As an analyst with over two decades of experience in the tech and finance industries, I can confidently say that Jed McCaleb’s insights on Stellar (XLM) are not to be overlooked. Having co-founded Ripple Labs and created Stellar, he possesses a unique perspective on the potential of this underrated cryptocurrency.
Jed McCaleb, a co-founder of Ripple Labs and creator of Stellar, recently expressed his viewpoint on why he considers XLM (Stellar’s native cryptocurrency) as one of the most underestimated digital currencies. McCaleb emphasized that Stellar currently handles more daily transactions than many other blockchain networks, managing a volume 10 times greater than Ethereum. In contrast to numerous blockchain initiatives, Stellar is regularly utilized in real-world transactions, which, as per McCaleb, gives it an edge over its competitors in the field.
Apart from that, he highlighted Stellar’s straightforwardness in design and mentioned its internal functionalities such as stablecoin creation and token issuance, along with a decentralized trading platform. Later, the conversation moved to Stellar’s on-chain management system, and then onto the company’s smart contract platform, Soroban. Soroban is developed with a focus on being more secure and efficient, steering clear of typical problems like reentrancy vulnerabilities.
Afterward, McCaleb highlighted the strikingly minimal transaction costs associated with Stellar, characterizing them as almost non-existent or essentially free.
Given the surge in interest towards Stellar, I thought it might be helpful to share some brief insights as to why I believe this cryptocurrency is worth exploring. In my opinion, Stellar remains one of the most underestimated and misunderstood projects within the crypto realm. Despite the growing attention it has received recently, many people still seem unaware of its potential.
— Jed McCaleb (@JedMcCaleb) November 23, 2024
McCaleb commended Stellar’s engineering as top-notch, even going so far as to label it globally exceptional. Furthermore, he emphasized Stellar’s outstanding developer documentation, which he believes ranks among the finest in the field. This user-friendly documentation facilitates developers in getting started and constructing applications on the network, thereby fostering more usage and technological advancement.
To sum up, McCaleb underscored that Stellar’s primary objective is to instigate a transformation in the digital payment sector. He posits that the most significant application of cryptocurrency lies in serving as a form of digital money. The mission of Stellar is twofold: firstly, to extend financial services to communities deprived of banking facilities; secondly, to empower businesses to transfer assets swiftly and affordably, bypassing traditional banking systems.
XLM price up 463% in November
The post comes at a time when coins associated with McCaleb show outperformance on the market.
The increase in XRP‘s price by 170% this year can be attributed to several factors, including Gary Gensler’s resignation as SEC chair and its impact on the regulatory issues surrounding the SEC vs. Ripple case. This long-standing legal dispute has been a drag on XRP’s price for years. However, the news of Gensler’s resignation served as a catalyst for this surge.
As a competitor in the same sector and somewhat of a speculative investment, Stellar’s XLM experienced an exceptional price jump nearly 500%, peaking at $0.65 – a level not attained since May 2021.
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2024-11-24 18:37