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Stakenet (XSN) - A DEX with interchain capabilities (BTC-ETH), Huge Potential [Full Writeup]
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. 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 https://streamable.com/kzpimj 'Once we have efficient, well designed DEX's on layer 2, there wont even be any DEX's on layer 1' 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. Tokenomics 2.6 Metrics overview (from whitepaper)
Ticker: XSN. Currency type: Coin.
Consensus: Minting Proof of Stake, Trustless Proof of Stake.
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. Resources
Hi Bitcoiners! I’m back with the 30th monthly Bitcoin news recap. For those unfamiliar, each day I pick out the most popularelevant/interesting stories in Bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best) overview of what happened in bitcoin over the past month. You can see recaps of the previous months on Bitcoinsnippets.com A recap of Bitcoin in May 2019 Adoption
List of some of the best Crypto Teachers/Influencers and Crypto exchanges/crypto trading tools for beginners
First of all, congrats, to be a part of the Bitcoin/Blockchain growth story. You are one of the early adopters in this space and hopefully, you will make the best out of it. The first thing to do is to make your mentors and follow them to get to know about the industry insights, who will always motivate you and prevent you from being scammed. Some of the mentors to follow on Twitter-
Andreas M. Antonopoulos - He is one of the first Bitcoin educators. In 2012 Antonopoulos became enamored with Bitcoin. He eventually abandoned his job as a freelance consultant and started speaking at conferences about bitcoin, consulting for startups, and writing articles free of charge.
Saifedean Ammous- is an economist and author focusing on bitcoin, who authored the first academic book on the economics of bitcoin, The Bitcoin Standard: The Decentralized Alternative to Central Banking, published by Wiley in 2018
After deciding the mentors and taking advice from them by following them, create an account on some good crypto trading exchanges just to know how an exchange works like what are the functioning/ how orders are placed, etc. List of some of the best crypto trading exchanges-
Binance - It is the largest crypto exchange in the world as per the trading volumes. User Interface is also very good. Recently they also announced their margin trading feature. They have a mobile app also available.
Bittrex - Its US-based exchange and it is operated by 3 security engineers from Amazon, founded in 2014. They don't have a mobile app for now.
Coinbase - It was founded in 2012 and they have crypto to fiat pairs available in 32 countries you can buy cryptocurrencies through your bank account.
Before going to trade with real money, I would recommend you to do some research, how crypto market works. According to the best of my understanding, you should apply some strategies, follow news/sentiments, charts, patterns of the coin. Some important tools/websites that can help you to build your strategies and gather all the possible information about the market-
Coingecko - Here you will find all the information of any coin like market cap, prices, dominance, social accounts, explorer at one place so that you can make informed decisions.
Trading View- It's an advanced Financial visualization platform where you can find any past chart with indicators to apply the best possible strategy, also you can take ideas from the leaders at the trading view.
SmartBotCoin - It's an automated tool that gathers all the information like news and sentiments through AI/ML at a single place and automates the process of backtesting, that can be helpful in making informed trading decisions.
Also, before going to trade with real money - you should have a solid trading plan that not only constitutes trading knowledge but also how you control your emotions, gaining confidence and how you manages your finances and risk. Best of luck!
There have been a lot of posts going around where people are concerned and worried with the rapid increase and valuation of coins such as ADA (Cardano) and XRP (Ripple) and so on. I thought it might be good to mention, especially with so many new investors coming into the space, a key distinction between crypto coins/tokens and other investment assess. -Crypto Currencies and Tokens are NOT stock in a company. They are not a security (generally) and you don't hold a share in the company/team. There are exceptions and the SEC can determine if a Token is a security based on a variety of factors which I won't go into here, but a quick search will give you all the information you need, here's a quick link: http://stansberrychurchouse.com/asia-wealth-investment-daily/cryptocurrency-like-stock-sec-rules/ In general, if you find your favorite token on an exchange like Binance, Bittrex, Poloniex, etc. then it has not been classified as a Security -Coins and Tokens serve as a currency or act as a form of exchange within an ecosystem. They are NOT the intrinsic value of the company. In other words, 34 Billion dollars trading in ADA does not make Cardano a $34B company or project. Just like X Trillion Fiat Currency doesn't make a Country worth X Trillion Fiat. -You don't own share or stake in a company through crypto coins/tokens any more than you own Alaska Airlines for holding Alaska Airlines Miles. -Remember that these valuations are in large part "Speculation". People are investing