Stakenet – Trustless Interchain Economy

Stakenet is a Proof of Stake blockchain with Masternodes, which gives all the stakeholders the ability to secure and power the network while earning passive income through staking or running a Masternode.

One of the defining characteristics of Stakenet, is the Trustless Proof of Stake, a system that allows the staking of coins in cold storage, and to receive staking rewards while the funds are safely stored in an offline wallet.

XSN is the coin that pieces all of this together, operating on a trustless cross-chain blockchain connected by the Lightning Network, which makes transactions virtually instant with zero fees.
In addition to having some of the key features of other blockchains which is a dApp framework that permits anyone to develop powerful decentralized applications.

The first dApp being developed on Stakenet is a Lightning Decentralized Exchange, where all trading fees collected are automatically used by the network to buy and distribute XSN to the Masternodes.

Trustless Proof of Stake (TPoS)

TPoS is a technology developed by Stakenet that allows users to stake XSN and earn rewards in the coin of their choosing.
This is done by having a Merchantnode do the staking for them while not having to share any spendable balance or private keys. The underlying aspects are done through a smart contract, as to guarantee the owner getting his rewards.

In the process of creating a TPoS contract three parties are involved, the owner (wallet that holds coins to be staked), the Merchant (wallet that creates the smart contract and earns a commission), and the Merchantnode (the wallet from the Merchant that will be staking).

You can run a Merchantnode to stake your coins while also providing the service to other owners. However, this will require you to run an online server 24/7.

Stakenet DEX

One of the big contradictions of cryptocurrencies is that to trade them you are forced to entrust your funds to a centralized exchange, which is operated out of a few servers and is very vulnerable to hacking.
As we have seen many cases of these events, such as the famous Mt. Gox hack, new alternatives have sprung, intending to solve these potential risks, and they are what we know as Decentralized Exchanges.

While there are many DEX already operating, most of them have some vulnerabilities of centralization. Stakenet would be the first to operate a completely decentralized solution, as their DEX would be entirely run by Masternodes and not supported by a centralized entity.

A feature of the Stakenet DEX is its ability to aggregate other compatible exchanges in it, creating a bridge between their order books, permitting the user to trade through multiple exchanges with only one interface.

This is something that other DEX already do though, so what differentiates Stakenet’s from the rest?

The thing with most DEX is that you must trade against its native currency, let us say Ethereum, or TOMO.

But with the Stakenet Light Wallet allowing the storage of multiple currencies, you will be able to trade with these currencies as the underlying asset within their DEX, while you keep staking if the funds are not in use.

The Stakenet DEX is still on a development stage, but we believe it will be released soon, you can keep up to date with news and updates about it on their blog.

Coin Details

• Market Cap: $26,915,733 USD
• Market Cap ATH: $53,802,677 USD
• Current price: $0.257895 USD
• Price ATH: $0.807879 USD
• Circulating Supply: 104,365,486 XSN
• Total Supply: 107,848,643 XSN
• Total % of the supply released so far:  96.77 %

Social Media

Discord is one of the fastest-growing platforms for creating a community, and Stakenet is at the vanguard of the bunch. With over 7k members, this is their most-used community platform and where users actively interact. A team of ever so helpful admins is there to assist with your doubts in any of the channels. Something they may have gone a little overboard with is with the creation of too many language channels.

Their Twitter is constantly updated with news and information about their developments, Q&A’s, and what they are up to.
However, something they could improve on is more community interaction, engaging with the public is a tactic that has proven effective by most big organizations and does not require too much effort.

They also have a medium blog where you can find very detailed information on their thought process.
It is kept up to date with relevant information regarding their developments and the next steps they are planning to take.

Team

The Stakenet team is focused on the tech side of things, their contributors being mostly developers.

Conclusion

In conclusion, Stakenet is a project that probably not everyone will find a use case for, but it will greatly improve the quality of life of a big group of people. XSN is the best coin for the users that like to get rewarded for contributing to a network while earning passive income at the same time. If their DEX manages to gather a consistent userbase and picks up heavily on volume, running a Masternode will be a very profitable way to earn passive income with XSN aside from staking.

Definitely a project worth keeping an eye on, as it seems to have a bright future, thanks to the team of very engaged developers that keep actively working to reach their goal.