Stellar Lumens XLM: The Future of Fintech

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Any time that someone mentions banking and cryptocurrency in the same breath, talk of the Ripple payment protocol follows. That’s apt, given their market share within that space – but the Stellar payment network is gaining ground. The two are not in direct competition, but there are certainly overlaps. Considering Stellar Lumens was originally a fork of the Ripple system, that isn’t surprising.

Where Ripple is the centralized, profit-seeking corporate banking cryptocurrency, Stellar is a non-profit. Ripple appeals to large banks and financial institutions, but Stellar aims to provide low-cost banking to developing nations. Integrating cryptocurrency with individual remittances will eliminate most fees associated with the practice.

Originally envisioned in 2014, Stellar was hard forked from the Ripple protocol. Over the initial phases of development and multiple changes to the code base, Stellar decided to split entirely. They created their own network with a new code base and a new algorithm. That network went live in 2015 and gained serious traction throughout 2017. Their partnership with IBM, in particular, has catapulted them to the forefront of the cryptocurrency spotlight.

All of this came about from the desire to create an altruistic ecosystem for financial access. Underbanked and unbanked people lack basic avenues for advancement. Even those that leave to find more lucrative work often find their remittances to home torn apart by fees. Easing these issues provides more capital at home, which creates an environment where the home nation can succeed. Ripple has similar plans, but their framework is entirely within the larger financial sector – they consider remittances as a potential revenue source, but the altruism is lacking.

Stellar’s Lumen currency is in a position to provide that friction-less, low fee transactions necessary for this ecosystem. As adoption increases, Lumens will be more easily accessed by the people of the developing world. This is good for them, through the free flow of remittances to home, but also for investors who are gaining value.

Traditional banking institutions face several hurdles in exchanging money across international borders. First, they need someone looking to sell the local currency. Second, they need to be willing to accept the currency that the institution possesses. Finally, the associated government agencies need to take their cut of the transaction. Combined, this creates an inefficient market where everyone except the individual is making a profit. In order for that to change, a system that removes those inefficiencies needs to be developed.

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Stellar Lumens XLM: The Future of Fintech

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