, they were renamed lumen, and the ticker was changed to XLM. The executives did that to avoid confusion of the currency with the entire network. The user must have at least 1 XLM on their deposit and pay transaction fees, which start from 0.00001 XLM. This minor block from spammers equals $0.0699 and $0.0000007 respectively.
The network is not decentralized enough — about 170 nodes are active. However, there are only 20 organisations among them, and the Foundation itself has only 3 servers. The rest of the nodes belong to independent validators. For validation, they receive at least 100 stroops (=0.00001 XLM). A user can pay more to make the validation faster, although it already takes only five seconds. All transactions are written to the distributed ledger, not to the blockchain because Stellar uses DLT (Ripple also has a ledger instead of a blockchain). The network is capable of handling up to 1000 operations per second without forming a queue.
For the XLM currency, developers recommend using the following wallet applications: Keybase, Lobstr, and Solar Wallet. They have both desktop and mobile versions.
The project team issued 100 billion XLM at once (STR back then) and after that every week generated about 19.2 million to add 1 billion per year for inflation. The additional currency was distributed amongst major holders so they could vote for financing prospective crypto startups. However, the motivation worked the other way because minor holders united into pools to receive this analogue of a reward for staking and share amongst each other. Although, without this addition, the Foundation regularly performed airdrops along with other projects and exchanges.
In October 2019, the community voted for switching off the mechanism of artificial inflation. Then, XLMs were issued in the following proportion:
- 20 billion in free circulation;
- 17 billion as operating currency of the Foundation;
- 68 billion for free distribution — airdrops to users and partner financing of crypto startups.
In November 2019, the Foundation decided to eliminate 55 out of 85 billion XLM and leave 12 billion for operational needs, 12 billion — for financing, and only 6 billion for airdrops. It had a positive effect on the Stellar price.
Stellar price dynamics
Stellar was listed on exchanges on 5 August 2014 at the price of 0.0024 USD. The first uptrend happened from 10 to 22 September: the price went up from 0.0023 to 0.0040 USD. Then it was corrected and XLM went flat, during which on 18 November, the currency set an all-time low of 0.0014 USD. From 14 to 26 December, XLM rose more — from 0.0025 to 0.0062 USD, which became the high of 2014.
XLM’s ups and downs in 2015–2018
Chronology of strong trends with significant changes in the XLM price that led to highs and lows of the year:
- 2015. From 4 to 10 January: 0.0044 USD ⤴ 0.0056 USD (a high). From 8 to 26 December: 0.0023 USD ⤵ 0.0017 USD (a low).
- 2016. From 8 April to 27 May: 0.0022 USD ⤵ 0.0014 USD (a low). From 19 to 28 September: 0.0019 USD ⤴ 0.0031 USD (a high).
- 2017. During a flat period on 1 March, a low was set at 0.0017 USD. From 21 to 30 May: 0.0608 USD ⤵ 0.0310 USD. From 29 November to 31 December: 0.0644 USD ⤴ 0.3608 USD (a high).
- 2018. From 1 to 3 January: 0.4800 USD ⤴ an all-time high of 0.8962 USD. From 4 January to 5 February: 0.7241 USD ⤵ 0.3312 USD. From 18 November to 15 December: 0.2498 USD ⤵ 0.0954 USD (a low).
XLM price changes in 2019
For 2019, the Stellar chart showed six notable trends:
- 📉 A downtrend from 9 January to 6 February: the price fell from 0.1238 to 0.0744 USD.
- 📈 An uptrend from 14 February to 8 April: the price rose from 0.0766 to 0.1320 USD.
- 📉 A downtrend from 9 April to 9 May: the price fell from 0.1254 to 0.0902 USD.
- 📈 An uptrend from 10 to 19 May: the price rose from 0.0925 to 0.1415 USD, a high of the year.
- 📉 A downtrend from 2 June to 13 September: the price fell from 0.1376 to 0.0569 USD.
- 📉 A downtrend from 11 November to 25 December: the price fell from 0.0798 to 0.0434 USD, a low of the year.
Stellar prediction for 2020 and cryptocurrency prospects
In 2020, XLM followed market trends along with BTC and its direct competitor, XRP. Only during uptrends, its growth was more dynamic. So, from 1 January to 14 February, its price rose from 0.0455 to 0.0858 US dollars — an increase of 88.6% (BTC had +43.2%, and XRP had +73.7%). During the collapse from 9 to 12 March, XLM fell from 0.0519 to 0.0344 US dollars — a decrease of 33.7% (BTC had −37.3%, and XRP had −33.3%). It restored the price from 30 March to 2 May more actively: from 0.0402 to 0.0755 US dollars — an increase of 87.8% (BTC had +39.8%, and XRP +30.0%). The indicators of 14 February and 12 March are still considered the high and low of the year, respectively.
While Ripple’s prospects depend on partnerships with banks, Stellar’s widespread distribution is facilitated by partnerships with companies. Stellar is working on collaborations with IBM World Wire, Saldo, and SatoshiPay, so there is a chance to strengthen its position in the fintech market.
Here are the XLM price predictions for 2020 from technical analysis experts:
|Analysts||August 2020||October 2020||December 2020|
|Digital Coin Price||$0.1226||$0.1025||$0.0599|
|Long Forecast (EFA)||$0.0580||$0.0540||$0.0570|
A vague roadmap for the current year is published on stellar.org, which does not indicate specific plans and timelines. Therefore, for now, we will draw up our map of past significant events.
- 16 April 2015: the creation of its own protocol to replace the Ripple Transaction Protocol; white paper publication; renaming currency.
- 7 October 2015: adding functions for batching operations and multisignatures to accounts.
- 3 November 2015: transition to Stellar Consensus Protocol.
- 1 December 2015: the creation of Horizon — HTTP API with open-source code for developers’ interaction with the network.
- 6 November 2018: airdrop of 375 million XLM to users of the Blockchain wallet.
- 11 March 2019: announcing a new logo shaped like Saturn, which replaced a rocketship in the course of redesigning in May.
- 11 August 2019: website update with the addition of new sections.
- 30 October 2019: turning off the XLM inflation mechanism.
- 4 November 2019: eliminating 55 billion XLM, redistribution of the rest according to the new mandate.
As soon as the team announces changes or new ideas that can influence the Stellar exchange rate to the US dollar, we will add new items to the list.