It is good news for those bitcoin users with a streak of altruism in their blood. Stellar Foundation is giving away a significant number of lumen, the crypto-tokens used by Stellar protocol to bitcoin users. According to the latest announcement from the Stellar Foundation , 19 percent of the total lumens initially created will be distributed among bitcoin users, starting July 4, 2016.
By giving away 19 billion lumens to the Bitcoin community, Stellar hopes to involve the bitcoin community members in its initiatives. Stellar will be distributing lumens in multiple rounds. The first round, starting July 4, 2016, will see about 3 billion lumens distributed among bitcoin holders. The lumen distribution program will enable bitcoin users to claim a certain percentage of network, equivalent the percentage of total bitcoins they own.
For those who are new to Stellar, it is an open source financial platform built over cryptocurrency technology. Unlike bitcoin and other digital currencies, the Stellar protocol allows people to build financial products on the platform. With Stellar protocol, Stellar Foundation aims to provide access to financial services and education to everyone around the globe.
Unlike Bitcoin, Stellar protocol doesn’t involve mining. Lumen, the crypto-token of Stellar platform is pre-generated initially (100 billion of them) and 95 percent of these is distributed to people and organizations across the world. Lumen, will act as a behind the scenes digital tokens to facilitate transactions on financial applications created over Stellar protocol. The Stellar Consensus Protocol will confirm these lumen transactions within seconds. With Stellar, there is no restriction on the type of currency (fiat or crypto) transferred across the protocol.
The Stellar Foundation will begin the lumen distribution program for bitcoin users on July 4, 2016. The beginning will be marked by the sharing of a bitcoin blockchain snapshot, containing information of the […]
