Stellar Lumens (XLM) is up 60% in the past 24 hours, and for the first time since September 2018, it has crossed the $ 0.2 mark. The “impressive” change in price came after the project developers announced that the new version of the Stellar Public Network Protocol had been implemented by the validators.
Protocol 15 update went into effect at 16:00 UTC on November 23. It introduces two new features that are designed to reduce the level of complexity presented to users of Stellar’s network applications and services.
Stellar Lumens’ price action has been relatively low in the past year until November 21st, when volume began to increase. XLM has doubled in the last 48 hours and is topping the 100 best currencies by market cap in weekly earnings, topping 125%. It is one of the few coins currently topping the altcoin pack in what is likely to be the long-awaited “altcoin season”.
Originally created by Jed McCaleb based on the Ripple Labs protocol and launched in July 2014, Stellar aims to reduce the cost of cross-border payments using the blockchain. The project mainly focuses on serving non-banking or non-banking regions of the world where access to traditional financial services is either unavailable or prohibitively expensive.
The Stellar Protocol 15 update includes two new components designed to improve user experience while maintaining protection against “farm attacks” and other methods that attackers can use to undermine the intent of the network. A farm attack is when an organization creates multiple accounts to collect small amounts of money sent to those accounts by service providers needed to activate the account.
According to the official Stellar Blog, Protocol 15 features have been in development for over a year and address some of the “biggest challenges” for developers when building applications and services for clients on Stellar.
“Once the developers update, they can create simpler, more responsive user interfaces that take the complexity out of the blockchain and do so without losing the benefits of a fast, inexpensive, and open ledger.”
Stellar also announced a partnership with ClickPesa, a payment platform in East Africa, which serves six countries in the region. According to the Stellar Blog, ClickPesa had the drive to use Stellar after realizing “the potential to reduce the friction inherent in cross-border payments within Africa and P2P payment activity.”
In October, Stellar announced that the USDC stablecoin would host the blockchain sometime in 2021, furthering its mission of facilitating international money transfers. Ultra-low transaction fees and settlement times of 4 to 5 seconds are major advantages of Stellar Lumens as a cryptocurrency.