The first steps with Stakenet.

The articles and other websites linked in the following lines are not created by me. This collection of information is intended to show a user all possible sources and instructions and to answer the first questions.




What is Stakenet?

In own few words:

In the crypto world, each project is its own solution that wants to replace Bitcoin. At Stakenet, they know that Bitcoin is king and instead of building walls, they want to create bridges to connect these islands.

For more detailed descriptions, serve these Medium articles of the official German Stakenetaccount:


Numbers and data on the Stakenet Blockchain:

# #
Art Coin (XSN)
Mode of operation POS (Proof of Stake)
Encryption algorithm X11
Creation 05.03.2018 (Start Mainnet)
Current block-height 1.873.837
Block time 60 seconds
Block size 1 MB (4 MB with SegWit)
Block reward 20 XSN
Reward per block Masternode: 9 XSN
Staking (POS/TPOS): 9 XSN
Treasury: 2 XSN
Speed up to 60 transactions / sec (on-chain)
With SegWit activated up to 240 transactions / sec. (on-chain)
Far more with Lightning (off-chain)
Current amount in circulation 120.784.374 XSN
Total amount in circulation 124.323.411 XSN
Maximum amount Unlimited
Increase (inflation): Daily: 28.800 XSN (20 XSN * 60 min * 24 h * 1 d)
Monthly: 864,000 XSN (20 XSN * 60 min * 24 h * 30 d)
Yearly: 10,512,000 XSN (20 XSN * 60 min * 24 h * 365 d)
Transaction costs approx. 0.000002 XSN (* UTXO) per transaction. (These are, however, typically burned at POS)




The wallets at a glance

The following table lists the possible wallets:

Wallet OS Link Description
Core-Wallet Github Version 1.0.28. It is used to operate Masternode and (T)PoS. This wallet downloads the entire blockchain (this time can be shortened with a bootstrap).
MCLW (Multi Currency Light Wallet) Stakenet Currently the MCLW is in the OpenBeta phase. The wallet is still under development, so there are some limitations. First information on how to use the wallet can be found here:
en Beta Release
en Short Guide
en Detailed Guide
Trezor-Wallet Trezor You can hold XSN with a Trezor (hardware wallet). TPoS staking (cold staking) is possible. In the future you can also operate a masternode from this wallet.
Ledger-Wallet Ledger You can hold XSN with a Ledger (hardware wallet). In the future you can also operate a masternode or TPOS from this wallet.
Stakenet-Cloud Online Wallet As an alternative there is the Stakenet Cloud. However, it is like an exchange, you do not have the private keys. You do not have to download here, you can only be reached via the linked website and you have to create an account There are also restrictions on the withdrawal of coins. Required to operate an MNaaS (MasterNode as a Service). A smaller amount (10,000 XSN) of coins can also be staked here.




Where can I buy XSN?

All exchanges that have XSN listed:

Most of the liquidity is on Bitfinex, followed by Whitebit, so if you want to buy at a current price, you should choose one of these two exchanges. On the other exchanges, the prices can vary greatly from the market price.

Exchange Pairs Info
Bitfinex XSN/USD
  • KYC: > 2 BTC volume
  • Volume: High
  • Withdrawal: 0 XSN fees
Whitebit XSN/BTC
XSN/USDT
  • KYC: > 2 BTC volume
  • Volume: medium to high
  • Withdrawal: 2 XSN fees
Stakecube XSN/BTC
XSN/USDT
XSN/SCC
  • KYC: n/a
  • Volume: very low
  • Withdrawal: n/a

Current prices on Coingecko




Running a Masternode or Staking?

Brief differences:

Staking or Stakenode

Staking is a consensus procedure with which the blockchain votes on what the correct past / history is. Just like with Proof of Work, new blocks are sought here, but not with mining power but via coinstakes that are held in the wallet and must be in the network (online). The wallets that stake online are called stakenodes.

Masternode

A masternode is a special node in the network. It does not look for a coinstake like a stakenode, they only sign the new blocks and do not check them for the correctness of the history. Furthermore, masternodes provide services. They form a huge network of interconnected computers used in favor of the blockchain.

A masternode will be able to take on other tasks later, the first additional task will be to host the upcoming DEX.

How should you decide?

