Bitcoin Forum

Stakenet's using masternodes for some interesting purposes
https://i.imgur.com/G6IypAd.png
1.) High liquidity
2.) Code agnostic dApps
3.) Native Lightning compatibility

It's a powerful mix.

Base on the image provided it says that bitcoin transactions are expensive/high fees.

But if you are using electrum wallet, you can pay as low as 1 sat per transaction which can be confirmed within the next blocks. So, how can you say that it's a high fee if you're only paying for 1 sat. You can increase it if you want a little quicker.

As nice as that may be, people need Bitcoin transactions to be fast and cheap.
XSN's solution is capable of effectively solving the Lightning Network's current liquidity problems so people can buy actually buy coffee with Bitcoin and have it be as easy as paying with cash.

I'm not oriented with XSN's solution but I'm aware of the project and if it's good enough, then it's commendable on your side.

But my concern about bitcoin's transaction for being high as you have said, I'm just clarifying that you can send it as low as 1 sat and get confirmed within few moments. And with lightning network, yes, we know how effecient and quick it is as solution to network traffic.

Ideally we can build a fast, interconnected, decentralized ecosystem out of it all.  ;D

If that is so that's interesting.

Where can we see the updates that Stakenet is working for specific projects or ideas that you have mentioned?

I've been beta testing the wallet since September. It's made notable progress in that time. Soft autopilot LN channels (no downloading full chains), TradingView integration, bot integration, and Lightning swaps work on LTC/XSN. A high volume test will be commencing rather soon.

They host a beta testing group on their discord (link (http://"https://discord.gg/cyF5yCA"))
Ask to join in the main chat and they'll let you in. Dev updates are posted there first too.

It looks sick, where do I try it out? Beats any DEX UI I've seen thus far!

XSN/BTC and LTC/BTC orderbooks now up.  ;D

https://i.imgur.com/jFutyEn.png

That's sick! This is from what I know one of the last things we need before launching this beast, so it wont be long now! Didn't have time to pay attention to their latest updates, but this is refreshing to see, progress is made!  8)

Pretty damn cool. When exactly is this DEX planned for release, and where do I get to try it out? It looks amazingly sick from the screenshots I've seen shared so far. From what I could read they've integrated trading view as well? That's pretty damn useful, since I'm a day trader.

You need to join their Discord server, and ask for an invite to their private testing group. Not sure if they take anymore new members right now though.

No real ETA is established, but a safe prediction is around a month, as I don't see much bugs reported anymore, seems to work smoothly at this point.

Here's the MNs running a DEX that natively executes instant BTC/LTC swaps!  ;D
https://www.youtube.com/watch?v=wSNFhFBKmsc

Imagine when USDT (Tether) implements Lightning to their chain. You'll be able to tether up in seconds whenever you see a massive BTC pump. As this will be available as a phone app, you'll be able to tether up while on the go. Absolutely mind blown!!

I'd love to see actual trading bots executing orders on the DEX itself. Since we'll have a DEX aggregator combining DEX order books from other DEX's (such as Komodo), liquidity will be of no problem if you want to do some arbitrage. Pretty exciting to see how it plays out

Forgot all about this thread.

Well, thanks I'll try to reach out and hopefully will be allowed to test this beast. It looks sick!

you did spoke my mind concerning the bitcoin speed of transactions. Just as we beckon on adoption. If the 8 billion people on earth massively adopt bitcoin, will btw still remain the primary mode of transactions in the digital sphere due to it slow network? We all saw what happened to ethereum at its peak some months ago

Bitcoin in it's current state wouldn't be of much use if the entire world started using it tomorrow. Transaction fees would be CRAZY high, and transaction speeds would be weakened as well.
The Lightning Network is the answer, and Stakenet building on top of it, will ultimately enhance the BTC and LTC chain massively.

