I was holding XSN but lost it all on cryptopia. It was the only altcoin I had before I dumped it all.
There has never been a worse time to hold altcoins, to be frank. Even if some projects have a decent and genuine goal you just can't ignore the game theory behind the whole altcoin thing. It's just so inconvenient to hold several different wallets. Reason me and many lost their coins on shitxchangers was due the fact that we do not want to deal with the stress of having many wallets installed, keeping them updated, making sure the checksums are legit so you aren't install malware (ideally you want to compile it yourself)... it's an huge mess.
BTC dominance is going back to 90% ish and this is good, because most altcoins are dumb and useless. Unfortunately the good ones that will die are collateral damage.
BTC is already the de-facto digital hard money. If BTC's LN and other 2nd layer solutions reach mainstream success then I don't see a single altcoin succeeding long term.
It's a shame that you lost your funds. I used to use Cryptopia to buy Stakenet too, but I always sent what I had on the exchange to my wallet immediately afterwards. Stakenet addresses every single problem you've mentioned. 1.) Their DEX solves the exchange hack problem by allowing anyone to trade and swap directly from a private wallet instead of having to send their funds elsewhere 2.) Their upcoming multicurrency wallet will allow for seamless interoperability between a wide variety of coins. You can hold several coins without having to download the individual chains because the MN network hosts them 3.) It allows Bitcoin to scale. LN adoption from BTC's end is slow because there's little profit or incentive for someone to run one. Stakenet's network of near-2,200 MNs will act as a massive Lightning Network payment processor, while the MN collateral will provide a bunch of liquidty for Bitcoin transactions. At the moment, it's very cheap. If you're looking to get a position back, it's a great time to do so. I know that the widespread sentiment right now is that Bitcoin dominance is going to go up forever, but I'd like you to remember that people said the same exact thing about altcoins in early 2018. I agree with nightflightcourt. BTC's LN will not achieve "mainstream success" on its own. Currently, what is the point of operating a BTC Lightning node? Or a watchtower? None. Because the fees on the Lightning Network are by definition negligible. Stakenet provides a solution to this problem, with its network of masternodes acting as LN nodes. |
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Why can't people just swap directly to one another on LN? Why is a lightning node necessary?
Because opening and closing LN channels requires on-chain transactions, and because you can't possibly open channels with every single LN node on the network. This is why payment routings (and liquidity) are fundamental on the LN. All you need is to open one channel with enough local balance on it to be able to send to any other peer on the network, even if you don't have a direct connection with them, the payment will be routed through one or several LN nodes to reach its destination. Stakenet's masternodes, which will be LN full nodes, will play this role (ensuring payment routing and providing liquidity). These guys know a lot about the business. They will turn the blockchain industry upside down. Since all people will be able to start using bitcoin even more. I think the Lightning Network will kill the altcoin market. But it's not scary because we will be able to use bitcoin with lightning-fast transactions.
On the contrary, Lightning Network is an opportunity for Altcoins, because it simplifies atomic swaps (Lightning Swaps = atomic swaps over the Lightning Network). Stakenet's aim is to provide a cross-chain architecture for cryptocurrencies, where users can easily operate with any blockchain simply by using Stakenet’s native coin XSN, as the blockchains are connected to each other through the Lightning Network and other cross-chain technologies. Stakenet will propose a decentralized exchange (XSN Dex), built on these cross-chain technologies, and run by its Masternodes. |
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I know BTC is king, and I know BTC and LTC are leading lightning network and I know XSN is one of the only projects innovating on lightning besides the other 2. However, I am unsure why it matters?Can someone explain to me why lightning matters? How does it work?
Why is masternodes collateral necessary?