their hard earned Fiat in hopes of gaining more Fiat in the future. And this is where most people have concern and rightfully so, but that IS speculation. No one can say for sure which projects or if any of these crypto currencies and tokens will either change the way the world goes around or flop flat on their crypto faces. Clearly, a lot of Fiat is banking on the former. But the key to remember here, is that we are all Speculating on the future promise of revolutionary Technologies, Systems and Solutions that these Currencies/Tokens will offer to the vast array of ecosystems (financial, security, data, entertainment, social, etc etc). We are NOT speculating that company X will be worth X Billion in the future. When you buy gold, do you think "Sweet, now I'm a part owner of the gold company!!" No. You are buying it for a value that is derived through consensus based on supply and demand or you bought it because it serves a purpose such as making beautiful jewelry, conductors in electronics or even treat rheumatoid arthritis. To finish off by paraphrasing one of my favorite quotes: We will know Crypto has succeeded when one can ask: "How much is one Bitcoin worth?" ...and the response is "uhhhh... one Bitcoin of course!" ~Andreas Antonopoulos
The cryptocurrency advocate and supporter, Andreas Antonopoulos, said that millionaires do not need cryptocurrencies. During a speech at the Coinscrum meetup at Monzo Bank HQ in London, the author of Mastering Bitcoin suggested that the most popular digital asset helps those that are more vulnerable around the world. Andreas Antonopoulos has warned about Bitcoin Unlimited’s system of consensus and the dangers of a hard fork. BU ‘Sets The Rulers’ But ‘Doesn’t Change Rules’ In his latest Q&A session at the Singapore Management University Bitcoin and Ethereum meetup, the veteran commentator highlighted how BU “doesn’t change the rules” but “ sets the rulers, who will then get to change the ... Bitcoin for Beginners — Andreas Antonopoulos YouTube series. Bitcoin Designed — Design resources and infographics for Bitcoin. Statistical Charts, Network Charts, and Block Explorers . Once you have a firm grasp on the overarching concept of Bitcoin and how it functions, metrics websites and open-source analytics tools can become exceptionally useful for understanding the inner workings of ... Andreas Antonopoulos mentioned how he desired to see Bitcoin have extra “privacy features” in a current dwell stream Q&A session revealed on Youtube on July 7. Antonopoulos mentioned the privacy-centric coin monero and ideas like stealth addresses and ring signatures. You can they buy bitcoin on Coinbase Pro, or buy a stable coin like USDC and then transfer that to Binance, then buy BTC on Binance. Reason for this is that you don't pay fees to do bank transfer to Coinbase Pro (you do have to pay fees if you do wire transfer or pay with credit/debit card on Coinbase pro). USUALLY BTC is cheaper on Binance than on Coinbase pro, but lately I feel like Coinbase ... Andreas Antonopoulos has 507.4K followers on Twitter and joined the platform in 2013. Antonopoulos is a well known bitcoin evangelist who speaks at events and has written books like “Mastering ... Antonopoulos Champions Essential ‘Weirdness’ Speaking at the Polish Bitcoin Congress in Warsaw May 12, Antonopoulos, who has been a well-known Bitcoin advocate and educator since 2013, argued that Bitcoin’s “weirdness” and decentralization’s ability to “offend” were key to its success. “…The reason Bitcoin is interesting is because it’s not controlled, because it can’t ... Andreas Antonopoulos, a well known Bitcoin educator, has gone public in saying that he would appreciate a greater amount of privacy features in Bitcoin.Even so, Antonopoulos also expressed his ... Bitcoin and open blockchain expert, Andreas M. Antonopoulos, believes that blockchain technology is a “mechanism for global peace and justice,” rather than a traditional violent alternative. In a recent interview with Tom Shaughnessy and Medio Demarco, Antonopoulos expressed his belief of the current state of the world, heralding Bitcoin as the one option available to individuals in ... Date Channel Started: May 2006 Language: English Request Coverage: Click Here Description: Andreas M. Antonopoulos (@aantonop) is a best-selling author, speaker, educator, and one of the world’s foremost bitcoin and open blockchain experts. He is known for delivering electric talks that combine economics, psychology, technology, and game theory with current events, personal anecdote, and ...
Andreas Antonopoulos: Genius of Blockchain and Bitcoin
How Bitcoin and Cryptocurrencies Will Change the World in 2020 Andreas Antonopoulos - Duration: 30:33. Bitcoin Money Maker 7,357 views Crypto-Adventures #07 - BINANCE EXCHANGE - In this video I show you how to deposit Bitcoin on to the Binance Exchange, and then how to go in to the Tron Market to buy Tron using your Bitcoin. Andreas Antonopoulos: Just because you don't need bitcoin, doesn't mean it's not needed. - Duration: 1:00:12. Singularity Weblog 23,517 views How Bitcoin Will Change the World in 2020 Andreas Antonopoulos Best Cryptocurrency Market Binance https://www.binance.com/?ref=25992167 Litecoin Donation Lge... Best Features of Bitcoin and Cryptocurrency [Andreas Antonopoulos] Bitcoin Will Hit $25,000 in 2019 🚀 Sign up for Binance US to purchase Crypto ... - Coinbase data shows people maybe using their $1,200 stimulus checks to buy Bitcoin and crypto - Bitcoin Halving Searches on Google Hits All ...