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A Million Accounts: Payments Blockchain Stellar Hits Milestone

Last Updated March 4, 2021 3:37 PM
David Hundeyin
Last Updated March 4, 2021 3:37 PM

Stellar, the open source, community-owned cross-asset payment framework has achieved the milestone of 1,000,000 accounts on its network. This was revealed in a tweet  posted by OrbitLens posted on Monday, August 27.

Stellar’s Growing Success

Initially modelled and based and Ripple, Stellar has the goal of disrupting finance in three different ways simultaneously. It offers cross-asset transfer of value similar to that of Ethereum, which enables it host ICOs, although it supports a lower number of software types. The ability to facilitate exchanges between fiat and crypto makes it one of the very few options for ICOs alongside Ethereum.

Unlike Ethereum, Stellar offers extremely low fees for all transactions (0.00001 lumens) and it offers transaction speeds that are comparable to that of Ripple, making it one of the fastest payment systems in existence.

Stellar thus competes favorably against Ethereum, Bitcoin and Ripple, offering a superfast cryptocurrency-based payment system and a cross-asset transfer framework all in one package. For many investors, this nexus of functionality has made Stellar’s Lumens cryptocurrency one of the most exciting crypto assets to invest in.

Unlike Ripple, Stellar’s platform is completely open-source and decentralized, leaving only Stellar.org – Stellar’s supporting organisation – as a centralized entity in the entire Stellar ecosystem. The market has rewarded this mix of both centralized and decentralized worlds, with Stellar experiencing steady growth from $0.003 at its launch on August 5, 2014, to $0.22 on August 28, 2018.

In that time, its market capitalization has also grown from $772,596 to over $4 billion as it enjoys continued adoption.

Yesterday’s tweet announcing Stellar’s milestone read:

The data from the StellarExpert Explorer shows that the network achieved the landmark on August 27, having grown rapidly from just over 200,000 account in January 2018.

Red Letter Year for Stellar

2018 has been a very busy year for Stellar, with a series of partnerships and listings making it one of the hottest crypto assets for investors. In May, CCN.com reported that Bitfinex listed Lumens and provided fiat trading pairs for the token.

In the same month, IBM announced that it was looking into building an environmentally friendly cryptocurrency on the Stellar network. IBM also reportedly backed Stronghold, a US dollar-backed stablecoin built on the Stellar framework.

In July, Coinbase revealed that it is exploring the possibility of listing Lumens on its trading services, and in the same month Stellar became the world’s first crypto protocol to obtain Sharia certification, a boost for its plans to create partnerships with Islamic financial institutions throughout the Middle East and Southeast Asia.

Featured image from Shutterstock.