TEAMTALKS #8 — STAKENET: PAVING THE WAY FOR BROADER ADOPTION
TEAMTALKS PROVIDES A SOAP BOX FOR THE CRYPTO TEAMS THROUGH RAW UNEDITED Q&A — THIS TIME I MET WITH COMMUNITY MODERATOR EMIL STERNDORFF FROM STAKENET ($XSN)
Participating:
Flashy Gordy — Journalist
Emil Sterndorff — Community Moderator
Interview form:
Online Q&A.
INITIAL INTRODUCTION
Who are you?
My name is Emil Sterndorff. I’m 23, based in Aarhus, Denmark. Despite my age, I’ve got a long history of previous and current startups that has helped me conquer new challenges day by day. Today I’m operating my own coffee shop while working for and at Stakenet.
What is your role on STAKENET?
For now, I work as a community moderator at Stakenet and as a supporter at stakenet.io.
As a community moderator, it is my responsibility to keep our community informed and up to date on our project and to help them when they have problems or to provide a detailed and useful answer when they have questions.
My responsibilities within the team grow day by day, and that is why I absolutely love to be part of this movement.
PROLIFIC PROJECT
What are Stakenet’s key features?
Stakenet is a complete ecosystem consisting of a platform for monitoring and staking investments, an online, mobile and hardware multi-currency wallet, a decentralized exchange, and nonetheless, a stand-alone cryptocurrency. In other words, Stakenet is an all in one solution for holding, staking and spending all of your major cryptocurrencies.
In this article by a community member of ours, we go through all the key features of Stakenet — everything from the original Stakenet platforms, to the original Stakenet inventions and more: https://medium.com/@avgxsninvestor/why-stakenet-xsn-may-be-the-winner-of-2018-e83e6944aec7
At Stakenet.io we’ll have various solutions combined into one amazing platform within the two main platforms; the Stakenet Cloud and the Stakenet Exchange. At Stakenet Cloud you have got an online multi-currency wallet, and online investment monitoring system, a staking pool platform, an ROI calculator, a trustless masternode hosting service, a place for people to start and operate a Trustless Proof of Stake Business, from which investors can benefit from in terms of the services that the so-called Merchants provide. Stakenet Cloud is likewise a place for people to monitor masternodes and TPoS contracts from which they will be notified if problems may occur.
At Stakenet Cloud, we will be adding new coins regularly to open up the platform for many new users as we go along. These new coins will also, later on, be available through the other services such as our DEX, mobile wallet, and cold storage wallet. Stakenet will function as the fundamental currency and will work as a form of “gas” for the entire system as fees are generated from staking coins, atomic swaps, exchanging etc.
All of the above is just the first half of the story — if you take a look at https://stakenet.io/ you can read about the various market-leading technologies that Stakenet currently supports or will support, such as cross chain capabilities for staking one coin and receiving stake rewards in a different coin, Lightning Network for theoretically infinite transactions per second, atomic swaps and so, so much more.
Why do we need Stakenet / What is Stakenet’s role in the crypto space?
Stakenet is an all in one ecosystem to make crypto easy and accessible, and to potentially replace banks by offering everything they do, but better and without middlemen. Our goal is to make the crypto space completely trustless as a profit-driven inter-chain ecosystem for nearly every reputable cryptocurrency, powered by Stakenet’s native coin XSN and managed by XSN Masternodes.
Who are Stakenet’s competitors and why is Stakenet superior?
Since Stakenet is a platform and a currency consisting of many, many services, we are basically all of the below, combined into one.
Competing staking services could be Stakinglab or Simplepospool.
Stakenet’s staking pool is far superior in terms of security and ease of use. The staking pool is one of many services at the Stakenet Cloud platform, and it is therefore easy for the user to deposit, withdraw and monitor staking profits etc. It is likewise a way more aesthetically pleasing interface with a professional look and an Average Joe-proof user experience. Combining the staking service on the website along with masternode hosting and monitoring, multicurrency wallet and much, much more just makes it an obvious place to keep your coins.
Some of the multi-currency wallet (MCW) competitors are Ethos, Lykke, and TenX.
