• Market Cap
    $367.038B 2.13%
  • POW Market Cap
    $277.556B 2.67%
  • POS Market Cap
    $19.721B 6.55%
  • Masternodes Market Cap
    $1.239B 2.11%

The first trustless interchain economy: Stakenet Review

By Rafał - 2019-04-20

Stakenet is an integrated decentralized ecosystem which aims at building first trustless interchain economy and providing effective investment tools for investors.

Coin Specs

Ticker:XSN
Algorithm:X11
Consensus:Trustless Proof of Stake (TPOS)
Block time:60 sec.
Max supply:no max supply
Premine:No pre-mine (swap)
Masternode collateral:15 000 XSN
Stakenet Income

About

Stakenet is a decentralized blockchain platform launched in March 2018 which makes use of Trustless Proof of Stake consensus, embedded with dApps, lightning and masternode network. It aims at delivering competitive solutions over traditional banking, fiat currencies, payment gateways etc. by providing instant seamless transactions with negligible fees. Stakenet is focused on providing a highly secure platform with profit driven inter-chain ecosystem for almost every cryptocurrency. The Platform will be powered by its own native cryptocurrency XSN which will be used as legal tender and gas for its entire ecosystem. Stakenet is not only developing software solutions but is also entering the hardware market with EXCALIBUR and VIPER (more on this later).

Some of the key characteristics of Stakenet Platform are:

Trustless Proof of Stake (TPoS) consensus

TPoS is a minting PoS consensus which generates rewards even when the coins remain offline. TPoS validates, moves and secures the blockchain even when the used coins are stored in an offline wallet. This will enable the investors to receive profits without worrying about any security threats. The technology will soon be available for cross chain purposes after CCPoS (Cross Chain Proof of Stake) is implemented.

Lightning Network

Stakenet is the third platform after Bitcoin and Litecoin to ever perform lightning swaps. Lightning swaps enable peer to peer off-chain transactions between different blockchains. Based on the most common interface called “Lightning Daemon”, Stakenet has used this to develop a solution for interoperability. Lightning network will enable instantaneous transactions and reduces the fees tremendously.

Community Driven Governance and Treasury

As most of the masternode-based projects out there, Stakenet also has a decentralized autonomous governance system which is controlled by the community. Therefore, all the decisions are made democratically to ensure the long-term growth and development of the project. Every masternode owner has a voting right (1 masternode = 1 vote).
10% of the block rewards are directed towards treasury. This timely funding ensures effective marketing and development of the coin and project.

Stakenet 2019

MERLIN and Stakenet DX (software)

Stakenet Merlin
Stakenet MERLIN key Milestones

Stakenet is working on a software solution which will enable in-wallet one-click lightning swaps. This will allow exchanging of assets instantly over lightning compatible wallet reducing the time and fees tremendously. MERLIN is the term or category under which all these network-focusing software-based solutions (on which Staketnet is presently working) come. Based on MERLIN, Stakenet will build its own decentralized exchange called Stakenet DX which will offer exchanging of assets in a trustless and seamless manner. MERLIN will also lay down the foundation for cross-chain DApp infrastructure on Stakenet blockchain which will allow masternode owners to host DApps and charge fees for the same. These software solutions will also pave the way to development of Cross Chain Proof of Stake (CCPoS) which will allow users to stake XSN and receive reward in any other lightning compatible coin.

EXCALIBUR and VIPER (hardware)

Stakenet Viper
Stakenet VIPER key Milestones

VIPER is the category which represents a product line of custom XSN unique blockchain powered-hardware devices.

EXCALIBUR is a custom open source hardware device where users will be able to store their assets securely. EXCALIBUR will also be focusing on supporting cold storage interactions (staking, exchanging, payments etc.). 

XSN VIPER X1 is a hardware device which will integrate lightning network routing capabilities to provide users the ability to run LN Hubs and generate fees for XSN, BTC, LTC and any other lightning network compatible coin. Enabling of multiple LN hubs + MN’s which will run on VIPER will allow users to execute higher level functions of various chains and coins from cold storage. Later, Stakenet will also activate CPU offloading from XSN VIPER to Stakenet Blockchain which will result in increased vehicles for MN nodes. Thus, making its blockchain network further decentralized and economically strong.

Team

Stakenet team
Stakenet Contributors

Stakenet is an independent website which comprises of more than 40 active individuals from various industries and organizations although not all of them are listed on the website. Only those who asked to be listed are displayed and the rest wish to stay anonymous. The section comprises of developers, advisors, software architect, blockchain engineers, community & marketing managers, designers, technical engineers etc. from stakenet as well as from other independent companies and organizations. Link to email id and LinkedIn of all the listed team members have been made available to the community. 

It would have had been great if Stakenet had a short description added about every listed team member on the page as it would have helped people and investors gain a quick overview on the team’s background and experience. Considering the rest, it can be said that Stakenet has an independent & a growing team comprising of professional individuals holding years of experience in respective fields

Roadmap

Stakenet Roadmap
Full roadmap at stakenet.io/roadmap

Stakenet has a detailed roadmap featuring what it has already accomplished in 2018 and what it plans to achieve in 2019. The roadmap section has a percentage bar at the top of the page displaying the overall progress. The 2019 roadmap has been divided into two categories namely:

  1. MERLIN – focusing on the network level which includes lightning network, DEX technologies, cross-chain interoperability and cross-chain staking.
  2. VIPER – focusing on consumer end products such as light wallet XSN viper and hardware device X1.

The roadmap is further divided into 4 stages which comprises of various milestones which Stakenet plans on achieving the present year. Each milestone (deliverable) has a short description on what it is and has a separate percentage bar to display the individual progress. Stakenet’s roadmap is one of the most well designed and detailed roadmaps in the crypto space which perfectly represents the high-level overview of the project’s goals, initiatives and deliverables.

Max Supply and Premine

XSN is an inflationary currency created to support Stakenet’s economy in the long term and therefore, theoretically has unlimited supply. The total block reward is set to stabilize at 20 XSN per block. To make sure that the supply increases very slightly with time, XSN burns the transaction fees and has introduced “Revolving Stake Bonus (RSB)”. RSB has been created to support the Stakenet ecosystem by donating the funds obtained from network of projects to the treasury to initiate further developments or by burning the coins. This keeps the increasing supply in check, offsetting the inflationary effect of the block rewards and provides financial protection to the ecosystem by funding treasury.

Stakenet neither has a premine nor there was an Initial Coin Offering. Although, on 1st March 2018 there was transition from POSW chain to Stakenet own XSN blockchain. During the time of transition, around 73 Million POSW were swapped to XSN.

Exchanges

Livecoin

Coinall

Masternode

Stakenet is built-in with a second layer of masternode network which provide special features to the platform such as Instant send, Decentralized Governance, DApps creation, high liquidity, execution of lightning swap, high scalability etc. To host Stakenet Masternode, staking of 15,000 XSN as collateral amount is necessary. Masternode operators are rewarded with 45% block reward for their service and network uptime. Masternode operators also receive fees from DApps, Coin mixing, DEX, Lightning Routing, Lightning swaps, Lightning privacy, stake bonus etc. 

The daily rewards received by the masternode operators are calculated by using the formula below:

(b/y).1.440
where, b = number of masternodes one holds
y = number of total masternodes.

Useful links

Stakenet logo

Masters of Nodes do not recommend to invest in any coin. Always do your own research. Check our Disclaimer