- An accomplished and robust dev team with a proven track record. X9 Developers, the team behind Stakenet, also collaborated with Litecoin to bring LTC’s core code up to the latest Lightning Network standards
- Large community
Technical Analysis by Kong Trading - 12/02/2019
Currently, on the 1Daily timeframe, we can see a locally a very steep and quick downtrend. This downtrend is leading into the previous area of support, where it has the possibility of showing signs of strength and creating a double bottom. In that case, this would turn into a reversal structure and create a reasonable opportunity.
To read the full Technical Analysis from Kong Trading click here.
Stakenet started its journey as POSW back in late 2016. After the initial development, the team abandoned POSW. Later X9 development team took over and used POSW as a base starting point for Stakenet and began transitioning. The project is rebranded to Stakenet at the end of Q1 2018, and a chain swap happened during that time. The project is a POS (TPoS) blockchain & also supported by Masternodes. TPoS enables users to stake their coins offline directly from their local wallets or hardware wallets like Ledger & Trezor (Stakenet’s hardware wallet Viper is also in their roadmap).
They aim to provide simple & easy to understand (even by non-technical users) features - products to build an integrated decentralized ecosystem with cross-chain interaction possibilities.
In their words:
“Stakenet's mission is to make the XSN framework an ecosystem for cryptocurrencies, to access all their features from one single place, that can’t be hacked, shut down, corrupted or abused. Creating a truly decentralized, private, and trustless profit-driven economy for cryptocurrencies.”
Their own coin $XSN is aimed to be used as default currency as the legal tender and gas for the entire interchain ecosystem.
“XSN Cloud” is a product they offer for carefree staking solutions of various PoS projects such as PIVX & Stratis. You can try it out here: https://cloud.stakenet.io/ & you can check out the up to date rewards here https://cloud.stakenet.io/rewards.
Another product they want to offer in the future is a Decentralized Exchange - Stakenet dx. The masternodes supporting the network will get 100% of the fees collected. The same goes for the rest of the applications they want to create on the Stakenet ecosystem.
Stakenet is a proof of stake (PoS) network that includes a masternode layer enabling users to earn both through staking and from operating a masternode. Stakenet builds on previous iterations of PoS consensus algorithms, precisely that of Peercoin, with an additional implementation that enables staking on cold-storage wallets.
The new implementation is called Trustless Proof of Stake (TPoS) and lets users permit special nodes (called merchant nodes) stake on their behalf, while they keep their coins offline.
Instead of having only public and private keys for a wallet, Stakenet has created a third key called shared key. With the shared key, the user can let a merchant node do the staking for them with their high-bandwidth internet connection for a commission agreed upon by both parties taken from the staking rewards.
This is achieved with a unique transaction with OP_RETURN that contains the terms of the contract between the owner of the coins and the operator of the merchant node.
While the staking nodes validate and secure the network, the masternode layer on top of it is designed to power more network-intensive processes, like running decentralized apps. Users willing to set up a masternode need to lock 15,000 Stakenet (XSN) as collateral.
Block rewards on Stakenet are evenly split between staking nodes and masternodes, while 10% flows into the treasury fund of Stakenet. Masternodes will also earn transaction fees from future applications built on the network, for example, fees from a decentralized exchange.
As the Stakenet code base has Bitcoin Core at its foundation, it also provides seamless integration with the Lightning Network. This enables lightning swaps and atomic swaps with any other cryptocurrencies that support these. The atomic swaps use the hash time-locked contracts (HTLC) to be executed within an allotted period of time.
Having its roots as POSW (Proof of Stake Wallet), the Stakenet team built a centralized solution for staking services, the XSN Cloud. The platform entails the following:
Multi-currency wallet: Users can store proof of stake coins and receive staking rewards with a single wallet interface.
Masternodes as a Service: XSN Cloud will take care of setting up and maintaining masternodes for a fee. Since you have your coins in your local wallet, you do not have to worry about them once you use them as collateral.
Staking Pools: A staking pool offers its community a high uptime by providing reward infrastructure and frequent rewards even when someone has a small amount of coins. It usually takes weeks for small investors to get a staking reward. However, since you are staking along with a community, your rewards are frequent and comparatively better.
TPoS marketplace: Marketplace for users to find the best merchant nodes for staking XSN.
Monitoring services: Users can monitor all their masternodes and TPoS contracts.
Staking as a Service: Stakenet’s immediate value is in offering staking as a service for multiple coins from a single wallet. Through its TPoS algorithm, Stakenet also enables users to earn fees as a merchant node for staking on behalf of other peers.
Alongside the centralized solution of XSN Cloud, Stakenet wants to bring forth a decentralized alternative in the form of a cross-chain proof of stake (CCPoS) framework. This is still in development but promises to offer the possibility to stake across chains through the Stakenet network.
Lightning Network is a sidechain architecture that enables any blockchain to scale quickly with the lowest fees possible and works by opening payment channels between peers. According to the developer team, Stakenet can already interact with the lightning network of Bitcoin and Litecoin, enabling lightning swaps – which, unlike atomic swaps, take place off the chain.
With this functionality, Stakenet will be able to open payment channels with any network compatible with lightning, while also enabling payments with XSN to merchants that have lightning enabled but don’t necessarily accept XSN.
