What is StakeNet
Stakenet is a Lightning Network and Connext ready open source platform for decentralized applications with its native cryptocurrency XSN. 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 where individuals can easily operate with any blockchain simply by using Stakenet. Thus, it connects the largest distributed network developments into one decentralized place.
Trustless Proof of Stake
Trustless Proof of Stake essentially allows stakers to use any node to do the staking for them while not having to share any spendable balance or private keys with the node. Staking contract is signed by a special transaction that holds data specifying the terms and is created by a user sending XSN to themself. To cancel the contract the user simply needs to move all his funds into a new address or just unlock and move the XSN which includes
Stakenet burns every transaction fee within the network as a counterpart to the increasing supply and adds additional businesses to provide more value to XSN. The Stakenet blockchain is powered by two types of nodes: Staking nodes and Masternodes both work very similarly. The staking nodes are equally rewarded each with of the block rewards. Part of the block rewards are sent to the treasury to fund new projects and products.These funds can only be released through Masternode consensus.
Lightning Network
Before the Lightning Network all parties would have to create a new channel for each new payment activity. Stakenet upgrades the current Lightning solution by funding its Lightning channels by default with the Masternode XSN collateral. XSN can be used as a carrier coin for both Bitcoin and Litecoin transactions too.
Wallet
Stakenet Wallet is a non custodial multi cryptocurrency light wallet and the main interface to interact with the cryptocurrency world. It is a secure digital purse which helps in storing and transacting digital currencies like Bitcoin and Etherum. Stakenet's Masternode network will hold databases and also run full nodes of multiple blockchains allowing for Stakenet to create a wallet that can securely send and receive coins from separate blockchains.
Excalibur
XSN Excalibur is a open source private key management and storage system auditable by the public. It is based on Trezor's reputable code and uses a mnemonic phrase which is simply a word list also known as seed. Thanks to Excalibur, Stakenet users can backup and access all their cryptocurrencies by just knowing one phrase.
Summary
Stakenet is a distributed network for incentived stakeholders providing a trustless interchain economy. Its highlight is a lightning and Connext ready decentralized exchange platform that offers instant and virtually feeless transactions. Stakenet is based on an enhanced Proof of Stake blockchain with several second layer solutions like the Lightning Network, Masternodes, Connext and dApps.
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