What is a Stellar Lumens wallet? Stellar is a new payment protocol with the aim of enabling instant cross Border transactions between various international currencies. Its native currency, XLM, has been a hot favorite in the Forex industry for several years now. Hence, it was only a matter of time before Stellar’s parent company N Coin took over the coin’s development. To this day, Stellar has established itself as a leader in the FX industry, especially when it comes to ease of use and transfer of funds.
A wallet for lumens stellarcan be defined as a virtual keypad where you can store your private key or encryption code. Once your private key is stored in your Stellar wallet, you can spend Lumens (XLM) from anywhere in the world by using your card/debit card/Internet banking account. Stellar’s Lumens system provides several means to spend your Lumens. It allows its users to: transfer funds to another user by transferring the balance from their current wallet to their host’s wallet, pay bills online by spending the bill online through your local bank, check deposits by tapping your card to your bank’s website, and several other added benefits. The system also allows users to:
The best Stellar Lumens wallet coins, such as XLM and ZLTC, are issued by N Coin. As with all emerging newer currencies, Stellar’s creators had to face a tough challenge when it came to finding an efficient way to fund the Stellar Lumens network without creating a huge hole in the wallet. In response to this problem, the brilliant minds at N Coin came up with a novel solution, the Stellar Wallet.
A Stellar Wallet is not like any other form of Cryptocurrency wallet. Your private key acts as the vault where all your funds are held. However, that is only the tip of the iceberg. Once your private key is intercepted by someone else, your funds are no longer safe they can be taken out of your account without your consent. Because the algorithm is so difficult to crack, only a handful of people worldwide have been able to crack it, making it virtually impossible for anyone to create a fake Stellar Lumens wallet.
Unlike many other currencies, the Stellar Lumens wallet uses a deterministic algorithm. The deterministic algorithm means that each account will start with a private key, and your balance will never change due to outside influences. Unlike other Cryptocurrencies, there are no “pools” of coins, meaning there is never more than one person or entity trying to claim the same funds as you. This is an important feature because it prevents people from hacking your private keys and taking out your funds.