Stakenet's idea is to put its second layers - the Masternode (MN) network and the Lightning Network (LN) - at the service of each other, and to bridge between the different blockchains with Lightning Network. Stakenet's MN will be: - LN nodes, providing more decentralization to the LN. - LN watchtowers, offering more security to the LN. - Bridge nodes between the different blockchains with Lightning Network (BTC, LTC, ...). Stakenet's MN will use their collateral to provide liquidity to LN, i.e. instead of having the collateral 'stuck' in the MN, it will be used to open large LN channels in order to route LN payments. Stakenet will offer Lightning Swaps, i.e. swaps between two different cryptocurrencies on the Lightning Network. Lightning swaps - which are off-chain and therefore instantaneous and with little fees - should not be confused with Atomic Swaps which are on-chain and therefore slow (need to wait for confirmation on both blockchains) and expensive in fees. Lightning Swaps will be the basis of Stakenet's Decentralized Exchange (DEX), which will run on Stakenet's Masternodes. Why can't people just swap directly to one another on LN? Why is a lightning node necessary? Users don’t need their own Lightning Node to do Swaps they just connect to the network we have. You need the network to keep track of all the transactions and monitor the balances otherwise what would verify everything In fact, each Stakenet wallet is a Lightning node, but the advantage of the Stakenet wallet is that it is a light multi-currency wallet (with desktop and mobile versions), which means that you don't have to download the 240 GB Bitcoin blockchain or the 22 GB Litecoin blockchain to be able to use the Lightning Network, or to make Lightning Swaps. Interesting, because the way I understood it, was that the masternodes running the dApps, host the blockhains on their servers, to make it easy to connect with the DEX (No syncing time), this sounds pretty cool actually, more decentralization isn't a bad thing, no?  What I mean is that masternodes will be LN full nodes (hosting the blockchains), serving the Stakenet wallets which are LN light nodes (or light clients). The LN is a second layer. To be able to use LN, you need to open LN payment channels. Since Stakenet wallet is a (light) LN node, it is able to open such channels, so you can make LN payments and LN swaps. |
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I know BTC is king, and I know BTC and LTC are leading lightning network and I know XSN is one of the only projects innovating on lightning besides the other 2. However, I am unsure why it matters?Can someone explain to me why lightning matters? How does it work?
Why is masternodes collateral necessary?
Stakenet's idea is to put its second layers - the Masternode (MN) network and the Lightning Network (LN) - at the service of each other, and to bridge between the different blockchains with Lightning Network. Stakenet's MN will be: - LN nodes, providing more decentralization to the LN. - LN watchtowers, offering more security to the LN. - Bridge nodes between the different blockchains with Lightning Network (BTC, LTC, ...). Stakenet's MN will use their collateral to provide liquidity to LN, i.e. instead of having the collateral 'stuck' in the MN, it will be used to open large LN channels in order to route LN payments. Stakenet will offer Lightning Swaps, i.e. swaps between two different cryptocurrencies on the Lightning Network. Lightning swaps - which are off-chain and therefore instantaneous and with little fees - should not be confused with Atomic Swaps which are on-chain and therefore slow (need to wait for confirmation on both blockchains) and expensive in fees. Lightning Swaps will be the basis of Stakenet's Decentralized Exchange (DEX), which will run on Stakenet's Masternodes. Why can't people just swap directly to one another on LN? Why is a lightning node necessary? Users don’t need their own Lightning Node to do Swaps they just connect to the network we have. You need the network to keep track of all the transactions and monitor the balances otherwise what would verify everything In fact, each Stakenet wallet is a Lightning node, but the advantage of the Stakenet wallet is that it is a light multi-currency wallet (with desktop and mobile versions), which means that you don't have to download the 240 GB Bitcoin blockchain or the 22 GB Litecoin blockchain to be able to use the Lightning Network, or to make Lightning Swaps. |
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I know BTC is king, and I know BTC and LTC are leading lightning network and I know XSN is one of the only projects innovating on lightning besides the other 2. However, I am unsure why it matters?Can someone explain to me why lightning matters? How does it work?
Why is masternodes collateral necessary?
Stakenet's idea is to put its second layers - the Masternode (MN) network and the Lightning Network (LN) - at the service of each other, and to bridge between the different blockchains with Lightning Network. Stakenet's MN will be: - LN nodes, providing more decentralization to the LN. - LN watchtowers, offering more security to the LN. - Bridge nodes between the different blockchains with Lightning Network (BTC, LTC, ...). Stakenet's MN will use their collateral to provide liquidity to LN, i.e. instead of having the collateral 'stuck' in the MN, it will be used to open large LN channels in order to route LN payments. Stakenet will offer Lightning Swaps, i.e. swaps between two different cryptocurrencies on the Lightning Network. Lightning swaps - which are off-chain and therefore instantaneous and with little fees - should not be confused with Atomic Swaps which are on-chain and therefore slow (need to wait for confirmation on both blockchains) and expensive in fees. Lightning Swaps will be the basis of Stakenet's Decentralized Exchange (DEX), which will run on Stakenet's Masternodes. |
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These are the three last days of the contest, so don't forget to participate on Twitter, Facebook and Reddit  Day 10 (until 9pm UTC tonight): you can win a Xeeda Hardware WalletDay 11 (from tonight 9pm UTC): you can win a Stakenet XSN Ledger Nano SDay 12 (from December 23rd, 9pm UTC): you can win a Stakenet Masternode = 15,000 XSNGood luck! |
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Lightning Swaps are not only the first stage of the Decentralized Exchange ("Stakenet dx").