Whether you want to run a masternode or stake it depends on the number of coins you own. The same applies to the other participants in the network, because the more people run a masternode, the less lucrative it becomes. In return, staking becomes more interesting . And when the number of people rises, a masternode becomes more interesting again.

In the long run this should keep in balance, but a look at the following table or in Explorer shows the current ROI. If you want to know more, you can use the following calculator and enter your coins: Calculator block reward

Differences in numbers

Masternode Staking (POS) Staking (TPOS)
  • Requires exactly 15,000 XSN
  • The coins can be stored offline (Cold Wallet)
  • A computer that is online 24/7
  • A static IPv4 address
  • Current ROI: 13.87% annually
  • Possible with > 1 XSN
  • The coins must be online (Hot Wallet)
  • A computer that is online 24/7
  • Current ROI 16.76% annually
  • Possible with > 1 XSN
  • The coins can be stored offline (Cold Wallet)
  • A computer that is online 24/7
  • A static IPv4 address (with TPOS or Cold Staking )
  • Current ROI 16.76% annually

Recommendation:

Amount of coins Method
0 - 5,000 XSN Here you can use the Stakenet Cloud, because with the amount the costs of running a computer 24/7 will possibly exceed the income. The cloud takes a few percent of the rewards in return.
5,001 - 14,999 XSN With the amount you still don't have enough for a masternode, so you can operate POS or TPOS:
POS: Simply run a PC with the CoreWallet open (staking must be activated). This is also called a hot wallet.
TPOS: As with an MN, a computer will be online while your own coins are in the wallet.
15,000 XSN You can use this amount to create a masternode. This also gives you a vote in the monthly governance voting.
15,001 and more XSN You can run the entire set in a stakenode or operate several masternodes. You can choose the Calculator block reward use.

Further information




Stakenet DEX

The heart of the project. This is currently still under development and only the testers of the closed beta have access at the moment.

Why should a decentralized exchange be preferred to a central exchange? Like everything there are advantages and disadvantages. As you can see in this table:

CEX DEX
Pro:
  • Fiat On/Off-Ramp
  • Low trading fees
  • Fast execution of trades
  • High liquidity depending on the exchange
Pro:
  • "Not your keys, not your Coins " is omitted here, you have full control over your own coins
  • No disclosure of private data (KYC).
  • Only network charges when withdrawing and sending
  • Free of censorship
Con:
  • Security of private data
  • Higher costs when withdrawing and sending
  • There is a central goal for hackers
Con:
  • Lower selection of coins / tokens
  • Network fees when trading
  • Block time must be adhered to
  • Low liquidity

Stakenet tries to eliminate the disadvantages of a DEX mentioned in the table above:

Lower selection of coins / tokens
Due to the masternodes that the DEX network will later carry and execute, everyone with a masternode can add their own coins (including liquidity). Given that they used to support the protocols (standards!) until now of course. So every project can provide its own coins.
Network fees when trading
The blockchain (Layer1 = on-chain) is not used directly for trading, but an off-chain technology (Layer2) is used. For BTC, LTC and XSN it is Lightning. For Ethereum and its tokens Connext will be used. This ensures that the trading fees are very low.
Block time must be adhered to
By using Layer2 technology there is no need to wait for the block time when trading. This means that it is carried out almost immediately. However, before the first trade there is a waiting time to move your coins from Layer1 to Layer2 (more on this under DEX).
Low liquidity
To address the problem of liquidity, there will be various suggestions that should get users to use the app: "Taker pays Maker Fee" , AMM-UI and the ArbitrageTrading through Vortex which can bring liquidity from other exchanges to DEX.

Features of the App:

Lightning Node
The app offers a Lightning Node for the coins BTC, LTC and XSN. With this one can open and connect channels. Of course, you can also create and pay an invoice.
Taker pays Maker Fee
If you place an order (maker) and someone else fills this order (taker), you will be rewarded with part of the trading fees. This fee is paid by the taker and depends on the daily volume of the DEX.
SSUI
Simple Swap UI. There will be a separate tab in the DEX app with which you can swap your coins with one click. The necessary channels will be set up in the background.
AMM UI
Automated Market Maker UI. In this tab you can set automated trading on the exchange. It will be possible to set how much liquidity you provide and at what risk (risk = setting how high the trades placed differ from the current market value).

And this is how the DEX looks so far:


Further information