Stakenet Wallet — Multi-Currency, Masternodes, Lightning Network, DEX, TOR and more
The new Stakenet Multi-Currency Wallet will be an integral component helping to fulfil our vision of an Interchain Economy. It will be the default gateway for many to access their digital assets and as such it needs to be simple to use for everyone. We are utilising the latest technologies to create a wallet that fixes many of the issues with Multi-Currency wallets of the past and bringing a host of new features able to be accessed all from one single place. There are many different components all working together to bring our wallet to life such as Masternodes, Lightning Network, TOR and dApps.
Blockchains
Usually with Multi-Currency wallets you are required to download and sync the full blockchains of any assets you wish to hold if they are non-custodial. This as you can imagine is a very slow and cumbersome way of doing things. It also requires a lot of space to hold all of the blockchains, Bitcoin alone is over 200GB!!
Our solution to this is to utilise our existing Masternode network to host the various blockchains supported by our wallet. Doing this means the blockchains are always updated and synced. With that in place the wallet just connects to the Masternode network to get the latest data from the synced blockchains. This keeps the wallet client lightweight, fast and able to be used on any device as it does not require huge amounts of storage so fully featured mobile clients for iOS and Android will be available.
Lightning Swaps
Another feature of the wallet will be it’s “1 Click Lightning Swaps”. What is a Lightning Swap and how does it differ to an Atomic Swap?
Atomic Swap — On-chain, limited by respective blockchain confirmation times, fees and blocksize.
Lightning Swap — Off-chain, Instant Transaction, potentially feeless, infinitely scalable.
Using Lightning Swaps users will be able to instantly convert assets within the wallet. This will be particularly useful at retail for payments and means any asset supported within the wallet can be used as payment anywhere Bitcoin is accepted as an example. We see this as a vital feature especially with the ever growing acceptance of “Stable Coins” for retail adoption.
Retailers accepting digital variants of fiat assets is the next logical step and as such with this tech we are well prepared. As a simple use case a user would be able to go into a shop and get $10 worth of products, they could pay in any asset they wish from the wallet such as LTC and the retailer would receive 10 USDT as the LTC would be converted during payment into USDT. This solves one of the biggest hurdles for retailer adoption, cryptocurrency volatility.
Volatility has been a roadblock for retail adoption since it’s inception as no retailer wants to take the chance of accepting $10 worth of an asset that could be worth $9 or less a hour later. By using a “Stable Coin” paired to their fiat counterparts this eliminates this risk. Another advantage of this is you can move stable coins across borders and in countries where the fiat counterparts are expensive and difficult to get hold of. In countries that are fighting hyper inflation of their local currency maybe utilising something like USDT would be beneficial to ensure their net worth isn’t being devalued with the collapse of their own currency.
Privacy through TOR
TOR (The Onion Router) has been a bastion of privacy since 2002. The Stakenet Multi-Currency Wallet provides users native TOR support as a privacy option with a simple 1 Click activation. It uses our Masternode Network as the trusted exit relay nodes which solves one of the issues that projects had in the past of being able to have a trusted network to ensure privacy and IP obfuscation.
In simple words, when a user connects the Stakenet Wallet with the TOR network, their traffic is then routed through a number of global Masternode servers, each of which removes information of the previous server, so the last exit node server gets no information where the network originated from.
We are also going to be implementing further privacy technologies in the near future to give users even more options for privacy and security.
Lightning DEX
The word DEX (Decentralised Exchange) gets thrown around a lot lately but many of the claimed DEX’s out there are not a true DEX and have centralised points of weakness.
CEX — Centralised Exchange, you are trusting a 3rd party to hold your assets for you and handle the trades.
DEX — Decentralised Exchange, you hold on to your assets and trades are done directly from user to user in a P2P fashion.
Our Lightning DEX is not only a true DEX, hosted entirely on our Masternode Network to ensure decentralisation but it also contains many advances over what a DEX currently is.
Using our very own Lightning Swap technology as a foundation building a DEX is the next logical step by merging it together with an orderbook to connect users automatically and instantly to perform direct P2P trades all from within the wallet. There are many advantages to this such as:
- The coins which the users hold never leaves them unless the transaction is completed giving them unlimited access to their coins.
- 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.
The Lightning DEX is our first showcase of what powerful dApps and services can be run on our Masternode network.
Lightning Network
Lightning Network is a scaling solution that allows assets to utilise off-chain transactions to free up capacity on-chain. In layman's terms as an example it’s like opening a tab at a bar. You get drinks all night and then at the end of the night you use just 1 transaction to pay for them all as opposed to paying each time individually creating multiple transactions. Lightning Network works in a similar way allowing you to bundle multiple transactions all together making it cheaper and faster.
There have been two main criticisms of Lightning Network so far:
- Decentralisation
- Liquidity
We have managed to solve both of these issues by using our Masternodes network. Our network comprises of currently over 2000 Masternodes all over the world which is more than enough to ensure decentralisation. Each Masternode is backed by 15,000 XSN as a collateral. We are going to allow Masternode owners to put their collateral to work by letting them use it as liquidity for the Lightning Network. This combination of Masternodes and utilising the Masternode collateral solves the biggest issues in Lightning Network so far and means XSN will have one of the biggest, most liquid, decentralised Lightning Networks in the industry.
We also have innovations on Lightning Network like our Auto-Pilot system which manages your channels and routing for you automatically to ensure smooth and fast payments.
Masternodes +
Lots of projects have Masternodes but how many actually do anything? What is the point in having a huge decentralised network with huge amounts of computing power at your disposal if you don’t use it? At Stakenet we are putting our Masternodes to work, allowing them to be the centerpiece of our Interchain Economy. Masternode owners will be able to use their nodes to generate additional fees for themselves by providing services such as routing Lightning payments, becoming Watchtowers, holding other blockchains, liquidity for Lightning Network, hosting dApps and much much more.
To learn more about Masternodes check out our dedicated Masternode article here.
The End Result
We are taking all of this amazing technology and putting it all together into one simple to use interface to make it all easy and accessible by the masses. It is a true technical achievement on every level. By giving users unrestricted access to trading markets, dApps, privacy and more on their devices it gives them financial freedom the likes of which has never been seen before on a global scale. A large area of focus for us is accessibility for the masses, this means taking complicated technology and making it really easy to use for everyone. Things like 1 Click Lightning Swaps, 1 Click TOR Privacy, Auto-Pilot for Lightning Network and even our Auto Wallet Updater are all fruitions of this directive to help people transition into the cryptocurrency industry as seamlessly as possible.
At Stakenet we are dedicated to building the best decentralised platform for users to access whatever they want, wherever they want, whenever they want. The Stakenet Multi-Currency Wallet is the first giant leap towards that and we will continue to build upon the base it sets adding even more innovative and exciting features in the near future.
Beta Testing
Community Beta Testing is currently underway, if you would like to join to help test the latest builds of the new Stakenet Wallet then just join our Discord channel and let a team member know. Currently test versions are for Windows and Linux, other platforms will be added as we continue testing:
