Stellar news! CoolBitX is happy to announce that Stellar Lumens (XLM) is now supported on the world’s best Bluetooth cryptocurrency cold storage device.
We’d like to thank our community for their patience and our developer team for their great work. Please keep the two important conditions below in mind when using XLM on CoolWallet S.
Important: CoolWallet S conditions for Stellar (XLM)
1. Only 1 XLM account and 1 address per CoolWallet S
There’s a long and detailed technical explanation for this limitation, which you can read here. In short, this limitation is due to the different signature algorithms that CoolWallet S and Stellar use.
XLM uses a different digital signature algorithm, EdDSA (instead of ECDSA which most other coins use). Stellar doesn’t support BIP32 into EdDSA, as it’s not fully compatible with it. CoolWallet uses BIP32 to derive private and public keys.
2. Your XLM account requires a minimum balance of 1 XLM
Stellar requires small transaction fees and a minimum account balance of 1 XLM at all times. This is to prevent ledger spam and ensure that the network is efficiently maintained. Transaction fees also help to prioritize transactions when the Stellar network experiences congestion.
For a more technical explanation, please refer to Stellar’s developer page.
“An open system for storing and moving money.”
Stellar is a blockchain-based payment backend that works with multiple currencies across borders. It’s used by thousands of people each day as digital cash.
It’s a distributed ledger network that is decentralized, open-source and creates affordable, accessible and simple payment systems to connect users with financial institutions globally. Stellar is developer-friendly and allows anyone to issue assets, settle payments, and trade. It’s cheaper to use than Bitcoin and is much more energy-efficient.
Stellar was created in 2014 by Ripple co-founder Jeb McCaleb and lawyer Joyce Kim and has since signed multiple high-profile partnerships, most notably IBM (U.S.) and Barclays and Deloitte (UK).
What is Stellar Lumen (XLM)?
Stellar lumen (XLM) is the protocol token and native digital asset of the Stellar network. It’s also referred to as lumens by users and uses the XLM ticker on exchanges. XLM is currently the 10th biggest cryptocurrency by market cap.
Stellar created 100 billion lumens when its network went live and distributed these native digital assets to cryptocurrency investors and owners. The network currently increases its supply by minting an extra 1% per year. XLM is a vital part of the Stellar network and is available at every major cryptocurrency exchange.