XSN just destroyed Atomic Swaps with Lightning Swaps

[Yankeeruinx]

XSN (Stakenet) just rolled out Lightning Swaps on mainnet for people to try as stage one of their DEX:

https://twitter.com/XSNofficial/status/1056641133449756673

This is a big deal because:

Atomic Swap = Onchain and limited by respective blockchains confirmation times.
Lightning Swap = Offchain not limited by blockchains confirmation times.

This means instant swaps and pretty much infinitely scalable. They can process billions of transactions per second using this tech.

With their DEX you will be able to instantly complete transactions directly wallet to wallet cutting out the middle man so will be cheaper and way more secure. Don't need to leave your coins on an exchange hoping nothing happens to them.

Their Masternode network will host the lightning channels for the DEX and all trading fee's will be paid back to MN owners. When they release their new multicurrency wallet you won't even need to download blockchains as they are all stored on the masternodes and your transactions are handled by Lightning Invoices.

They are already confirmed for integration with Ledger and Xeeda hardware wallets and eventually want to add Cold Exchanging so you can complete transactions direct from them.

They already have TPoS which they invented and is by far the best offline staking solution on the market, will also be available on Ledger and Xeeda too. They have their own hardware division creating their own hardware wallet which will also have smart functions built in so will do way more than current crypto wallets.

To quote one of the team:

Let's imagine this world:

You trade at Dexchange A and want to buy a special Coin B. Sadly you realize, your exchange does not list this coin.

Your special Coin B is listed on Exchange B, because Exchange A and Exchange B are only self-focused, there is no way to trade from Exchange A with Exchange B.

BUT both exchanges use Bitcoin.

So you have:

A <-> BTC
B <-> BTC
A <-!> B

But:
A <-> BTC <-> B is possible.

This is the point where we can use Lightning too.
With the LN it will be possible for A to buy B using someone who can communicate with both.
And XSN is/will be that one too.

Many coins only build islands. we build bridges at Stakenet.

The funny thing is it's not even bad for us if these coins only develop their islands. It is actually an advantage for us because we can connect all these islands into one big ecosystem whether they want to or not as long as bitcoin is the leading currency which for the foreseeable future it’s probably going to be.

XSN's future is looking very bright right now.

[wolfington12]

I am curious to know what other projects besides BTC have accomplished this?

Could Stakenet really be the second in the world?

[Yankeeruinx]

I am curious to know what other projects besides BTC have accomplished this?

Could Stakenet really be the second in the world?

As far as I am aware XSN are the first to make it publicly available on mainnet and provide a guide on how to complete them. Of course the new wallet will have a 1 click solution, this is just backend stuff right now. I expect many dev teams will pick this up in the near future and get onboard the Lightning train

[Nick J.]

This is a big deal because:

Atomic Swap = Onchain and limited by respective blockchains confirmation times.
Lightning Swap = Offchain not limited by blockchains confirmation times.

This means instant swaps and pretty much infinitely scalable. They can process billions of transactions per second using this tech.

Thx for pointing this out. I was not aware of these major differences.
XSN seams to be able to compete and even out compete many of the mega ICOs with billions and billions and billions and billions in funding
I believe if everyone invested in crypto right now was explained what XSN was able to do and what they are aiming for, that this project would be in the top 30.
Very interesting months ahead.

[allyouracid]

Honestly: this suddenly killed all of my doubts towards decentralized exchanges.
Somehow, I was under the impression that a true DEX has to be dependent on confirmation times, but it seems that this issue is solved, now…?

Meaning it's possible to have a DEX which also gives a good user experience – this is fantastic! Keep up the good work!

[Yankeeruinx]

Honestly: this suddenly killed all of my doubts towards decentralized exchanges.
Somehow, I was under the impression that a true DEX has to be dependent on confirmation times, but it seems that this issue is solved, now…?

Meaning it's possible to have a DEX which also gives a good user experience – this is fantastic! Keep up the good work!

Yep this was always the plan for XSN’s DEX, using Lightning Swaps is such an elegant solution to the problem all current DEX’s face. That alone is exciting but the fact that they can also use these same Lightning Channels to essentially plug into other exchanges they can then use them for liquidity on their own DEX, it’s genius.

[Nick J.]

Were the Dex also gonna be build into the cloud site at some point??

[Yankeeruinx]

Were the Dex also gonna be build into the cloud site at some point??

