What advantage does xlm have over xrp
Exchanging the digital currency
What do you need to know
- The average time to swap XRP for XLM is no more than 1 minute
- Only 1 XRP blockchain confirmation is required to complete the exchange
- If you are using an R address, you must include the destination tag (DT)
- If the wallet supports an X address, you do not need to specify the destination tag
- Memo is the XLM payment ID. If you need it when you send a transaction, be sure to include it
- The first time you use your Stellar Lumens account, you will need to activate it. To do this, you need to send at least 1 XLM
XRP at a glance
Ripple is a blockchain-like payment system introduced by OpenCoin Inc in 2012 that focuses on no chargeback exchanges.
Ripple works not only with cryptocurrencies, but also with fiat currencies and goods. Even so, it is worth highlighting the difference in the names of Ripple and XRP. Until recently, an equal sign was used between these two names. Now Ripple is the name of the company and XRP is the internal cryptocurrency of the Ripple network.
What is a destination tag and should it be specified?
Destination tag (DT) is a payment identifier in Ripple and other coins. When exchanging coins with our service, make sure to include the label when sending coins.
If you forgot the tag or entered it incorrectly:
- If you forgot to enter the DT, the transaction will not work in our service. You can resend the transaction by specifying DT.
- If the DT was entered incorrectly, please contact our technical support. We will then help you.
R address is a regular address that begins with "r". The tag is generated automatically when the order is placed.
X address (new format) - starts with "x" and contains the DT.
When the wallet doesn't support an X address
If your wallet doesn't support X address, you can use R address with tag. You can use the Xrpaddress service to convert the address.
The advantage of XRP over competitors is that the speed of financial transactions is almost instantaneous. An interesting feature is that the speed is not influenced by the price or the ripple rate, and even the load on the network is not a problem.
A Brief History of Stellar Lumens
Stellar is a publicly accessible decentralized marketplace with various assets in circulation. The platform also has its own open source cryptocurrency Stellar Lumens (XLM).
The currency is based on the Stellar Consensus Protocol (SCP), which is similar in principle to the BFT protocol of the Ripple platform, but has a significant difference - all network validators are equivalent, there are no central control nodes in the blockchain. XLM coins are more decentralized than Ripple, but less decentralized than Proof-Of-Work cryptocurrencies (like Bitcoin and Ethereum).
Getting started with XLM
If this is your first time using an XLM account, you will need to activate it. To do this, you need to send at least 1 XLM to the device. As soon as the transfer arrives in your wallet, it will take effect. This is done to protect against spam.
To store this currency, you can pay attention to special purses Solar Wallet and Lobstr.
What is a memo and do I have to state it?
There is an additional memo when sending XLM. Memo is the ID of the payment. It is unique and with its help the service identifies the sender and the recipient. Many services have address protection that does not allow transactions without a memo.
If you forgot to provide a memo or typed it incorrectly, check to see if the transaction was sent. If the transaction is not sent, please write to our technical support. If the transaction has already been sent, you should write to technical support for the service you sent it to.
Stellar Lumens' blockchain speed and fees
XLM is seen as a fast blockchain. The transaction is confirmed in a few seconds. The commission is very low, averaging 0.00001 XLM.
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