Ethereum [ETH] to Stellar Lumens [XLM] token shift by Irene Energy and its key reasons
Stellar Lumens tokens [XLM], is currently priced at $0.2945 and is worth $5.4 billion market capital. Being in the headlines has become a routine for Stellar and here is overwhelming news for the followers.
Irene Energy recently announced on Twitter:
Irene Energy Twitter announcement
A few hours ago, Stellar Lumens also tweeted:
Stellar Lumens’ Twitter Announcement
According to the recent tweet on Stellar Lumens’ account, Irene Energy has moved from Ethereum tokens to Stellar Lumens tokens.
What is Irene?
The International Renewable Energy Agency, Irene is an intergovernmental organization which promotes the adoptive and sustainable use of renewable energy. It was founded way back in 2009. They use blockchain to supply green electricity to provide complete visibility to consumers. The blockchain technology is best suitable because of its transparency and immutability which allows consumers to access a public and incorruptible proof of where exactly they are buying their electricity from.
Ethereum [ETH] provides complete programming flexibility which the Stellar Lumens network does not. This was not needed by Irene and they claim they moved to Stellar simply because they could. They claim to not require any additional smart contracts apart from a crowd-sale feature.
Here are the key reasons why Irene shifted to Stellar Lumens network:
- Focus on micro-payments
Stellar focuses on micro-payments; the ability to execute such transactions is what the team was looking at. According to Irene, Stellar Lumens was tailor-made for such a system.
As mentioned earlier, Irene is a green electricity supplier and using a technology that consumes the huge amount of electricity would make no sense. It contradicts their very basic principle.
- Cheaper, faster and is public
A transaction on Stellar network costs only a fraction of the price which is around 0.01% of what ETH costs and takes only a fraction of the time, that is, only a few seconds when compared to the minutes and hours of time ETH transactions take.
- It is KYC/AML compliant
According to them, this is one of their most important differentiating factors between the two currencies in the race. To buy and sell Irene’s Energy token, throughout the entire life of the token, only KYC/AML approved addresses can be held.
- Built-in distributed exchange
This directly means any Stellar issued token is tradable from the very first day. Token-buyers need not hunt for exchanges to list their tokens.
- Traditional and efficient crowd-sale process
The process of conducting an ICO is another favorite to them. They exit from the anonymous ETH addresses which ask to send funds.
These 6 major factors influenced Irene to move its assets from ETH to XLM.
Taman, a Stellar believer tweeted:
“Let’s get stellar up, not too long under. We all believe you can.”
Another cryptocurrency enthusiast says:
“So, they actually wanted to get serious.”
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