Stellar’s Foundation Just Destroyed Half the Supply of Its Lumens Cryptocurrency
The Stellar Development Foundation has burned 55 billion of its XLM tokens, over half the cryptocurrency's supply, CEO Denelle Dixon announced.
Stellar is an open source payment system – its currency is the Lumen (XLM) – and its purpose is to connect financial institutions in developing markets among others. Jed McCaleb created Stellar in July of 2014, and remains a lead developer at the non-profit Stellar Development Foundation. Stellar uses a federated Byzantine agreement (FBA) algorithm to enable quicker transactions as they don’t need to be approved by the mining network. Both IBM, to facilitate cross border payments in the Pacific, and Deloitte, to create a cross border payment app, have partnered with Stellar as well as 30 banks.Blockchain 101
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