They are also the first step towards Cross-Chain capabilities such as Cross-Chain Proof of Stake.
Cross-Chain PoS will allow you to stake XSN but be rewarded in any other Bitcoin Core-based coin.
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Stakenet (XSN) has just launched the Lightning Swaps publicly on their mainnet, along with the first complete public guide to perform a Lightning Swap on their mainnet.
Lightning Swaps are different from regular "Atomic Swaps", since on Lightning you are not limited to on chain confirmation times, which allows you to instantly trade your assets through a virtually infinitely scalable P2P network (Lightning Network).
This is the first step in their Decentralized Exchange ("Stakenet dx").
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I've updated the Raspberry Pi guide for XSN wallet. You can either run the Qt wallet (xsn-qt) for wallet staking, or the headless wallet (xsnd) for TPoS cold staking (using the RPi as merchantnode). https://github.com/hermesesus/XSN/wiki |
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Lightning Swaps are live! Trustlessly exchange $XSN for $LTC on Mainnet now and earn rewards. Merlin dx is underway. Join Discord and try it first-hand https://discord.gg/cyF5yCA #LightningNetwork #AtomicSwap |
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In my opinion, Stakenet (XSN) is a sleeping giant. It is a very ambitious project whose objective is to create a trustless ecosystem that allows interactions between different blockchains, one of the objectives being to build a DEX entirely managed by masternodes and which cannot be closed by a third party.
It's an innovative project: with Trustless Proof of Stake, you can already stake your XSN coins on an offline wallet (trustless cold staking). Ledger and Xeeda have already announced that their hardware wallets will support XSN.
The project aims to be at the forefront of blockchain technology. It is one of the first PoS/MN coins to integrate Segwit, Lightning Network and Atomic Swap technologies,
as a basis for instant payments, scalability and cross blockchain capabilities.
And apart from technology, Stakenet provides four ways to earn passive income: pooled staking (Stakenet Cloud), hot wallet staking, cold staking (Trustless PoS), and masternodes.
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As we make our way through Q4 2018, based on what has been seen among altcoins such as development, innovation, security, real-world use cases, and plans for the next year, what altcoins do you think will be big in 2019?
Stakenet (XSN), a PoS/Masternode coin with huge potential, yet underestimated. The developers are really in the process of innovating: Trustless PoS (TPoS) is their offline/cold staking solution. It's already available and works perfectly. You get staking rewards while your XSN coins are offline. This is obviously much safer than staking on a hot wallet. They have confirmed integration for Ledger and Xeeda hardware wallets so it will be soon possible to do the same with these devices, which will be even more secure. They were the first PoS/Masternode coin to implement SegWit, Lightning Network and Atomic Swaps. They recently achieved Lightning Network Payments and Lightning Swaps. This is the first step towards true scalability and Cross-Chain capabilities (such as Cross-Chain PoS). They are developing Cross Chain PoS which means you can stake XSN but be rewarded in any other Bitcoin Core based coin (Bitcoin, Litecoin, ...) They are also developing a Decentralized Exchange (DEX) entirely managed by masternodes. Masternodes will derive additional revenue from the operation of the DEX and from privacy functions (TOR network). This is one of the projects to be closely followed in 2019. |
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Check out this new video about the four ways to earn passive income with XSN - XSN Cloud Pooled Staking
- Wallet Staking
- TPoS Cold Staking
- Masternodes
https://youtu.be/jz6-Meb46U8 |
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The public test of Lightning Network Swaps on XSN testnet is ongoing! Come to Stakenet Discord: https://discord.gg/cyF5yCAand head for #lightning-tests channel to know more about it! I tested the Lightning Network on XSN testnet The developers did an excellent job. It works perfectly. I opened a Lightning Network payment channel between two peers A and B, then carried out a transaction from A to B via the Lightning Network (in XSN and in LTC), then I carried out a cross-chain Atomic Swap (XSN for LTC) between A and B. A step-by-step guide (for testnet) has been made so that you too can test the Lightning Network and the Atomic Swaps! Enjoy! https://medium.com/stakenet/xsn-atomic-swaps-testnet-guide-dc1b5addf0e8The next step is mainnet! |
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