Stakenet is a Trustless Proof of Stake (TPoS) blockchain that addresses the issue of cryptocurrencies for nontechnical people by providing a simple user interface to access all the features of their 4th generation network. Stakenet allows users to stake various cryptocurrencies in one single wallet, to trade at a decentralized exchange, which is entirely provided by masternodes and empowers its users to execute atomic swaps between different blockchains. Stakenet focuses on technology, that ensures and truly decentralized and secure network.
TPoS is a Stakenet invention. While crypto investors currently use offline storage such as Ledger or Trezor for mere storage, TPoS transforms these cold storage devices into profit generating devices. Rewards flow to the coin owner while the coins remain offline. TPoS is fully operational and available for everyone who owns XSN. This technology will be available for cross chain purposes upon implementation of CCPoS.
Another XSN innovation under development is CCPoS. With this technology the Stakenet team aims to enable users to stake XSN and receive rewards in any other coin. Herewith individuals will be enabled with flexibility to switch rewards on the fly to that new “hot coin”, if they so desire.
Stakenet aims to create crypto’s first truly decentralized cryptocurrency exchange run by masternodes. These master nodes will be rewarded through trading fees and will act similarly to Stakenet.io in that once XSN cedes control, the masternodes will run the network and cannot be shut down by XSN or any third party.
XSN is building crypto’s first internal TOR network run by masternodes. Whereas TOR has been utilized in crypto by coins like XVG, those methods are fundamentally flawed due to exit node relay detection. Their TOR masternode network won’t have this vulnerability and will allow truly obfuscated transactions. Moreover, the Stakenet blockchain utilizes coinmixing and will encrypt transactions due to the zK-SNARK protocol.
While the Stakenet project has some interesting tech behind it, it came at a time when there are similar projects in the crypto space that were already around for years and are much further in development and have much broader user bases. Their team members also don’t seem to have much of a respectable business background and their marketing is seemingly lacking as this isn’t quite a well-known project.
There isn’t anything bad or dodgy with the Stakenet project really. The project making it big is just a matter of community interest and marketing, as the project is really on point technology-wise and much bigger projects pretty much got nothing on it. We’ll have to wait and see what the future holds for XSN.
