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 upgradeable to adopt new technological innovations as they develop.
XSN is digital money, like bitcoin in the Bitcoin blockchain, or ether in Ethereum, as its supply isn’t controlled by any government or company. It is decentralized, secure, scarce, and is used by people all over the world to make payments or as a store of value.
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. Unlike Bitcoin or Ethereum, which have a high entry barrier due to requiring specialized hardware to mine.
Thanks to Stakenet’s invention Trustless Proof of Stake, 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 - resulting in one of the highest levels of security among any existing blockchain.
What makes Stakenet and its cryptocurrency XSN stand out?
It is the first blockchain with Masternodes to ever be Lightning Network ready. This means XSN has instant, virtually feeless, and unlimited transactions per second, making it more valuable than most other cryptocurrencies whose only use-case is speed or scalability. It is also the first, next to Bitcoin and Litecoin, to ever perform Lightning Swaps.
If Amazon were to accept Bitcoin over the Lightning Network, XSN would automatically be accepted due to its cross-chain capabilities. Essentially you can pay anyone accepting Lightning Network payments with XSN. This is what adoption looks like.
Stakenet doesn’t want to impose a brand new standard, but rather adhere to the existing Bitcoin-Lightning Network (BTC/LN) protocol. The advantage this provides over others is truly massive: we don't have to hope that our solutions are adopted, they will always be alongside both Bitcoin and the Lightning Network.
The Stakenet network can run decentralized applications created by anyone over Lightning Network, which is where the future is being built upon.
These decentralized applications are powered by the Masternodes and directly benefit all XSN holders. The first developed one is a unique Lightning Decentralized Exchange using instant and infinitely scalable Lightning Swaps, where all trading fees collected are automatically used by the network to buy and distribute XSN to the Masternodes. This operates alongside its own TOR network whilst further privacy methods, such as MimbleWimble are continuously being researched.
Stakenet have an open governance and decentralized self-funding mechanism that allows Masternode holders to cast their votes on development proposals, which are then funded from the network’s treasury.
