Preface
Full disclosure here; I am heavily invested in this. I have picked up some real gems from here and was only in the position to buy so much of this because of you guys so I thought it was time to give back. I only invest in Utility Coins. These are coins that actually DO something, and provide new/build upon the crypto infrastructure to work towards the end goal that Bitcoin itself set out to achieve(financial independence from the fiat banking system). This way, I avoid 99% of the scams in crypto that are functionless vapourware, and if you only invest in things that have strong fundamentals in the long term you are much more likely to make money.
Introduction
Stakenet is a Lightning Network-ready open-source platform for decentralized applications with its native cryptocurrency – XSN. It is powered by a Proof of Stake blockchain with trustless cold staking and Masternodes. Its use case is to provide a highly secure cross-chain infrastructure for these decentralized applications, where individuals can easily operate with any blockchain simply by using Stakenet and its native currency XSN.
Ok... but what does it actually do and solve?
The moonshot here is the DEX (Decentralised Exchange) that they are building. This is a lightning-network DEX with interchain capabilities. That means you could trade BTC directly for ETH; securely, instantly, cheaply and privately.
Preface
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Right now, most crypto is traded to and from Centralised Exchanges like Binance. To buy and sell on these exchanges, you have to send your crypto wallets on that exchange. That means the exchanges have your private keys, and they have control over your funds. When you use a centralised exchange, you are no longer in control of your assets, and depend on the trustworthiness of middlemen. We have in the past of course seen infamous exit scams by centralised exchanges like Mt. Gox.
The alternative? Decentralised Exchanges. DEX's have no central authority and most importantly, your private keys(your crypto) never leavesYOUR possession and are never in anyone else's possession. So you can trade peer-to-peer without any of the drawbacks of Centralised Exchanges.
The problem is that this technology has not been perfected yet, and the DEX's that we have available to us now are not providing cheap, private, quick trading on a decentralised medium because of their technological inadequacies. Take Uniswap for example. This DEX accounts for over 60% of all DEX volume and facilitates trading of ERC-20 tokens, over the Ethereum blockchain. The problem? Because of the huge amount of transaction that are occurring over the Ethereum network, this has lead to congestion(too many transaction for the network to handle at one time) so the fees have increased dramatically. Another big problem? It's only for Ethereum. You cant for example, Buy LINK with BTC. You must use ETH.
The solution? Layer 2 protocols. These are layers built ON TOP of existing blockchains, that are designed to solve the transaction and scaling difficulties that crypto as a whole is facing today(and ultimately stopping mass adoption) The developers at Stakenet have seen the big picture, and have decided to implement the lightning network(a layer 2 protocol) into its DEX from the ground up. This will facilitate the functionalities of a DEX without any of the drawbacks of the CEX's and the DEX's we have today.
Heres someone much more qualified than me, Andreas Antonopoulos, to explain this
'Once we have efficient, well designed DEX's on layer 2, there wont even be any DEX's on layer 1'
Well said my friend. I'm also heavily invested in XSN.
checked
Wow thank you for such a genius post how could I have ever missed XSN! Thank you for explaining exchanges! Badass that you only invest in utility and fundamentals! holy based!
jk you can post when xsn actually has a swap product that works. (This will probably take another 5 years at the rate the project is going) Until then literally no one cares at all. Have a nice day
Progress
The Stakenet team were the first to envision this grand solution and have been working on it since its conception in June 2019. They have been making steady progress ever since and right now, the DEX is in an open beta stage where rigorous testing is constant by themselves and the public. For a project of this scale, stress testing is paramount. If the product were to launch with any bugs/errors that would result in the loss of a users funds, this would obviously be very damaging to Stakenet's reputation. So I believe that the developers conservative approach is wise.
As of now the only pairs tradeable on the DEX are XSN/BTC and LTC/BTC. The DEX has only just launched as a public beta and is not in its full public release stage yet. As development moves forward more lightning network and atomic swap compatible coins will be added to the DEX, and of course, the team are hard at work on Raiden Integration - this will allow ETH and tokens on the Ethereum blockchain to be traded on the DEX between separate blockchains(instantly, cheaply, privately) This is where Stakenet enters top 50 territory on CMC if successful and is the true value here. Raiden Integration is well underway is being tested in a closed public group on Linux.
The full public DEX with Raiden Integration is expected to release by the end of the year. Given the state of development so far and the rate of progress, this seems realistic.
cancer you will get cucked by a fast finality layer 1 or loopring or ren your devs suck ass and are slow as fuck
Tokenomics
2.6 Metrics overview (from whitepaper)
Name: Stakenet.
Ticker: XSN. Currency type: Coin.
Consensus: Minting Proof of Stake, Trustless Proof of Stake.
Coinage: Enabled, 24 hours.
Encryption Algorithm: X11.
Block generation time: 60 seconds.
Block size: 1-4 MB.
Final block reward: 20 XSN.
