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Stellar is a cryptocurrency circulating in the payment system of the same name. Stellar cannot be called a revolutionary digital currency like Ethereum, Tron, Neo, for example. But it is not a typical cryptocurrency payment network. Stellar has its own chips and attractive features, which we will talk about today. Stellar is also accepted on some casino sites, so we will also speak about Stellar online gambling. Keep reading if you want to know more about the best stellar gambling sites.
Stellar is based on the source code of Ripple (XRP) cryptocurrency and is a fork of this crypto. Stellar developers in their brainchild tried to remove the shortcomings of Ripple, which allowed this crypto to occupy its niche in the market.
As we mentioned, Stellar is a fork of Ripple. But why was this fork necessary?
When the world saw the Ripple payment system, it made a real sensation, as it allowed instant money transfers to anywhere in the world for a minimum commission. The network united individuals, banks and payment systems, but it had a significant drawback – excessive centralization. The Ripple payment system was completely controlled by Ripple Labs, which is its developer.
So it makes sense that when Ripple Labs released Ripple’s source code, the project soon had a competitor that solved the problem of centralization. The Stellar platform has become such a competitor. Interestingly, it was created by Ripple Labs employees and at first it worked on the Ripple protocol, but later XLM got its own protocol.
Unlike Ripple, Stellar allowed users to make international financial transfers without any control from the payment system. Naturally, this was to the taste of users, since people love cryptocurrencies precisely for their decentralization. Whereas the centralization of Ripple is more beneficial for banks, corporations and payment systems.
The project began to quickly gain popularity in the cryptocurrency environment and receive unambiguous nicknames, for example, “Ripple killer” or “Healthy Ripple”.
Above, we briefly described how to use Stellar and what XLM is for. Some readers may be wondering where to get this digital currency? The easiest way to get tokens is to purchase them on an exchange or online exchanger.
The cryptocurrency has a significant drawback – it cannot be mined. How many Stellar will be released in the world has been known since the presentation of the project. The number of Stellar in the world at the initial release was 100 billion tokens, but in November 2019, the developers decided to halve the number of coins to protect them from inflation. Today, 20 billion lumens are in free circulation, 30 are owned by the Stellar Foundation, which it is gradually introducing into circulation.
However, users can earn tokens by actively maintaining the network and participating in its development. For example, users who process financial transactions in the system are rewarded in the form of commissions for intermediary services. You can also earn tokens by freezing part of the crypto on a cold wallet.
The platform has all the principles typical for cryptocurrencies – anonymity, publicity, free access and decentralization. The crypto has its own XLM token, it acts as the main unit of account and a “bridge” for converting one cryptocurrency to another. The platform also has an internal exchange that operates on the SCP consensus protocol. It works on the basis of a distributed data registry, where all transactions are stored.
To make a deposit at the best Stellar gambling sites, it takes a few simple steps:
Usually funds are credited to the balance instantly. As a rule, there is no commission at the casino.
Action algorithm when withdrawing Stellar from online casino is following:
Funds are credited to the account almost instantly, the commission depends on the rules and conditions of the exchange and the casino.
Pros of online gambling with Stellar lie in the advantages of the cryptocurrency itself:
The main disadvantages of XLM casino are as follows: