Multi-Currency Wallet and Lightning Swaps — Stakenet Solution

Stakenet Team
Nov 21, 2018 · 6 min read
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Stakenet Multi-Currency Wallet

A cryptocurrency wallet is an important and integral component of the cryptocurrency universe. It is a secure digital wallet which helps in storing and transacting digital currencies like Bitcoin and Ethereum. Most of the coins and tokens have their official wallets but with changing times a lot of independent third-party wallets have surfaced providing a variety of features. Here comes the problem; for every cryptocurrency that a user holds, he also requires a wallet to store it, thus making it cumbersome for the holder to have so many wallets.

Lightning Swaps

With decentralization slowly finding its roots in today’s world, people are showing an inclination towards replacing centralized intermediates with decentralized ones. Although the acceptance of a complete decentralized organization is still distant, there has been the emergence of a lot of services which now help people in carrying out transactions without an intermediate party. Atomic Swaps are one of these. In simple terms, an Atomic Swap is a smart contract technology that enables the exchange of one cryptocurrency for another without using centralized intermediaries, such as an exchange.

Stakenet Solution

Crypto exchanges are the mainstay support for the cryptocurrency market as they allow trading of coins thus providing liquidity. Even after being such an important component of the crypto markets, most exchanges are centralized and are operated out of a single central server making them vulnerable to hacking or forced closure by the regulatory authorities. Also, once a user places a trade with a centralized exchange, their coins leave their possession and are stored with the exchange, thus making the user lose the utility and benefits that one receives from the coins. These are some of the potential risks which Stakenet aims to answer with its proposed Stakenet dx (Cross-Chain Lightning Swaps).

  • With coin in their wallets, they also benefit from all the utilities, features and staking rewards of the coin.
  • The user remains anonymous as he doesn’t have to provide any Know Your Customer (KYC) details to anyone providing the user with complete anonymity and freedom to trade fearlessly.
  • Not being in hands of central authorities, the Stakenet dx cannot be shut down by anyone, not even Stakenet.
  • All transactions are done on a peer to peer basis without the involvement of a central authority, making the transaction more secure and less expensive as the fees are lower.

Stakenet (XSN)

Stakenet (XSN) revolutionizes the way cryptocurrencies are…

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