The way Stakenet uses the Lightning Network will benefit everyone involved with their dApps. It's pretty cool, and I believe it will scale absolutely perfect with technically "unlimited transactions/second"

In late 2017 I tried to send $20 to a friend of mine, but had to pay a wooping $50 in fees to do so. BTC just doesn't scale properly, and NEEDS the Lightning Network to do so. Thinking otherwise is just being delusional at this point.

speed is required in every transaction, but the costs incurred must be calculated. do not let us later when making a transaction experience swelling costs

The Lightning Network is capable of transacting with fees as low as 1 satoshi, so it's way WAY cheaper than on-chain transactions :)

Masternodes can be used for so many decentralized services, and I'm sure these Stakenet developments is just a drop in the ocean of what's actually possible to run in such a scenario. 5 years from now, we'll basically be running TONS of decentalized services the public can use at a low cost, providing a nice little passive income for those who choose to setup these servers.

With the Stakenet Cloud hosting service, setting up a masternodes takes less than 10 mins, and even my mom can do it, haha.

This looks extremely interesting, and I can't believe why nobody seems to care about Lightning Network transactions. It pretty much solves everything. The way I see it is that people is afraid of centralization if it's being used straight on top of BTC. Other than that, it's pretty genius!

if i see from the picture you present, the difference is very clear. of course this is also a choice in my opinion.but that must be taken into account about the costs generated after making a transaction. whether the costs will be expensive or just the same

The Lightning Network can lower transaction costs by up to 90%+, which is a HUGE advantage. It also makes transactions near instant, as transactions happens off-chain - meaning you don't need to wait for blockchain confirmations.

With all these advantages, I really wonder why the Lightning Network in particular isn't discussed more than it is, anyone know why? It seems like the OBVIOUS answer to scale BTC, yet it seems like people are ignoring it completely.

I wonder why  ???

There's a lot of people still, who don't understand the Lightning Network and it's benefits as a scaling solution. Let along fewer people who understands how Stakenet solves the centralized aspect of the Lightning Network using masternodes as "Lighning Routers".

Anyone who actually digs down in this will see the bigger picture.  ;)

I honestly don't think anyone truly understands it, before they get their hands on the dApp itself and experiences how fast and easy it is to use. I've seen so much hate against the Lightning Network on other social media platforms such as Reddit, and I can see why. Lightning isn't a feasible solution without a platform to handle it all, which is where Stakenet comes in.

Stakenet is really one of the hot topics of crypto technology forums. The team has done a great job of serving bitcoin transactions quickly and without fee. But it is important that they ensure the security of their property. Because when any app is opened, we need the prestige of the team and that can help many people to trust and use it. Trustwallet is a good example, they have very good PR and now there are quite a few people using their services. I want to see Stakenet advertised more, a bounty campaign would be a good idea.

Masternode must be a worst idea in my opinion because it let our money to be spent for VPS whereas with POS you may spend all your money into cryptos which again may work for you. But the money you spend for VPS is going away from this crypto space which will indirectly affect all of us in long run. Just take time to think about it.

I mean every single penny must be important.; So, why should we allow money to be going away from this crypto space in the name of setting up masternode. All masternode operators must think about adopting POS algorithm which must be the great thing we must have because it encourages the investors by paying interest to their money.

You can pay for your VPS using XSN via the Stakenet Cloud service at only $0.15/day paid in XSN per masternode. This means that I don't pay anything out of pocket to run my nodes. This is just one of many decentralized services.

Stakenet invented Cold Staking back in 2017, meaning you can stake XSN while your wallet is shut down.

Cross Chain Proof Of Stake (CCPOS) is coming as well, allowing you to stake XSN, and recieve ANY coin you want as reward. Meaning you can cold stake XSN, and recieve BTC if you want to ;)

That is really a great perspective like we should not allow money to move out of crypto world. Any staking method should encourage people to keep on investing within crypto world. I completely agree with you because each and every penny is more important if a concern about building more valuable future. When we are spending some $5 for VPS hosting every month then that will end up summing up very big money over the time and when we are calculating for thousands of crypto adopters then it will be a very huge money but it is going really out of crypto world. That is very bad. So, masternode concept should not be encouraged in my opinion too.

