Popular Altcoin Stellar Rose 140 Percent In 2 Weeks After Network Update!
Coinputin.com – Stellar (XLM) is up 88 per cent this week, rising as much as $ 0.21 following the network’s latest update, called protocol 15. The price increase placed XLM among the best performing altcoins at the moment, including ETH, XRP and Cardano.
Stellar network update boosts prices
Stellar underwent a general network update on November 23, which was voted on and implemented by Network verifiers. According to the network’s official blog post, the latest version comes with two new features that will simplify Stellar-based apps and services for its users:
“PROTOCOL 15 INCLUDES TWO NEW FEATURES THAT MAKE IT EASIER THAN EVER TO CREATE USER-FRIENDLY APPLICATIONS IN STELLAR: CLAIMABLE BALANCES AND SPONSORED RESERVES.”
The claimable balances feature introduces a new ledger entry to split payments into two different sections to ensure independence between the sending and receiving accounts. This feature is necessary to allow efficient and trouble-free bridge services for fiat and other digital entities using XLM.
Sponsored reserves are new transactions that allow accounts to sponsor each other without giving up control of XLM. This feature also comes with new extensions that will allow you to record important information about sponsorship agreements:
“ANYTHING THAT INCREASES AN ACCOUNT’S MINIMUM BALANCE CAN BE SPONSORED: INCLUDING INITIAL ACCOUNT REQUIREMENT, OFFERS, ACCOUNT DATA, AND SIGNERS.”
Stellar had emerged as a hard fork of the Ripple Labs protocol following disagreements between developers over the project’s future. Jed McCaleb, CTO and founder of stellar, developed the code and launched stellar in July 2014 as an open network for money transfer, warehousing and global financial engagement.
The network is based on the Proof-of-Stake consensus, but unlike many of its biggest competitors in the market; Stellar offers a unique standard transaction cost of only 0.00001 XLM.
According to McCaleb, the goal is to eliminate all friction between fiat and crypto and make it possible for people to move money around the world in the normal way.
“THE WHOLE OF STELLAR’S ORIGINAL DESIGN IS THAT YOU CAN HAVE FIAT CURRENCIES AND OTHER TYPES OF VALUE WITH PARALLEL AND CRYPTO ASSETS. IT’S VERY IMPORTANT TO BRING THESE THINGS INTO THE MAINSTREAM.”
What next for Stellar (XLM)?
On November 24, the XLM had reached $ 0.22, a 2020 high. Prior to the update news, Stellar had been one of the least mentioned “good crypto projects” among the crypto community, especially on Twitter, over the past year. The cryptocurrency is trading at $ 0.19 at the time of writing. It has increased 88.1% in the last 1 Week and 142.4% in the last 2 weeks.
But Whale Alert reports a large amount of XLM movement between exchanges and wallets is increasing. A crypto supporter known by the nickname RDCrypto said::
“IT IS VERY RARE THAT 6.5 BILLION XLM TRANSACTIONS WERE MADE IN 24 HOURS.”