In this new entry i will talk about a cryptocurrency project that i just found about, Stakenet (XSN). I was really impressed by this project and will give you a quick overview about Stakenet and XSN. Since i just recently found this, i will keep this post short, giving just a quick introduction and later ill release more articles detailing my next experiences, this way we can see the project grow together.
What is Stakenet and XSN
Stakenet is a Lightning Network-ready open-source platform for decentralized applications with its native cryptocurrency, XSN. Its blockchain is custom-built and is infinitely upgrade-able to adopt new technological innovations as they develop.
XSN is the cryptocurrency that powers Stakenet, digital money, similar to bitcoin or ethereum. The main difference between XSN and other projects is that Stakenet blockchain is the first with Masternodes to ever be Lightning Network ready, meaning that XSN has instant and almost fee-less and unlimited transactions per second.
Stakenet is a Proof of Stake blockchain with Masternodes, which means all stakeholders can help secure and power the network, thus earning a passive income through staking or running a Masternode. You can stake your coins from cold storage such as a hardware wallet, and receive staking rewards whilst your funds are offline and never at risk, not having the coins exposed in the staking server is a huge step forward in terms of privacy and security.
In my opinion the fast, private and fee-less transactions are key points that will differentiate XSN from other cryptocurrencies.
Masternodes
A Masternode is similar to a Staking node, but instead of protecting the network like Staking nodes do, Masternodes provide services to it. They form a huge network of interconnected computers that are used in benefit of the blockchain.
To run a XSN masternode you need exactly 15 000 XSN locked in as collateral per Masternode. You can rent an XSN Masternode using their Masternode hosting service in XSN Cloud. Being a trust-less solution you remain in control of your coins and there aren't associated risks. You need to deposit some XSN to your Cloud wallet in order for us to take fees for our Masternode hosting service. Running a masternode seems like a good way to get some passive income, i just recently found about this project but i am looking into running one and will report my profits (or not) to you in a later post.
Lets now see where can we buy and sell XSN:
Trading information
XSN is currently trading at $ 0.1547 per coin with a total market cap of $16,863,463.664. It is not a low cap, but i think it still has room to grown a lot in value.
To get your hands at this coin you can trade it on:
- CoinALL: https://www.coinall.com/
- Livecoin: https://www.livecoin.net/en
- Beaxy: https://www.beaxy.com/
There is also a Beta Stakenet DEX (decentralized exchange), to be able to test it you will need to join the community and ask for access (it is a beta after all).
Since XSN is not an erc-20 token you can not store it on the normal options like METAMASK or myetherwallet. In my opinion the best way to store your coins is on https://cloud.stakenet.io/login .
Community
Stakenet community is already large, it is a very welcoming and helpful. You can easily make questions in both their discord and telegram servers and users will quickly help you and clarify any doubt that you may have.
Discord - https://discord.com/invite/cyF5yCA
Telegram - https://t.me/joinchat/BdGxxw-s3b4_DdBdbChI4g
Final thoughts
From my quick interactions with stakenet i can tell you that i really think it will grow far beyond its current state, this is not a new defi project as we normally see today, it is an "old" and well maintained product. And from what i could read both in the website ( https://stakenet.io/) and from my interactions with the community it seems like the best parts are still to come.
I will keep a close eye on Stakenet and will make more detailed posts about it, as i said before i just recently found it but i was very impressed so i wanted to share this with you. In this age of projects that last for 2 months, finding XSN was like a breath of fresh air to me.
