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Stellar Lumens- Blockchain for cross-border payment

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Sheena Jordan reporter

Wed, 31 Jul 2024, 09:06 am UTC

The Stellar network is an open-sourced, public blockchain powered by the Stellar Consensus protocol (SCP), a proof-of-agreement (PoA) consensus mechanism.

The Proof-of-Agreement mechanism is a very interesting and individual take on the problem of attaining consensus in a permissionless distributed system (“permissionless” meaning that no central authority controls who joins the network). POA allows non-mining-based blockchains to achieve consensus through a very fast series of messages between participants to confirm transactions and finalize them to the ledger.

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The Stellar network reaches consensus using the Stellar Consensus Protocol (SCP), which is a construction of the Federated Byzantine Agreement (FBA).

Stellar network features-

High Speed- transactions are finalized in about 5 seconds

Cost- $0.10 for 10000 transactions

Transactions per second - 1000

Stellar introduced Soroban which provides a user-friendly experience that gets developers up and running quickly. Soroban is the smart contracts platform on the Stellar network. Contracts are small programs written in the Rust programming language and compiled as WebAssembly (Wasm) for deployment.

Technical:

XLM/USD is consolidating after surging more than 45%. The pair hit a high of $0.1120 and is currently trading around $0.1047.

The pair holds above the short-term (21 and 55-day EMA) and the long-term moving average (200-day EMA).

On the higher side, near-term resistance is around $0.1250 any break above will take the pair till $0.1650/$0.20.

The near-term support is around $0.090 and any violation below will take the pair to the next level till $0.070/$0.060.

It is good to buy on dips around $0.090 with SL around $0.070 for the TP of $0.160/$0.20.

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