Stakenet won’t be just another multi-currency wallet solution like all of the others. We will have an online MCW (live right now at Stakenet Cloud), a mobile MCW and a hardware MCW, also known as the XSN Hardware Device. From these wallets, you will be able to easily deposit, hold, stake, exchange and spend all of the coins supported.
Competing Decentralized Exchange or DEX for short include Blocknet, Komodo, Crypto-bridge and more.
Stakenet is superior to the above mentioned decentralized exchanges due to the fact that the Stakenet Exchange is the first 100% trustless and decentralized exchange, run entirely by masternodes. The user never loses possession of his funds, and can even exchange his coins directly from cold storage, such as from a Ledger, or Stakenet’s own XSN Hardware Device in Q4. Our DEX will be unhackable, and cannot be shut down by the team, hackers or even the government.
Other offline staking solutions include EOS with DPoS, WAVES with LPoS, and ADA with Trusted Company Chosen Pools.
Stakenet’s offline staking stretches far wider, first of all, because we currently offer the most secure, accessible and easy to use offline staking solution, but with our service, you will likewise be able to stake directly from an offline hardware device, such as from a Ledger.
It is currently possible for other coins to fork off of Stakenet’s TPoS protocol. This means that established merchants can potentially double their business since a whole new coin will be needing merchants to stake coins for the new coin owners.
Read more on the TPoS competition here: https://medium.com/stakenet/cold-staking-tpos-vs-lpos-vs-dpos-ebeef4f71c48
Example of DApps competitors in, or around the same market rank as us include NXT, Request Network, and Particl.
Our DApps will be realized through on chain scaling, which is commonly known as a technique that allows the network to be divided into several shards. This sharding mechanism can then improve the on chain capacity and throughput, allowing DApps and high transaction functionalities. The backend code of our DApps will be running on the Stakenet’s decentralized peer to peer network. The DApps frontend code and users interface can be written in any language that can make calls to the backend. This means that the Stakenet’s DApp framework will enable 3rd parties to develop powerful tools to provide their service in and for Stakenet.
Competing offline hardware wallet/solutions include Ledger, Trezor, Xeeda, and CoolWallet and KeepKey:
The goal with the XSN Hardware Device coming in Q4 is to solve all the problems that currently exist among the solutions mentioned above. We want to make a device, that is not just a means of holding your coins in an offline manner, but we want to bring extra value through added functionalities. Our device will bring a whole new level of utility, and along with our offline staking protocol TPoS and our upcoming Cold Exchanging, it will be an easy and uncomplicated user experience, unlike anything present on today’s market.
When that’s said, there’s no direct competitor since Stakenet is a cryptocurrency combining all the best and more from major projects like these, into one absolutely superior solution.
END EXPERIENCE
How will the average person experience or use Stakenet?
The ultimate goal is to make crypto superior to fiat and to make it the average means of payment. We want to pave the way for this revolution through our mobile multi-currency wallet where people will be able to do instant payments and send payments to anyone with no complicated wallet addresses or complicated processes. It will be as easy as a one-click solution, comparable to Apple’s Apple Pay or the Danish fin-tech success Mobilepay.
How will ordinary shop owners accept XSN?
For now, shop owners can utilize the CoinPayments solution, where we’re currently already supported. In the future, we will utilize our cross chain capabilities to make XSN the gateway and ultimately the superior currency for all crypto payments.
How will government/private institutions utilize XSN?
We haven’t planned how to make XSN available for government and private institutions, but it is important to us that we can be seen as a complete alternative to fiat currencies, thus this will be a focus area in the future.
What about the crypto investor?
The average crypto investor is struggling with countless different wallets for all of their currencies unless they keep them on exchanges, which is unsafe due to the fact that they are prone to hacker attacks and because the funds simply belong to the exchange.
Stakenet is as earlier stated, an all-in-one solution for people to hold, stake and spend their cryptocurrencies. Therefore, we will be the go-to solution for new people within the crypto space, and the already established crypto investors will find great utility in our coin through all of our revolutionary tech.
DEEPER DIVE
Why is cold storage staking and swapping so important?
