Stellar Lumens (XLM) is one of the top cryptocurrencies in the crypto market. According to Coinmarketcap, it is currently occupying the rank 10 in the charts. XLM is the digital token, cryptocurrency, of the stellar system. It is an open-source system for currency trade established in spring 2014 by Joyce Kim and Jed McCaleb.
Lumens are the Stellar system’s principal assets. The principal means that Lumens are assembled in the Stellar network. Stellar has also fought hard to maintain its rank among the top cryptos as the market support for a bull race presumed to cut out in the year 2019. Still, Stellar doesn’t appear to draw as much recognition as other modern cryptocurrencies.
Weiss Ratings, an independent trusted rating provider of Stocks, Mutual Funds, Cryptocurrencies, ETFs, & Financial Institutions in a tweet asked the question to its Twitter followers, questioning why Stellar isn’t widely accepted yet having one of the ablest consensus algorithms. The answers were mixed.
According to one Twitter user, Stellar is not popular mostly because of its weak or zero marketing. The user specified Justin Sun, Tron’s CEO, in that view. Given, Justin has been a significant marketing power behind Tron’s progress. If Stellar’s developers and platform administrators could be more proactive and market their brand more aggressively, there could be substantial growth resulting in more enactment of the novel Blockchain technology just like other cryptocurrencies such as Tron or even Ripple.
Another Twitter user mentioned that Stellar isn’t really that famous, particularly contemplating that the platform has been facing some dilemmas in its consensus algorithms. Just three nodes within its system once blocked Stellar’s consensus algorithm. The user further elaborated that such events don’t occur in other systems like the XRP or Tron.
The Stellar servers communicate with each other to authenticate that movements are well-defined and reliable and get achieved to the global ledger. The Consensus algorithm is responsible for the tangible financial transaction.
Stellar and Mt. Gox
This is one of the most significant issues that Stellar is facing. The notorious Mt. Gox embarrassment disturbed the Cryptocurrency market and established far-grounded anxieties about the security of Blockchain platforms as well as moral norms released by some of the units behind projects. Stellar hasn’t really attracted a lot of investor trust, mainly since it is operated by Jed McCaleb, the same fellow who served Mt.GOX. Mt.GOX was a crypto exchange surrounded by scandals.
One user stated that the Stellar Lumen’s organization is not as bright as most people would expect. The user also advanced further to declare that the foundation’s stocks and funds are not audited which suggests that its activity is suspicious.
Although these cases may be true or not, this truth-obtaining sortie by Weiss Ratings should be an epiphany for the authority of Stellar Lumen’s foundations to launch some moves to obtain their legitimate position in the Blockchain technology world and Crypto market.
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