What is Lumenswap?

Published June 23, 2021 | Updated June 23, 2021

Lumenswap

What is Lumenswap?

Lumenswap is a decentralized exchange and open-source client for the Stellar network that allows you to swap and trade assets on the network using a friendly, minimal interface.

In the cryptocurrency market, one of the most important factors is the initial and original creator of the coin. Lumenswap which helps the traders and businesses make their transactions using the stellar network, is also affected by the people’s viewpoint on the head of the Stellar network. Jed McCaleb and Joyce Kim are the original founders of Stellar network and its coin which was initially called Stellar. With Jed McCaleb having worked on the development of the cryptocurrencies for a long time (previously working with Ripple Labs Inc to create Ripple), we can make sure of the founders.

As you know, banks and organizations use Ripple widely to transfer money, but Jed McCaleb devised XLM especially for traders among individuals. This has allowed more and more traders to use cryptocurrencies in their daily transactions.

Lumenswap, being a client of Stellar, follows similar rules as Stellar. At first glance, Stellar seems very similar to the traditional system of banks, following some similar rules, but there are critical differences when we get deeper into the subject. Stellar, using a decentralized system, has faster and cheaper (in terms of fee) transactions than many other platforms.

The Advantages of Lumenswap

One of the most important features of the modern economy and transactions is the swiftness that it suggests. As goods and services are transferred so fast, we need to have the same characteristic when it comes to relative transactions. Lumenswap, enjoying a simple and practical interface, offers traders fast and secure transactions.

Another advantage of Lumenswap is the freedom of transactions that it provides you with. You can trade all the assets on the stellar network.

Lumenswap, being a client of the stellar network itself, offers you the same benefit. You can trade by paying a very small amount of transaction fee. The network fee is 0.0001 XLM, which is hardly considered when we regard other transaction fees on similar financial networks. Considering the value of XLM, this is an ideal fee for somebody who works with smaller amounts of money or wants to make international transactions.

Safety and Security

Given the fact that Lumenswap offers its services on an open-source, you can inspect each step and make sure that your payments are secure. As a considerable benefit of decentralized networks, This also means that Lumenswap’s is exposed to other people’s inspection and this transparency will lead to improving the network’s function and solving any potential error in the future.

Sustainability of the blockchains

The sustainability of blockchains has become a trend in recent years. Lumenswap offers all its services using XLM. There is a limited amount of this currency, which is already released. To access this asset one has to exchange other forms of cryptocurrency or fiat money into XLM. This means there is no need for mining to gain more currency. This is a distinctive characteristic of XLM and Lumenswap, which also makes them green and environment-friendly to trade. This has become especially important as mining other cryptocurrencies such as Bitcoin or Chia uses up sources and equipment and has led to an excessive increase of resource prices and also the worldwide shortage of electronic chips used for mining.

LSP asset

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The Lumenswap team released the Tokenomics and roadmap of LSP asset (Lumenswap native asset) a few days ago and, according to the article, they will hold an auction on their platform in the next few weeks. If you are interested in participating in it, follow them:

Website: https://lumenswap.io

Twitter: https://twitter.com/lumenswap

Medium: https://medium.com/lumenswap

Gitlab: https://gitlab.com/lumenswap.io

Docs: https://docs.lumenswap.io

Final Word

Lumenswap, as a client for a stellar network, lets you trade on a safe and sustainable worldwide network with a minimum transaction fee. In addition, transparency and availability are inherent in such decentralized financial networks and will guarantee the security of data and transactions.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Stan Peterson 223 Articles
Being an active participant in the Blockchain world, I always look forward to engage with opportunities where I could share my love towards digital transformation.
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