Cold staking is taking crypto to a whole new level of security since your coins are held in cold storage, yet you are able to stake them and gain profits from securing the network. Swapping within the Stakenet Ecosystem will be revolutionary because of the ease of use and the plain simplicity. With our staking solutions, you will be able to stake your coins held in cold storage, while receiving stake rewards in any coin(s) of your choice. This is great for when people want to spread out their investment or want to try out this new fancy coin, without having to invest in it directly.
Tell us about our relationship with Ledger / other cold storage units:
Ledger is a cold storage solution with whom we have a close relationship to. Our lifetime contract means that we will always be supported. Later in the year, when we will be launching a competing product, I’m sure we will continue to have a healthy relationship, and hopefully, we will be able to mutually learn from each other.
We are likewise working on expanding our partnerships to multiple new cold storage solutions, but more on that later this year.
How will Stakenet’s lightning network work?
Stakenet’s LN will allow for potentially infinitely scalable transactions while keeping fees close to absolute zero. Our LN will likewise allow seamless payment to anyone in any currency — for example automatically pay BTC invoices, using XSN.
How secure and private is Stakenet?
XSN utilizes coinmixing, zk-SNARK and TOR network (once added in Q4). I highly recommend all readers to have a deep dive into the security and privacy of Stakenet in this article by Sculan: https://medium.com/@sculan85/distributed-ledger-and-privacy-7562fee655f4
TPoS provide the highest level of security since the funds always belong to the user himself while being staked by a merchant from a decentralized VPS. The system is literally unhackable.
As the first so-called “DEX”, our DEX brings complete decentralization without ownership of anyone’s coins. The DEX will be run entirely by masternodes, providing the DEX services for the network and the people. You can see this video explaining the DEX in an easy manner: https://www.youtube.com/watch?v=hzOko5P8c3I&t=13s
FORESEEN FUTURE
How far ahead are Stakenet and what can be expected regarding tx/s (and other specs) with:
- Lightning Network — Active and working in testnet
- Atomic Swaps — Active and working in testnet
- DEX — Available end of Q4
- The multi-currency wallet — Development has started and will be available by the end of Q3.
What is the next big thing for Stakenet?
Well, since we are quite an ambitious project, we have both smaller and bigger accomplishments to conquer, and when I’m talking about small accomplishment, for other projects, these milestones would be huge accomplishments.
Within a timeframe of about 3–4 months, we’ll roll out our multi-currency wallet for mobile devices, and we’ll launch our own original decentralized exchange as explained above. Stakenet.io will, therefore, consist of both Stakenet Cloud (the staking service) and Stakenet Exchange. On Stakenet Cloud, we will be rolling out further extensions to the platform including indepth investment monitoring, staking pools, ROI calculator, Masternode hosting and monitoring, TPoS business marketplace, and the DEX itself.
Our next big thing I believe is completing our ecosystem since by then we will be the full platform we’re striving to become. The ecosystem consists of Stakenet Cloud, Stakenet Exchange, our mobile and hardware multi-currency wallets and hopefully our own crypto payment gateway for stores.
Where do you see Stakenet in 1 year?
In about one year, hopefully, we will be an established and fully respected cryptocurrency among the bigger players, and I hope to see a 40–50x in terms of user adoption of our currency, which will only be increasing over the coming years.
Where do you see Stakenet in 10 years?
Stakenet is one of those projects that will stick around when all the other 95% has disappeared due to lack of the fundamentals such as a top-of-the-line team, groundbreaking, and market-leading technologies, and most importantly a use case, but it is hard to predict the future, and in 10 years the world will be an entirely different place in terms of the development of technology we will experience.
Concerning this evolution, I am in no doubt that Stakenet will be one of the leading currencies to adopt new technologies and to bring forth new inventions to the market, for other currencies to utilize and adapt to. I see Stakenet being the leading currency in replacing actual fiat currencies, the pave way for broader adoption.
THANKS TO EMIL AND STAKENET FOR WANTING TO PARTICIPATE & PROVIDING SUCH DETAILED AND AMAZING ANSWERS! GOOD LUCK WITH THE PROJECT — I FOR ONE WILL BE FOLLOWING CLOSELY!
MUCH OBLIGED, FLASHY GORDY