You completely miss the point of masternodes.  ::)

Masternodes is not supposed to be hosted by the average Joe. A masternode is basically a server you setup, which is online 24/7. This is of HUGE benefit as it can take jobs benefitting YOU as the consumer.
A network of 2000+ masternodes can host a multitude of decentralized dApps and services that empowers the blockchain it runs on. I'm paying ZERO dollars on my masternodes, as I use the Stakenet Cloud to host my nodes, this supports the project, and I'm basically just paying the VPS costs using parts of my profits.

Traditional masternodes is useless as they don't do anything other than verifying transactions on the network, same as someone staking basically. You can run a masternode without a VPS on your own computer, but if you plan to run more than one, you wont be able to, as you need different IP's and hardware to do so.

Intelligent masternodes can be dangerous, they could one day become self aware and choose to
keep masternode payments to themselves.

Masternodes --> Intelligent Masternodes --> Skynet

 

What have you been smoking dude?  :D Masternodes are essentially just servers that verifies transactions and secures the network. In this scenario, you assign them more jobs benefitting everyone using the eco-system. It's a win/win for everybody.

There's a lot of people to this day, who don't understand the underlying benefits of masternodes. I remember when I heard about "masternodes" back in like 2014-2015 implemented on Darkcoin (Now DASH) I simply didn't get it, and passed it as being "stupid", little did I know that it drove up the price of Darkcoin amazingly well due to the low supply.

Dash's Masternodes, what are they ? how many are there ? why should i care?
Link : https://bitcointalk.org/index.php?topic=860067.0
Date : 17 November 2014

I don't think it was just the low supply driving up the Dash price. Features like privacy (DarkSend), getting paid for running a masternode, the interesting MN payment schedule over time,
the decentralized budget and governance system that followed soon after and having trust in the development team also played a role i think.

Here is an overview of number of active Dash masternodes over time :

https://i.imgur.com/VulSHhX.jpg

It will be interesting to see if number of active Dash masternodes has reached equilibrium by now (at around 4600 masternodes) or if there is still room for growth.

IQ cash is one of the best masternodes out there at the moment. Its already on coinmarketcap

Interesting, and true words. Same applies to Stakenet, which is no surprise since they forked off of Dash and BTC. The governance system is a pretty damn genius concept that prevents the team from "exit" scamming or slacking off, compared to all these ICO funded projects, which we've seen poor management of the past years.

Thanks for posting, I believe we'll see more DASH nodes in the near future, but due to the high entry barrier (1000 DASH), it wont increase too fast.

Interesting, not that I know a lot about "masternodes", but I'm sure they have their limits as well?

Guess I need to do more research, as this is a topic I haven't dealt with much yet. First heard about it when I discovered Dash.

Their limits depends on the VPS servers they run on, which can be upgraded as you want over time. Another thing is the chain itself which is being hosted by the node. It can have it's limits, which is why XSN is a fork of both Dash, BTC. On top of that they made their own tech, such as Trustless Proof Of Stake.

Feel free to do more research, the possibilities is endless.  ;D

Always been a huge fan of DASH, but never really got in a position to afford a masternode. I'm sure the network will grow over time. For now I'm investing in cheaper nodes, Stakenet is definitely on my bucket list, since their tech is out of this world compared to many other masternode projects I've researched.

Anyone who hasn't seen the DEX in action before, can see a small gif displaying it here: https://imgur.com/zSxobsV

Here is an example of a user making a purchase of LTC from an ARB Aggregator which has been connected to binance (will be connected to many more DEX’s & exchanges in the future). Once it is sold in the DEX the ARB is buying on binance for a small profit.

There's also this video, which shows a live demonstration of the DEX. Pretty damn cool. https://www.youtube.com/watch?v=wSNFhFBKmsc

is the team  of  x9 the same   of  XSN?

How?  With Masternodes?  But they are  centralized..  masternodes make  the coin centralized

can't  this  already be  done  now  without  XSN? ''theterng up in seconds''

As  far  I understand... only  orders  from decentralized exanges  can be taped into XSN... this  thing can not  compete with the  liquidity provided  by centralized  exanges

The X9 team founded the Stakenet Project.

