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As per , suffered an inflation bug in 2017 which created over 2 billion XLM. has since patched this with an equivalent burn.
🔎 [Messari Research] suffered (and quietly patched) a 2.2 billion XLM inflation bug in 2017
— Messari News (@MessariNews)
These 2.25 billion XLM represented 25% of the circulating supply of the digital asset. There was also no media reporting the issue and the team behind did not comment on the matter. The funds created have been sold to the market at the beginning of 2017.
, currently the ninth largest by market cap with a total market value of over 2 billion, noted that the company has not concealed the issue. More precisely, a representative is cited in the report stating that the aforementioned bug and its exploitation were mentioned twice in the protocol’s release notes.
They wrote:
“We took the additional step of burning Lumens to “true up” the supply, so that current $XLM owners wouldn’t be diluted and our projected total supply would remain accurate. We recognize that has since become significant financial software, and our disclosure standards have grown to reflect that reality.
There’s been no notable bug since, and if there were we would disclose it in full detail as soon as it was patched. As we announced last month in our 2019 Roadmap we have already committed to a full accounting of all of SDF’s Lumens by the end of the year, and more details around this old bug were going to be (and still will be) part of that.”
Stellar and Coinbase are Giving Away 1% of all XLM
In the mean time, Earn that they are giving out one billion Lumens (XLM) from the Development Foundation to millions of eligible users to teach them about the protocol.
The move is part of Earn, the exchange’s crypto-focused educational program. The company stated that this particular session of the program is its “biggest yet.” Each eligible U.S. user can gain up to $50 for using the program to study the protocol.
According to the Earn , the program developed in partnership with consists of five educational videos of up to three minutes each. After watching the videos and completing a set of corresponding quizzes, users reportedly will earn XLM as a reward.
It is important to emphasize that 1 billion XLM represents 1% of the total circulating , so ’s move is no small thing. The team bets strongly on the and education of users as one of the best strategies to grow.
Also, the platform offers a referral program that allows users to earn up to $40 by promoting the platform and attracting new . Each user can invite a friend to access earn, and for each video watched by the new user, the referring one will receive $10 in XLM.
is not the only option. Earn also has options for , and . However, the Lumens offer is by far the most generous.
However, some of the analysts think that part of this bullish pattern could be attributed to the business scheme and promotion strategy of ’s team, as well as the recent changes in the foundation’s management.
As we previously , Mozilla’s COO Denelle Dixon succeeded Jed McCaleb, ’s co-founder as he moves to focus on the network protocol and strategy.
Partnerships With Western Union and IBM
As it has became known, the world’s leading operator of cross-border and cross-currency money transfers Western Union has entered in a – a -backed cross-border payments network built for emerging markets and the main aim of this co-op is to allow Westen Union clients to transfer funds directly into recipients’ mobile wallets around the world.
Also, as we previously reported, IBM announced that its global payment network, IBM World Wire (built on the ), has in 72 countries, with 47 currencies and 44 banking endpoints and that it has signed letters of intent with six global banks.
Published at Thu, 28 Mar 2019 11:08:55 +0000
