Stellar Offers Lumens to Bitcoin Holders, Except in Countries on US Sanctions List

By April 27, 2016Bitcoin Business

Decentralized financial system, Stellar , invites the members of the Bitcoin community to claim their cryptocurrency , Lumens. With around 19 billion Lumens being distributed in multiple rounds to anyone based on the quantity of Bitcoin they have, people can start claiming their Lumens on July 5, 2016.

Due to restrictions, the program is closed to the residents of New York , Georgia, New Hampshire , Connecticut and any countries on the U.S Sanctions list such as Iran, Cuba , and North Korea.

StellarCT r: 130 CT r: 130 itself is a network which, unlike regular blockchains, uses the Stellar Consensus Protocol ​(SCP) based on the federated Byzantine agreement instead of traditional mining . This speeds up the transactions process to within seconds while traditional BitcoinCT r: 8 CT r: 8 transactions take roughly 15 minutes.

“The Stellar Consensus Protocol (SCP) provides a way to reach consensus without relying on a closed system to accurately record financial transactions. SCP has a set of provable safety properties that optimize for safety over liveness—in the event of partition or misbehaving nodes, it halts progress of the network until consensus can be reached. SCP simultaneously enjoys four key properties: decentralized control, low latency, flexible trust, and asymptotic security . It is different than mining. There are tradeoffs to each.” explained Jed McCaleb , co-founder of the Stellar Development Foundation. Stellar transactions “We believe in community-based ownership of the Stellar network and want early digital currency enthusiasts such as Bitcoin holders to feel at home in the Stellar community .” said McCaleb.

Lumens are the cryptocurrency which makes Stellar transactions possible but it is a “behind-the-scenes” currency and there will be a supply increase of 1% each year, stated McCaleb. Even though Lumens are still used for transactions, Stellar allows buyers to create transactions in their choice […]

Leave a Reply

All Today's Crypto News In One Place