Moreover, Stakenet plans to utilize the technological capabilities of lightning swaps to build its decentralized exchange. Lightning Swaps will also facilitate the seamless conversion of assets; this tech allows users to make payments using any cryptocurrency Stakenet supports (For example, Bitcoin). So any retailer/merchant that accepts BTC as payment, you can pay them using XSN or any other asset Stakenet wallet supports, and that asset will be converted instantly during payment to the retailer/merchant into BTC or whatever asset they would like to be paid in.
Stakenet also addresses the privacy issue on its network by offering coin mixing through the Tor network. Masternodes undertake the coin mixing process. The zero-knowledge proof technology zk-Snarks is another privacy-centered feature that is set to be implemented in the future. Also, they already achieved a one click TOR privacy activation in the new Multicurrency wallet.
XSN is the staking currency of the network and is also the gas that powers any applications built on top of the network. Considering the network’s compatibility with the lightning network, XSN can become a bridge between different cryptocurrencies for cross-chain swaps, when these will be deployed. As a stand-alone coin, it has many features that make it viable for usage due to not only its on-chain speed but also its off-chain speed via Lightning Network, which means its Transactions Per Second (TPS) is really high. By staking XSN (TPoS allows you to keep your coins safely offline while still earning staking rewards.) and using XSN as collateral for your Masternode, you are providing security for the network.
For ongoing and future developments, please see out ‘Roadmap & Events’ section.
Stakenet has multiple features that could be considered as MVP, but the crown jewel to most would be the DEX. Stakenet is bringing a true DEX to the market to challenge the most established centralized exchanges.
By creating an In-Wallet Lightning DEX (No KYC or Geo-Blocking), they are making trading effortless and secure by not having to send your assets anywhere or trust them with a third party.
Lightning Swap technology allows instant conversion of assets. This tech has much broader applications than just the DEX, as it can also be used during payments. This means that any asset that Stakenet supports in Stakenet Wallet can be used for payment at any retailer that accepts cryptocurrency. As an example, if a retailer accepts Bitcoin, then users can pay with any other asset. During payment, a Lightning Swap will instantly convert the asset into Bitcoin for the retailer. This technology means that at the ever-growing list of retailers that now accept cryptocurrency payments, anything Stakenet supports will also be able to be used as payment without any need for the retailer to change anything, giving those assets a considerable boost for usage.
Last Update 12/2/2019
While the projects mentioned below can be seen as competition, there is no direct competition that is doing everything that Stakenet is trying to accomplish. We decided to summarize which aspects of the mentioned projects are trying to achieve similar results with Stakenet.
In addition to these, here you can find the comparison charts between Stakenet and high market cap cryptocurrencies. They also compared themselves with legacy payment gateways.
For more team information, you can use this link.
For Stakenet, 10% of the total block rewards go to the treasury fund. The team is compensated through this fund.
There are 15 long term development “Treasury” addresses allocated with this fund. You can scan their activity on https://xsnexplorer.io/ .
For more information you can visit https://stakenet.io/faq/#what_is_the_treasury
XSN Viper multi-currency light wallet launch
XSN Excalibur firmware development and release
Enable One-click Lightning Swaps
Masternode layer upgrade
Xeeda hardware wallet XSN support
Ledger Nano support
Cold Staking from Trezor using TPoS
XSN Viper X1 launch
XSN Viper X1: Add XSN Masternodes support
Lightning-Enabled Privacy Swaps
Cold Staking from Ledger Nano using TPoS
Launch of Stakenet dx (Lightning DEX)
Masternodes Watchtower services
XSN Masternodes CPU and DB third-party services
XSN Viper X1: Activate CPU offloading to the Stakenet blockchain
XSN Masternode TOR services
Use Masternode's collateral for Lightning Network liquidity
First layer network upgrade: Enhanced privacy
First layer network upgrade: Sharding
TPoS contracts migration to XSN Masternodes layer
XSN Viper X1: Add support to run multiple Lightning Network hubs + Masternodes
Masternode's collateral backed stable coin
Masternodes based oracles/ arbitration
Masternode escrow services
Enable Cross-Chain Proof of Stake
Autonomous Swaps by Masternodes Quorums
Confidential Transactions: MimbleWimble
Last Update 12/02/2019
Top 10 addresses hold: 25,83% (Top 2 addresses are associated with Stakenet.io Cloud Staking & Exchange Wallets)
Top 50 addresses hold: 40.83%
Top 100 addresses hold: 47.73%
The rich list does not include these 35 Treasury addresses:
1Mb Blocks, 60 seconds for every block
20 $XSN Block Rewards (Final Block Reward Stage)
12.95% Annual inflation today / Decreasing with time
Partnership with Xeeda: Xeeda is a Bitcoin hardware wallet solution for smartphones.
They announced a strategic partnership to integrate with Stakenet (XSN) to enable users to securely store and earn staking rewards from smartphones.
Collaboration with Litecoin Foundation: Litecoin Foundation is a non-profit organization with members around the globe who share the mission of advancing Litecoin for the good of society by developing and promoting state-of-the-art blockchain technologies.
They formalized a collaboration with X9 Developers of Stakenet in the maintenance, debugging, and hardening of ltcd and potentially other Lightning Network(LN) technologies.
Stakenet's main communication method with its community is its Discord channel. They have a little over 7.5K people in this channel and admins are present and responsive. Their Telegram community is a little bit smaller with only 1.7K members. The project's Twitter has over 12K followers, good for a project with this market cap. Their tweets get average 30-60 likes but a few comments. They have a fairly less active Reddit with few interactions, only 1K members. They publish educational videos on their Youtube channel.
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