I assume that you have already heard about Stellar Lumen (XLM) and Ripple (XRP), but my concern is maybe you are unsure how they compare. Well, if this is the case, you do not have a case to worry.
That is one of the most contested questions in the cryptocurrency space as both blockchain technologies share similar attributes, and today, we are going to try an demystify the similarities and dissimilarities between these two virtual currencies and blockchain technologies.
By the way, did you know that both Stellar Lumen (XLM) and Ripple (XRP) share the same person as their creator? We shall look into this later on the article.
Anyway, to assist in laying the foundation, we are going to look and explain how these crypto platforms work followed by an overview of their main differences.
With the modern age and the current trends in technology, cryptocurrencies have significantly evolved making it the most known modern way of financial exchange. To keep pace with these recent trends so many programmers are coming up with the most useful programming languages to enable ease of the financial transfer.
Even though there are so many modes of exchange, only the best are allowed in the market as each programmer comes with his very own best-known way. The only way one can get profit or market share based on the fact that the introduction of the languages used now should be better than the one used before it.
Due to these technological changes, programmers are working day and night tirelessly to improve the different current versions of their projects or instead create a new model on its own which is better and can also utilize in the financial sector with ease.
For these reasons, so many programmers are coming up with ideas to solve the situation, and the co-founder of Stellar Lumens (XLM) and Ripple XRP is no exception. Jed McCaleb who founded Ripple way back in 2013 introduced Stellar into the market.
Ripple was implemented by two programmer’s Jed and his partner with the aim of making the profit. Although Ripple works a bit like Stellar (XRP), they have some fundamental similarities like both using decentralized systems to control and can be controlled by the programmers who founded it (allegedly). In the case of transaction fees, the system uses ledges which take some small amount of money (cents) to process.
The model created and delivered to the market has to perform excellently and meet the standards of the market. Consequently, the anonymity, and in any case, the increase in security when one is transferring the money is very paramount.
Stellar has been consistently doing well in the market and competing favorably with other currencies globally.
Coinbase in one of their tweets introduced five major currencies into the banks and circulation. Coinbase official press release said:
“Today we are announcing that we are exploring the addition of the following assets to Coinbase: Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC) and 0x (ZRX)”
This statement tells us how famous and competitive Stella has grown to be.
Most people were amazed by the speed of Stellar Lumens and in particular was Wessrating, a company that tries to rate this type of currencies. In the tweet, Wessrating was recorded saying,
We think that the #XRP is the fastest digital asset to transfer funds between exchanges. It only makes sense for #Binance to use it as the base #currency – why should one have to go through an intermediary currency to trade? #crypto #btc #altcoins
— Weiss Ratings (@WeissRatings) August 10, 2018
Wessrating tries to agree how fast in speed and excellent Ripple is as it has created a session for the world to debate and explore more on it.
Stellar can also be used across the borders as transfer to border payments was launched sometimes back which are contrary to ripple that does not allow transfer to border payments.
The Chief Executive officer of BitGo custody provider, Mike Belshe in their launch also included Stellar Lumens to their custody support. BitGo custody provider is a company which deals with insurance and security of some crypto coins.
Although Ripple and Stellar have consequently decreased in their price index over the weeks, an individual’s choice of whether to go with Ripple or Stellar relies wholly on them.
But due to all the advantages named above, Stellar would be one of the most secure, fast and useful types of cryptocurrency to use in the market. And of course, Ripple is making great waves too, so choosing only one among the two is tough.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Waldryano/Pixabay
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