Stellar is a distributed, hybrid blockchain that is entirely open-source. It is an infrastructure that exists to facilitate cross-asset transfers of value, including payments. Stellar facilitates to move money across borders quickly, reliably, and at a very lower cost. Furthermore, the infrastructure was launched in 2014. The cryptocurrency of the company goes by name Lumens or Stellar, and its code is XLM.
Cryptocurrency traders indeed appear to be betting big on XLM in the future. The XLM price has risen by over 30% in the last 24 hours to cross USD 0.65 mark. The market capitalisation of Stellar (XLM) is USD 12.04 billion, making it the eighth largest cryptocurrency concerning market capitalisation.
The surge in price comes after an important announcement. A vote was performed for Stellar witness nodes. Based on the votes of the node holders, a decision was made to decrease the minimum reserves to start a wallet, thus opening up the platform to more potential users. Stellar tweeted from its official account, explaining to users how the reduction of basic reserves required to start a wallet will reduce the cost of creation of accounts and ordering costs.
Quick Update | Validators on the @StellarOrg network just voted to lower the base reserve to 0.5 #XLM which makes the cost of creating accounts and orders inexpensive again: https://t.co/2KqKu61aAY #blockchain #cryptocurrency
— Stellar (@StellarOrg) January 12, 2018
All Stellar accounts must maintain a minimum balance of lumens. Any transaction that would reduce an account’s balance to less than the minimum will be rejected with an ‘Insufficient Balance’ error. The minimum balance for a basic account is “2 * [base reserve]”. Each additional entry costs the base reserve.
On Jan 11, 2018, 04.49 UTC, XLM was trading at USD 0.4417. It reached USD 0.619 On Jan 12, 2018, 04.49 UTC, recording an incredible 40% surge in 24 hours. And at 08.49 UTC, the same day, it rose to USD 0.69. When the market is still recovering from the traumatic fall of last week, caused by the exclusion of some Korean stocks by CoinMarketCap and Ministry of Justice’s announcement of Crypto-ban (which was later disapproved by the government), Stellar is leading its way up and has entered the top ten chart as per CoinMarketCap.