Block reward distribution: 45% Masternodes, 45% staking, 10% treasury.
Masternode collateral: 15 000 XSN.
Governance: Decentralized democracy.
Funding: Decentralized treasury, no initial coin offering, no premine.
Lightning Network: Activated on mainnet.
On-chain scalability: 240 tx/s. On-chain transaction costs: ~0.00001 XSN/kB.
Off-chain scalability: Theoretically infinite tx/s.
Off-chain transaction costs: Virtually zero.
Cross-chain interface: Lightning Swaps, Tokenization Swaps.
XSN is slightly inflationary, much like ETH as this is necessary for the economy to be adopted and work in the long term. There is however a deflationary mechanism in place - all trading fees on the DEX get converted to XSN and 10% of these fees are burned. This puts constant buying pressure on XSN and acts as a deflationary mechanism. XSN has inherent value because it makes up the infrastructure that the DEX will run off and as such Masternode operators and Stakers will see the fee's from the DEX.
Conclusion
We can clearly see that a layer 2 DEX is the future of crypto currency trading. It will facilitate secure, cheap, instant and private trading across all coins with lightning capabilities, thus solving the scaling and transaction issues that are holding back crypto today. I dont need to tell you the implications of this, and what it means for crypto as a whole. If Stakenet can launch a layer 2 DEX with Raiden Integration, It will become the primary DEX in terms of volume.
Stakenet DEX will most likely be the first layer 2 DEX(first mover advantage) and its blockchain is the infrastructure that will host this DEX and subsequently receive it's trading fee's. It is not difficult to envision a time in the next year when Stakenet DEX is functional and hosting hundreds of millions of dollars worth of trading every single day.
At $30 million market cap, I cant see any other potential investment right now with this much potential upside.
This post has merely served as in introduction and a heads up for this project, there is MUCH more to cover like vortex liquidity, masternodes, TOR integration... for now, here is some additional reading.
absolutely cancer not fudding if you are new to crypto buy literally any dip of any alternative "dex" coin or token. 0 liquidity (fake livecoin liquidity) massive whales and slow as hell devs
looks like somebody bought the top lol
no i nought at 18 and sold at like 35 when they "public betad" a literal piece of shit.
Actual vapourware
Not due to malice but utter incompetence
But don't worry this ui that nobody asked for will save us! It will he easier than ever to swap the 3 trading pairs this "dex" has
keep coping
Look up what vaporwear means. No matter the volume or pairs, Stakenet has a product, so it's no vaporware.
Stop these text walls. I'm invested myself, but nobody reads that. Einstein said sth like: If you can't explain it simple with only a few words, you haven't understood it. And you won't convince any 4fags like that
There are a lot of words in this thread. I bought 320k. I started buying early 2019. It's been one of the worse performing coins I bought. I hope we can some day see $1 but a 100mm mc looks less likely by the day. Just wish it would do something besides bleed for months, half hearted pump a couple weeks, then back to bleeding. I keep holding because I'm dumb, but I'm not holding my breath for masternodes supporting me to the point I can quit my job. I just need $1 to replace my part time job, $850/wk. That's a 6x from here and it ain't the old days anymore. The only 5x's now are rugpulls and food memes.
lmao. okay dude.
based
One question: since wrapped tokens exist and they are decentralized (cause they are on smart contract9 doesn't this make XSN useless?
>wrapped tokens
>decentralized
kek
you're communicating with people that think uniswap is a website.
yes
Except that wrapped tokens are not decentralised.
Dumb pajeet.
I feel bad for holding this. Discord is a mess, people have started to ask “difficult” questions regarding the lack of progress and direction. Devs keep pushing for cold staking, because it’s the only thing even remotely ready to be released. It’s just that no one cares about cold staking in 2020.
>>wrapped tokens
>>decentralized
Why not? they ely on a smart contract
Pretty sure that this still requires a custodian to hold the actual asset. Like for WBTC, BitGo holds tokens and keys etc.
There were answers yesterday to most Qs and a lot more will be adressed in an upcoming Medium article
Adding to that: progress needs time. Especially if one creates software that hasn't been there yet. Most Uniswap p&d's are just the same smartcontract copied over and over again. I get one can make a lot of money with those, but they are not helping this space to bring the tech further. We won't see another 2017 bullmarket if there is noone creating actual solutions. We need decent off-chain tech to accomplish that and Stakenet is one of the rare projects working on that.
For transparency they reestablished subtesting groups just today, so progress will be a lot more visible to the community
Hello CZ.
Nice try pajeet, Ive said it before and I'll say it again
youve all been rugged
Competing dexes are already live and trading while stakenet's will be "soon"ed until 2025.
you are all banking on the hope that anyone will care about the eth/btc pair 2 or 5 years from now. BTC and ETH are both on their way to becoming useless shitcoins when weighed against new groundbreaking currencies.
bla bla bla. Are you Draper?