Stellar.org, the non-profit technology provider aiming to connect financial institutions using consensus-based cryptography, has announced it will be giving away 19 billion of the network’s native currency, lumens, to holders of bitcoin.
The lumens will be distributed in several rounds, said Stellar CTO Jed McCaleb in a blog post. The first round will include three billion lumens, and will follow a snapshot of all coin balances taken on 4 July. The lumens, which constitute 19% of the initial lode in existence, will be distributed in proportion to how much bitcoin individuals are holding. On 5 July Stellar will publish a claim page, allowing bitcoin holders to verify that they control a given bitcoin address and send that address’s share of lumens to a Stellar account.
McCaleb told IBTimes: “What Stellar is trying to do is be this common protocol between financial institutions so the idea is that if some bank in the US plugs into Stellar then all their customers can send and receive from anybody that’s on the Stellar network. So, say some mobile money operator in Nigeria integrates with Stellar then their customers can send and receive to anyone that’s also on the Stellar network.
“This will make