The DEX is being built on the MN network. There are plans to also move the Cloud site to MN’s as well too but that isn’t being talked about right now as all focus is on the DEX, new wallet and hardware.

[ShareAccepted]

It seems that the technology does not match the intentions. Even if lighting is faster, you need to keep open state channels, and many coins are stuck in staking as I understand it.

[cryptoronic]

XSN seams to be able to compete and even out compete many of the mega ICOs with billions and billions and billions and billions in funding
I believe if everyone invested in crypto right now was explained what XSN was able to do and what they are aiming for, that this project would be in the top 30.
Very interesting months ahead.

   

Yea, these news really are very exciting! Im fascinatted by this dev team that just keeps delivering tech noone has buildt before and that without huge ico funding, as you said. If they keep it like that I see a bright future

[shinratensei_]

Were the Dex also gonna be build into the cloud site at some point??

The DEX is being built on the MN network. There are plans to also move the Cloud site to MN’s as well too but that isn’t being talked about right now as all focus is on the DEX, new wallet and hardware.

Is this taking the basic theory that will be applied to the bitcoin lightning network? it sounds the same with bitcoin LN. Just try to remove the middleman to make it even cheaper than before. I've realized after i remember a little bit story about the bitcoin lightning network.

[didzi]

really great development inside this project,,
new features will bring more value,,
so, xsn should be in my bag 

[Nick J.]

Were the Dex also gonna be build into the cloud site at some point??

The DEX is being built on the MN network. There are plans to also move the Cloud site to MN’s as well too but that isn’t being talked about right now as all focus is on the DEX, new wallet and hardware.

Ah yes of course. That was actually what i ment.
Then our Dex needs to be named "Thunder" haha
With all that lightning going on and the cloud

[Yankeeruinx]

It seems that the technology does not match the intentions. Even if lighting is faster, you need to keep open state channels, and many coins are stuck in staking as I understand it.

Masternode collateral will be put towards open channels and providing liquidity on LN

[Yankeeruinx]

The swaps are working well too, no problems I have seen when they are done properly

Yeah a lot of people have completed swaps now to collect their bounties.

[Starhead]

It seems that the technology does not match the intentions. Even if lighting is faster, you need to keep open state channels, and many coins are stuck in staking as I understand it.

Stakenet activated segwit (p2sh and bech32) in summer 2018. Right after they enabled the lightning network and finally made their first atomic swap due to the lightning network a few weeks ago. The mainnet guide for the average linux operator was published a few days ago.

The decision to use segwit addresses is based on the previous risk of badly formatted transactions by bundling of micropayments in lightning channels which could cause different tx IDs for the same transaction. By avoiding this risk with the use of segwit addresses it is possible to upgrade the current masteenodes in so called watchtowers. These watchtowers are a combination of masternodes and lightning nodes and multi-payment-provider. Stakenet believes, that masternodes can be much more than just coinmixer, instant sender and governance provider. Therefore, we modify our masternoders (which already become watchtowers) again and empower them as lightning-channel manager and liquidity provider by using their colloteral to fund the lightning channel. Each masternodes will be a fullnode and lightning channel for at least stakenet with the possibility to add other fullnodes and lightning nodes on top of it for any other lightning compatible currency of your choice. In the end, every masternodes with the same fullnodes will act as a failover node for any other masternodes with the same specs. The result will be a highly liquid lightning network with no risk of coin hostage or delays of a pending channel opening/closing.

Best regards
JStarhead | X9 Dev

[Yankeeruinx]

Wow Jstar dropping the knowledge bomb, XSN just keeps getting better and better 

[xhiroz]

Awesome job from the XSN core devs!

[manmademillionaires]

I'm hooked on XSN. This project has got so much going on that most people out there would think something like "but they have way too much shit going on, and will probably never reach it", but truth is, they are working on it regardless of the time it takes and they have a greater vision than just completing the developments, because they already planned out the entire project out 5 years ahead and knows that everything they are working on now, will work together flawlessly. Such as cold storage/staking/exchanging/payments, their DEX, their hardware product, their online site, their light wallets, their masternodes - well, just everything will be one big, very easy to use platform.

I love it.

[manmademillionaires]

By the way, I executed a Lightning Swap already. Nothing has ever got me in the child-like Christmas mood when talking about a project. XSN makes me feel like that, and that doesn't even have anything to do with the money I've invested. It's solely because something absolutely amazing is being created here.