Altcoins

Stellar Lumens (XLM) and the Memo in the transactions

Stellar Lumens (XLM), Cardano (ADA), NEO, EOS: On a Bullish Rally – Market Sentiment Analysis April 20

The increasing use of the network of Stellar Lumens , has generated an increase in transactions and the adoption of this cryptocurrency. Adoption is favored by several factors, all of the landing on Coinbase Pro and the membership Coinbase Earn. Another innovation that has encouraged the adoption of XLM was the super Airdrop launched from the wallet Blockchain.com that is distributing free of charge over $ 125 million in XLM to all those who have created a new wallet on the portal.

A confirmation of the growth of Stellar is also the recent news that sees Wirex ready to launch 26 new stablecoin on the blockchain Stellar. The announcement was made on the official blog of the English company, in conjunction with the addition of XLM to cryptocurrencies affordable, storable and tradable on the platform.

On the group Telegram, and in the network very often we read of users who have lost their funds as they were wrong to generate a transaction. Let’s do a little bit of clarity.

What is a memo?

A memo is a message included in the transaction. This feature of Stellar allows users to communicate with anyone on the ledger.

For example, the wallet site Blockchain supports two types of memos:

  • Text (to include a text message along at a maximum of 28 bytes in your transaction)
  • Memo ID (for the recipient that will identify you as the executor of the transaction)

Why include a memo in the transaction?

We come to the crucial point. Include a memo when you execute a transaction is critical. The exchange requires you to perform transactions that include the memos. This is because, in general, the exchange uses relatively few addresses for the deposit and use the memo to distinguish one deposit from another. A transaction is identified and associated with your account due to the memo that is provided by the exchange.

How then to proceed?

Open the section ‘Deposits’ of your exchange, and choose the Stellar Lumens. At this point, the exchange will show you a memo that is associated with your wallet. If the exchange you are using I should not show means that the memo is not required to deposit.

At this point, identified the memo and the destination address. Here is everything as it appears on the exchange Bitfinex:

This memo will be included in your transaction. Do not include a memo could result in the loss of your funds.

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.