Topic: [ANN][XSN] Stakenet - The World's First Trustless Proof of Stake Coin - page 59. (Read 65167 times)

Stakenet (XSN) is a decentralized platform building a trustless interchain economy powered by a Proof of Stake blockchain, with Lightning Network, Masternodes, and dApps.

One of the biggest differences between XSN and most other cryptocurrencies is that we don't want to impose a new standard, but rather adhere to the existing Bitcoin-Lightning Network (BTC/LN) protocol, which is the present and future of crypto. Because of this, people will always be familiar and ready to use our apps - leading to unparalleled growth and adoption of our tech. With every progress or breakthrough BTC/LN makes, it will in turn benefit XSN. The advantage this provides over others is truly massive: we don't have to hope that our solutions become mainstream, as they will always be alongside both Bitcoin and the Lightning Network.

Stakenet allows easy and secure staking of its currency XSN by using its invention Trustless Proof of Stake (TPoS), effectively achieving decentralized cold staking; this provides one of the highest levels of security among any PoS blockchain. TPoS allows users to cold stake their coins via smart contracts, which means you can stake your XSN from your cold wallet, thereby removing any unnecessary security risk. With a combination of TPoS, the Lightning Network, and Cross-Chain Proof of Stake, you will be able to stake XSN from your own hardware wallet (or any other wallet) and receive rewards directly to it in other currencies, like Bitcoin or Litecoin. Currently, XSN is supported on all major hardware wallets, including Ledger and Trezor.

Stakenet is not only focusing on the software and protocol level, but it is also entering the hardware market with XSN Viper, the debut product from our XSN Hardware division - a Lightning router that allows users to set up Lightning Network hubs for XSN, BTC, LTC, and collect fees. It will also be able to store user's coins safely in cold storage by using a separate microcontroller that holds private keys and remains offline (only sends signatures), powered by our open-source firmware XSN Excalibur, which is based on Trezor's reputable code. Users will be able to operate (receive, store, send, run Masternodes, and trade via Lightning Swaps) with all coins supported in the multi-currency XSN Light wallet, while the coins remain safe in our hardware device. Support for multiple LN channels will be added, as well as multiple Masternodes support in later versions. XSN Viper is not only just a useful product but a worthwhile investment too.

XSN Masternodes create a massive decentralized network of computers that generate incredible amounts of computational power. They provide high-end network services and run the dApps that are built upon the blockchain. For example, this Masternode network power Stakenet dx (our Lightning DEX) by performing Lightning Swaps (Lightning Network Cross-Chain Atomic Swaps) between different coins, facilitate instant on-chain transactions by using InstantSend, and private transactions with PrivateSend. They will also run other Lightning dApps, host Lightning Channels, and provide liquidity to the Lightning Network with their collateral. XSN Masternodes will be one of the most powerful stations in crypto that earn passive streams of income for the services they provide.

XSN is the first Proof of Stake coin with Masternodes to successfully execute Lightning Network compatibility and is among the first three (next to Bitcoin and Litecoin) to ever perform Lightning Swaps. Stakenet can, therefore, interact with any Lightning Network compatible merchant, application, wallet, or upcoming crypto device. Thanks to XSN cross-chain capabilities you will be able to pay anyone that accepts Bitcoin (or any other Lightning Network compatible coin) seamlessly with your XSN, improving adoption on a massive scale as thousands of merchants already accept Bitcoin payments over LN - and it will only keep growing.

XSN has one second confirmation times and up to 240 on-chain transactions per second. Over the Lightning Network, where the majority of the transactions will take place, XSN can infinitely scale with instant and practically free transactions.

Stakenet is building dApps -and will allow others to do the same with our dApp framework- to run on its blockchain, such as the aforementioned Stakenet dx. This will be the first Lightning DEX ever created. It will work by utilizing off-chain Lightning Swaps, as opposed to on-chain Atomic Swaps which most other DEX do. Lightning Swaps are instant, practically fee-less, and infinitely scalable. One of the biggest issues inhibiting the adoption of current decentralized exchanges is that they simply cannot match the user experience of a centralized exchange. They are both slow and hard to use, because of this, they fail to gain any meaningful market share. Stakenet dx completely changes the game by utilizing Lightning Swaps to achieve the user experience of a centralized exchange, while remaining in control of your cryptocurrencies. These dApps will have dedicated websites and be integrated into the multi-currency XSN Wallet, which will work in symbiosis with our hardware product XSN Viper.

In summary, Stakenet is building the safest, fastest, and cheapest interchain economy using Lightning Network and the utility of cold storage to trustlessly stake, exchange, and make payments. Stakenet are considered leaders in cold storage and Lightning Network developments.

XSN is the currency, the gas, and the foundation of Stakenet, as everything runs on top of it. The XSN Masternode network runs dApps (Lightning DEX, et cetera...) and services that generate fees which will be paid back to them. These fees will be paid in XSN in one way or another. Users won't even realize they have paid in XSN as it will all be handled by Lightning Swaps in the background. For example, in Stakenet dx, if someone were to swap BTC to LTC, the fee will be initially collected in BTC, however, this BTC will then be automatically converted into XSN via a Lightning Swap in the background and paid to XSN Masternodes. This economic model will provide a constant demand for XSN, with fees collected from the dApps and services constantly being converted to XSN and then distributed back to XSN Masternodes.

Stakenet's objective is to make XSN a highly usable coin by:
 
· Improving its adoption, being able to pay anyone and everyone, even if they only accept BTC.
· Being one of the most secure blockchains, having a robust network and trustless operating environment.
· Being pioneers in new technological advancements, like the Lightning Network, Lightning Decentralized Exchanges, and the crypto hardware industry.
· Building services and dApps on top of the Stakenet blockchain, like Stakenet dx (Lightning DEX), and allowing others to do the same with our dApp framework, creating a constant demand for XSN from the fees collected.
· Generating a passive income for both our Masternodes and stakers.
· Giving XSN holders a voice in a decentralized democracy, where casting votes decides and dictates the next moves of Stakenet.

Stakenet (XSN) Summary

Stakenet’s use case is to provide a highly secure cross-chain platform for cryptocurrencies, where individuals can easily operate with any blockchain simply by using XSN, as it is connected to others through the Lightning Network; while also allowing the ability to build code-agnostic dApps on top of it, such as our Lightning DEX. All of which will be powered by XSN Masternodes, who earn and collect fees for the services they provide.

Please see https://stakenet.io/roadmap for a detailed view of the current Roadmap.

Stakenet (XSN) was originally launched under the name PoSWallet (PoSW).