AMA Hosted on CoinAll Telegram
A few of the Stakenet team hosted an AMA in the official CoinAll Telegram group, answering any questions the CoinAll community had following the listing of XSN to the exchange. The following article summarises the questions and answers from the AMA.
Are you looking to expand your scale?
Of course. Back in December, we did a community test on our Lightning Swaps, which are basically Atomic Swaps executed over the Lightning Network. To put it simply, very fast swapping from one asset to another. We had over 140 community members swap LTC to XSN.
Wow, that’s interesting. Are there many cryptocurrencies you expect to have in the swap feature?
The ultimate aim is to allow any Lightning Network compatible coin, including 0x (ETH) chains to use this function.
What options does a user have for earning passive income with XSN?
With XSN, we try to make earning staking rewards accessible for everyone and there are multiple choices for earning rewards. You can stake from your wallet with a hot wallet setup (your wallet is online 24/7), cold stake through TPoS (your wallet doesn’t need to be online to earn staking rewards as the stake is run through a ‘view-only’ smart contract), Masternodes (block rewards and will benefit from various sources of income) and XSN Cloud staking pool (so those with small balances can still earn staking rewards).
Can you tell me about the profit or your project?
We are creating many options for people to earn revenue with XSN. As mentioned, we have cloud staking, wallet staking and cold staking using TPoS. We are also developing cross-chain PoS, so you will be able to decide the coin you want your staking rewards to be paid in.
Additionally, we have Masternodes. Our vision for Masternodes is that your Masternode will be like your own business where you can decide the services and DApps you would like to run on it. Any service of DApp you run will collect fees that will be paid to you as the owner of the Masternode, providing multiple revenue streams. Our upcoming DEX is one service you can run on your Masternode and any trading fees earned by the DEX will be paid directly to Masternode owners. Another example would be routing privacy features or Lightning channels.
‘We are also developing cross-chain PoS, so you will be able to decide the coin you want your staking rewards to be paid in.’ Does this mean for example, if I stake XSN, I can choose BTC, LTC etc. to be the staking reward?
Yes, that’s exactly what it means.
Do you have a date for the release of the Multi-Currency Light Wallet?
We haven’t announced the release date yet. We are currently in private testing of the wallet and are finalizing this private testing. The next stage will be public testing with a small selection of community members. We believe delivering a quality product is of utmost importance. Real-time progress of our developments, including the wallet, can be tracked on our roadmap.
Do you know of any other wallet with the same features? If there are, what are the advantages of XSN Multi-Currency Light Wallet?
The advantage of our Multi-Currency Light Wallet is that usually with a Multi-Currency Wallet you have to download the relevant blockchains. However, with our solution, we hold all the blockchains on our Masternode Network so the wallet doesn’t need to download them. This keeps the client very lightweight and usable on any device. You interact with the various blockchains by signing Lightning invoices. Our wallet will also house the one-click Lightning Swap tech and eventually the DEX, so you will be able to trade directly from your wallet without having to send your coins to any trusted third party.
Are there any concerns with other DEX projects?
Most current ‘DEX’ exchanges aren’t really a true DEX and still have a centralized point of weakness. XSN DEX will be run entirely by Masternodes making it truly decentralized, which is why we, or anyone else, won’t be able to shut it down once it’s live. It is wallet to wallet instant trading, so no KYC is required and you never have to trust a third party with your coins as you have full control of them at all times.
How will Lightning Network elevate Cross-Chain technology?
The use of Lightning Network makes everything faster, almost instant, in terms of Cross-Chain technology. For instance, an Atomic Swap is a slow process, whereas on the Lightning Network it’s much faster once the channels are open. Also, the fees are almost non-existent.
Are you looking at XSN as an investment/trade or do you have a long-term vision for the Stakenet ecosystem?
Our long-term vision is to build an interchain economy. By that, what we mean is there are lots of fantastic blockchain projects out there, but they are like islands on their own. We are building bridges to those islands so that everyone can access all this fantastic technology and various projects all from one user-friendly location.
Following on from that, do you mean connect each blockchain into one? I’ve seen other projects with a similar idea.
With XSN, we don’t necessarily need an alliance for all these projects to work together. Obviously, we are working with various projects, like our recent collaboration with Litecoin Foundation, but the foundation of how our technology is set-up allows for us to connect by adding their blockchains to our Masternode Network.
One example of our Lightning Swap tech is that with the Multi-Currency Light Wallet you will be able to spend XSN or any Lightning supported coin anywhere that BTC is accepted. There are thousands of retailers that accept BTC and you will be able to spend XSN at all of them.
There are other projects that will allow the spending of coins at merchants who accept BTC, what makes XSN special?
There aren’t any wallets that we are aware of that can do what our Light Wallet will be able to do regarding instant asset conversion via Lightning Swaps. If you go into a shop that accepts BTC, you will be able to pay with XSN, LTC etc. The retailer wants BTC, but you have XSN. When you make the payment in XSN, a Lightning Swap instantly converts the XSN to BTC for the retailer and the payment is made. The retailer gets BTC and you paid with your XSN.
What’s the difference between an Atomic Swap and a Lightning Swap?
The difference between an Atomic Swap and a Lightning Swap is as follows;
Atomic Swap: On-chain, limited by the various blockchain confirmation times, fees and block size.
Lightning Swap: Off-chain, not limited by the various blockchain times, fees and block size so it is instant, infinitely scalable and requires a very minimal fee.
How do you face inflation?
Many PoS coins have inflation, however, we have mechanisms which burn XSN, so whilst new blocks are creating new XSN, existing XSN is also being burned.
Do you have any plans for international community growth?
We are looking for ambassadors/community leaders in different regions to help us expand and grow our communities. To date, we have been very focused on creating and delivering working tech as we believe this forms the basis of any project. Now that we are approaching some major milestones within the project, we would like to expand our community to other regions. If you think you could make a positive contribution to the project, please join our Discord and reach out to us explaining how you could contribute.
Thank you to the community for participating in our AMA. If you would like to learn more about Stakenet and become a member of our growing community, please join us on Discord and Telegram or follow us on Twitter.