Crypto Stellar Lumens Gains 155% following Protocol 15 Upgrade
For the first time since September 2018, the price of crypto token Stellar Lumens (XLM) surged 60% and breached the $0.20 level. The commendable rally was led by an announcement from the core developer team of Stellar revealing the successful installation of an upgraded variant of the Stellar public network covenant by validators.
The Protocol 15 overhaul went live at 4:00 pm UTC on November 23 and offers two fresh aspects that pave way for minimizing the amount of difficulty faced by users of Stellar network powered apps and other facilities.
For the past one year, Stellar Lumens token remained mostly range bound with bearish bias. However, on November 21, trading volume started to increase. In the last 48 hours, the price of XLM has doubled to $0.2194.
With a gain of 154.8% so far this week, XLM remains the best performing crypto among the top 100 tokens by market cap. Stellar Lumens is one of the most watched altcoins which are expected to make big gains in what is perceived to be the beginning of a long-anticipated “alt season.”
Stellar, which was created in July 2014 through a fork of Ripple Labs covenant by Jed McCaleb, intends to make trans-border payments cost effective through the use of blockchain. The venture is specifically centered on providing conventional financial services to unbanked or underbanked zones worldwide.
$XLM Stellar Lumens was the first altcoin I bought
Never ended up selling any, and have been adding to my stack for the last couple years
Glad to have a mountain of it at a $.07 avg entry now ✅?
— ?†hê Çðïn Mån Ⓥ þålå†ïnê Lïgh†⚡ (@LightPalatine) November 24, 2020
Stellar’s Protocol 15 overhaul consists of two new aspects structured to improve user experience and at the same time maintain a guard against “farm attacks” and other tactics used by frauds to undermine the objective of the network.
A farm attack involves the creation of numerous accounts by an organization with an intention of benefiting from the tiny amount sent to those addresses by service providers to validate and activate the account.
As per Stellar’s blog post, features offered by Protocol 15 had been under development for more than a year and resolves most of the “biggest pain points” for coders while creating apps and facilities for clients using Stellar.
“After the upgrade, developers can create simpler, better user experiences that abstract away the complexity of blockchain, and do it without losing any of the advantages of a fast, cheap, and permissionless public ledger.”
Stellar has also entered into collaboration with ClickPesa, an East African B2B (business-to-business) payment processing platform provider, which operates in six countries in the continent.
As per Stellar’s post, ClickPesa was encouraged to start using Stellar following its reckoning of an “opportunity to reduce the friction inherent to intra-African cross-border payments and P2P payment activity.”
Back in October, Stellar Foundation stated that its blockchain would begin hosting stablecoin USDC sometime next year, extending its objective of making trans-border transfer a simple task. Remarkably low transaction fees of Stellar Lumens and settlement times of merely 4-5 seconds are positive aspects of the cryptocurrency.