First of all, why couldn't you post ONCE, instead of spam the thread multiple times? Haha.

Masternodes is FAR from centralized, they are quite the opposite actually. Masternodes makes for a very decentralized network, and the things you can set them to do while they're idle is truly fascinating when you dig down into the tech.

i think you should explain me why masternodes make the coin centralized mate ?
because i don't understand what you are talking about buddy

He obviously don't have a clue what a masternode really is, let alone how Stakenet aims to solve some of the most important problems we've got in the crypto space right now. An INSTANT tradeable DEX.

True. It's gonna be a game changer for sure. This video is a MUST see for anyone who hasn't yet seen the DEX in action:

https://www.youtube.com/watch?v=wSNFhFBKmsc

Masternodes are but one component of Stakenet's ecosystem - a hybrid staking/MN network where block reward payout is split 45/45/10 between staking rewards (consensus), MN rewards (2nd layer), and a treasury, respectively.
This 45/45/10 split ensures a balance of representation between the MNs and the staking network by making over-representation of one over another increasingly unprofitable. There can only be so many masternodes running before the incentive to stake and pay less in operational costs becomes the better option and vice-versa.

The treasury proposes development strategies and a budget. The masternode owners pay more in operational costs with the intent to offer higher-end services and use-cases. They vote on whether or not to pass the dev budget. Whether it passes or it doesn't, the staking network is the backbone that proves the worth of all efforts involved. If the staking network gets burned, it falls back on the masternodes and the treasury. If the treasury became corrupt and started proposing terrible budgets, the masternode network could vote them down. If the masternode network became corrupt and someone gained absolute authority on the treasury budget, the treasury could simply stop proposing budgets and members of the staking network could use their leverage to briefly increase MN representation for slightly lower profits - forcing the attacker to buy up increasingly unprofitable amounts of the supply at increasingly higher premiums - all to maintain majority control of one component in an ecosystem too decentralized for it to matter. To truly hijack Stakenet, you would have to corrupt all 3 of these pillars or the efforts involved would only blow up on whoever attempted a takeover and create a massive buying opportunity for everyone else. It'd be quite costly and bear no incentive to take either masternode or staking network representation beyond 45%.

Anyone can theoretically purchase 15k XSN right now, create a masternode, and host it however they'd like to. There are ways to run multiple masternodes for under $1/day.

beside that if any altcoin comparing with bitcoin about the fee and speed transaction they are not to compare with other altcoin where have the same fast speed in transaction like Stellar, BNB and etc

This is not me saying a bad thing about Stakenet or Masternodes but I have had a lot of experience in staking projects,,, as an amateur and even tried to invest a little bit into getting significant stakes in some projects but my feeling after all that is that in the end only the whales can make a profit and even so at good calculations like you do.

Staking and MNs for some reason does not reward the small players enough.

Stakenet is SO cheap that you can become a "whale" for a tiny amount of money. If you look at the upside potential ($10+/coin). Staking becomes extremely lucrative, even for small holders. The fees involved which is shared among masternodes providing services is what will earn the most though.

Kind of hard knowing what's classified as a "whale", but 100k XSN seems to be a good number. That's less than 1 BTC worth, which is unheard off, haha.

Intelligent masternodes is something I've never dealt with, but it sure sounds interesting. Traditional masternode projects tend to be looked at as "scams" as they serve NO purpose.

I like the fact that these masternodes are put to work, and actually provides services. It's a cool concept.

More and more projects actually starts using their masternode networks as "service centers" so to speak. It's pretty cool since it's decentralized and easily accessible for the people needing the services.

Stakenet's use case is MASSIVE though, and can't be compared with any other project out there. Node owners will surely make a killing in fees long term.

I will stick with the transaction like that if you are not offering any service apart from lighting I think those network have been here a while so basically is nothing new and doesnt solve any use case I think you need more to showcase this effectively

The Lightning Network is just a small part of what these masternodes will support. Cross chain staking, trustless proof of stake, masternode node backed stable coin etc. etc...

Do some research buddy. Seriously.

Lightning is fast and extremely useful for interchain/interexchange interoperability.