Stellar Wallet – Step by Step Guide to XLM
What is Stellar?
First of all, Stellar network is a payment infrastructure. The main goal of the development team is to create a financial network that would be open to anyone – connecting people, institutions and payment systems worldwide.
Stellar wants to achieve this higher goal by making transactions cheaper, faster, and more trustworthy. The Stellar protocol allows handy cross-border payments with their decentralized methods.
Now, let’s look deeper into the details of Stellar functionality.
The brief history of Stellar
Stellar started out as a hard fork of Ripple blockchain. Both Stellar and Ripple have the same founder – Jed McCaleb. Stellar started out in 2014 and gained its success with the growing fanbase and investors pool. In 2015, the team has created its own codebase along with a special consensus algorithm known as SCP (Stellar Consensus Algorithm). Generally, Stellar and Ripple have similarities in being open-source, but the philosophies of these projects differ drastically.
How does Stellar Network work?
Not unlike all the other crypto-related networks, Stellar prides itself as a decentralised chain. The network relies on a number of decentralised servers supporting the ledger and keeping track of the data and transactions going through it.
If you are to describe the functions of the Stellar protocol, in short, try to compare it to systems like PayPal. Stellar, however, is definitely a more flexible and profound network. To start using the system, you will need to upload your funds to an anchor and then manage it through Stellar.
The main point of this is not having to wait for bank confirmations and send funds instantly and seamlessly. Hence, international payments have become much faster and cheaper.
Also, the Stellar network allows exchanging currencies (both fiat and crypto).
What is Stellar Lumens cryptocurrency?
Stellar is a payment protocol with its own native asset – cryptocurrency called Lumen or XLM.
Lumens are useful, first of all, for the transactions performed on the platform itself. XLM plays as an intermediary for the exchanges performed through Stellar. The system converts, for instance, Dollars, to XLM and then converts Lumens to Pounds. Afterward, you get the money.
If the user chooses a pair currently unavailable on the exchange, Stellar will find a chain of transactions that will lead to the desired currency.
Stellar XLM on the market
XLM was showing us quite an interesting market development. At the end of 2014, just at the beginning of its journey, Lumens rapidly jumped in price. The gaining period, however, did not last long and the currency was in decline for the next couple of years to come. XLM price predictions were looking grim at the time. It all changed in May 2017, when the price started to rapidly grow. More people know about Stellar Lumens now and adoption definitely brings perks to the currency.
Stellar wallet – how to store Lumens?
There are many options to choose from when it comes to storing XLM. If you are looking for a wallet that was not specifically designed for Lumens but also has the ability to store other crypto coins and tokens, our advice would be to turn to multi-currency services.
When choosing a multi-currency crypto wallet, you will need to pay attention to the following factors:
- Security. Security of your newly-created wallet is always the main point. So, before jumping head-in, we advise you to check the reviews on the wallet and, possible, get in touch with the development team on the social networks. For instance, Guarda team can be reached on Twitter, Reddit, Facebook or Telegram.
- Functionality. Who wants a wallet that cannot do much, right? Due to this, it is important to get yourself familiar with the features of each wallet. The more perks the wallet brings you, the better. Look for the following: exchanges, special features, cross-platform management, ability to import/export keys, cryptocurrency purchases.
- The best Stellar Lumens wallet needs to be responsive. When creating a wallet and managing, try reaching out to the support team – the answer time is crucial in this case! Guarda wallet is proud t have one of the fastest wallet support centres with a maximum client waiting time of 5 minutes.
- Last, but definitely not least, comes the User Interface of your wallet. Is it handy enough for daily cryptocurrency management? User-friendly design and clearly described actions make up a big part of crypto wallet success.
- Also, you can see if the wallet you have chosen has tutorials, guides and other useful user info. If you have already picked Guarda as you wallet provider, check our support’s Freshdesk for all the necessary information.
Guarda XLM Stellar Wallet
Guarda Wallet supports XLM on the Web, Desktop and Chrome Extension versions of the wallet. Our wallets are non-custodial, lightweight cryptocurrency storages meant to ease up the day-to-day crypto management. Creating a Stellar wallet on Guarda is an easy process – all can be finished up in just a few clicks.
- Go to Guarda’s website and select Create Wallet.
- You will be redirected to the welcome page, where you need to proceed with choosing a Create a New Wallet Option.
- Next, make up a good password for your wallet and repeat it. You can use our guide to the cryptocurrency wallet passwords to make sure your pass is strong enough.
- Download the backup of your wallet – you will need it to access your funds. Remember that Guarda wallets are custody-free, meaning that we do not store your passwords, backups or any other personal information. In case of a backup loss, we will not be able to restore it.
- Your Stellar wallet is ready to use! Enjoy seamless XLM exchanges, fast transactions and secure Stellar storage with Guarda.