Why Stellar (XLM) is the Most Underrated Cryptocurrency According to Jed McCaleb
In a recent discussion reported by U.Today, Jed McCaleb, the co-founder of Ripple Labs and the creator of Stellar, shared his insights on Stellar (XLM) and why he believes it stands out among cryptocurrencies.
High Transaction Volume: Stellar Surpasses Ethereum
One of the key points McCaleb made is that Stellar processes more daily transactions than most other blockchains, boasting an impressive volume that is ten times greater than that of Ethereum. This statistic underscores Stellar's active utilization in real-world transactions, distinguishing it from many blockchain projects that struggle to gain traction.
Built-in Features and Simple Design
McCaleb emphasized Stellar's simplicity and well-thought-out design, which includes power-packed features such as:
- Stablecoin and token issuance
- A decentralized exchange
These elements contribute to making Stellar not only user-friendly but also an attractive platform for developers and businesses alike.
On-Chain Governance and Smart Contract Platform
Another noteworthy aspect of Stellar is its on-chain governance system. McCaleb discussed the company's smart contract platform, known as Soroban. This platform is designed to enhance safety and efficiency by mitigating common vulnerabilities, such as reentrancy issues, that often plague many smart contracts on other networks.
Transaction Fees: Almost Free
When it comes to transaction costs, McCaleb stated that Stellar boasts low fees that he described as "basically free." This is a significant advantage for users, especially in a time when high fees can hinder the use of cryptocurrencies for everyday transactions.
World-Class Engineering and Developer Friendly
McCaleb praised the engineering behind Stellar, calling it world-class. He highlighted the comprehensive developer-friendly documentation provided by Stellar, which he believes is among the best in the industry. This robust documentation serves as a critical resource that facilitates developers in building applications on the network, thus promoting further adoption and innovation.
Empowering Financial Services Worldwide
Ultimately, McCaleb stressed Stellar's mission to revolutionize digital payments. The platform aims to provide financial services to communities that lack access to traditional banking systems, enabling businesses to transfer assets more efficiently and cost-effectively than through conventional banking methods.
Conclusion
In conclusion, Jed McCaleb's insights shed light on why Stellar (XLM) deserves more recognition in the cryptocurrency space. With its impressive transaction volume, simple design, built-in features, low costs, and a focus on empowering underbanked communities, Stellar is positioned to make a significant impact on the future of digital finance.
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