Lumen is a cryptocurrency launched by the stellar payment network. Stellar is an open source and distributed infrastructure for digital payments which integrates the users, banks and payment gateways. This system helps in making money transactions more speedy and reliable. In 2014, stellar launched its digital currency known as Lumen as the native asset of this popular payment system. With a strong background of stellar and 100 million coins for circulation, lumen started witnessing a huge growth in its value since its launch!
When a digital currency is launched by a renowned and trustworthy payment system, it gets interesting to know how it has and will perform in the future. Here is all you need to know about lumen from its uses to investment opportunities!
Market capital of lumen: $290,000,000
Current value: approx. $0,030
Circulating supply: 16,587,521,694
Transaction speed: 1000 transaction per second
Cost: $0. 1409
What is lumen?
Lumen is a cryptocurrency launched by Stellar and the aim was to move the money in a quick and dependable way. The primary goal to develop this cryptocurreny was to make the transactions more secure, quick and globally accepted! The name lumen was upgraded from stellar to differentiate it from the payment infrastructure.
Lumens are made to prevent and reduce transaction spamming on the stellar network. Stellar is a great payment network which can attract users with malicious and damaging intentions and thus, lumen was developed as a protecting agent.
Growth chart of lumen
Does lumen have more value than just being a protecting element for stellar?
Yes. Lumen may be used for multiple-currency transactions where lumen allows trading between different currencies throughout the world.
It is a digital currency which aims to integrate banks, people and payments gateways while offering instant and reliable transactions! Also, it has reached a milestone where just in 7 days, the price of lumen increased 500%.
Distribution of lumens:
From 100% lumens, 5% of lumens will not be distributed. These 5% lumens will be used by stellar for operational charge and the rest 95% will be distributed.
50% lumens will be distributed to the users who want it, 25% to the non profit organizations and 20% to the users having bitcoins. The lumens are auctioned at a small market price.
Cost of transaction:
The minimum fees for a transaction are set to 0.00001 lumens. This fee is intended to prevent the malicious users to flood the network. The attack is prevented by lumen and thus, it is a considerable security token in disguise of a digital currency!
Team behind Lumen:
The lumen team has some quite impressive names. The CEO of Patrick Collison has an experience in IT as well in different business fields. The team of advisors include Matt Mullenweg, Sam Altman and Naval Ravikant who are founders of wordpress and angelist and president of Combinator! Bartek Nowotarski, the founder of Stellar himself is a master in computer science and has a great experience in security areas.
Features of lumen:
- With lumens, you can send money and perform transactions throughout the world. You can send and receive cash from different countries and enjoy cheap payments.
- With lumens, small payment costs get reduced. For small payments, lumen is a considerable currency compared to bitcoin and other such currencies
- Lumens also provide the facility to perform business related private and retail transactions quickly
- With a whooping speed of 1000 transactions per second, it becomes one of the fastest processing transactions
Users of stellar network
Why to invest in Lumen?
Both, organizations as well as individual users can invest in this cryptocurrency and get benefited. Users can have 50% of the lumens while organizations can have 20% of them. The coins are also auctioned and people can get the coins from different exchanges and directly from the firm.
Here are several points which make it worth investing:
- Decentralized network of stellar allows secure and safe transactions which is a huge plus point
- The transactions are done with quite impressive speed and efficiency
- The transactions costs and not inflated and promotes transparency in transactions
- The team of professionals behind the stellar network is quite impressive. Also its recent collaboration with IBM, KlickEx and such giants has made it more powerful
- These team members are experienced with cryptocurrency backgrounds, blockchains, bitcoins and other business areas
- The low transaction fees is another reason why users would use it for common transactions and small daily payments
Rise in value of stellar lumen
Should you risk investing in Lumens?
Well, if we consider the chain of benefits and applications lumens provide, it is a great option to choose for worldwide currency exchange, money transfer and payments. The talented team behind lumen network and recent collaboration with IBM has made it more reliable.
It is a multi benefit trading platform which is witnessing increase in value constant collaboration of reputed companies. The price is almost negligible with an unavoidable benefit!