XSN Excalibur — Private testing completed

The upcoming multi-currency XSN Excalibur wallet is the next step for bringing the ease of Stakenet’s XSN Cloud to a desktop and mobile user level. Also known as the XSN Light, this wallet is for users who wants to send and receive multiple coins without having to download the blockchains from each coin.

This is a fairly complicated app/program to say the least since in order to make it possible, their masternodes will have to be able to send, receive and confirm transactions on separate chains from Stakenet’s own, and these 3rd party chains will be held on the second layer which will communicate with first layer nodes allowing users to hold multiple wallets in one place.

Proof of Concept of world’s first completely trustless and decentralized exchange in Q4 — ACHIEVED

Stakenet will be creating the world’s first truly decentralized cryptocurrency exchange called the XSN Exchange, that will be run entirely by masternode. This means that the exchange cannot be shut down by any third party or authority including Stakenet themselves. This is not the case with any other so-called DEX in the world. The XSN Exchange will focus on usability so even people who are not familiar with cryptocurrencies can trade trustlessly without the need of dealing with complicated wallets or additional technical requirements like setting up a remote server, too.

From the DEX you will be able to trade your coin directly from cold storage since it will be connected to your XSN Wallet or XSN Hardware Device, but more on that later. For now check out this XSN Exchange explanation, on how they are different from current centralized and decentralized exchanges.

Original XSN Excalibur Hardware wallet in Q4

Stakenet aims to fulfill the ecosystem with their own version of the Ledger Nano S, but built in a different formfactor and according to John Draper, the mission with their original cold storage device is to solve problems of existing solutions. The hardware device will be compatible with both mobile and desktop devices to send, receive, stake and trade your XSN and other currencies. There aren’t much info out yet but this is a short summary of the announcement from John him self;

“XSN has dedicated a hardware division to bridge the gap between the blockchain digital world and the real world. As of now, it is difficult for a user to safely access his asset, let alone benefit from the unique features that different coins provide. These devices will be more than just a “wallet”, but instead a means to enrich lives in ways not yet even realized. As technology develops, everything around us will become ‘smart’ and the language they speak will incorporate some DLT or blockchain technology. This new world will need a secure and safe bridge of communication, and that is the aim and purpose of XSN Hardware. We aim to have a working product released by Q4.”

The development and building of XSN Hardware has already begun and testable prototypes will be available to the public in the coming months. An XSN Hardware whitepaper and roadmap will be released in Q4.

You can read the full update here, and find more details on new XSN Hardware Partnerships here.

In the most recent development update, John stated the following about the so-called XSN Hardware:

“The XSN Hardware wallet will be a custom hardware device where you will be able to store digital assets safely and securely. We will also have a focus on supporting cold storage interactions (staking, exchanging, payments ect). The device will interact with custom mobile applications particularly our coming stakenet.io mobile app, giving a rich user experience.”

Now to the Original Stakenet Software Inventions;

Trustless Proof of Stake (TPoS) — ACTIVE

In first quarter of 2018, Stakenet delivered the world’s first Trustless Proof of Stake (TPoS) protocol update to the Stakenet ecosystem. TPoS essentially allows you to stake your coins directly from cold storage, such as from your offline computer wallet, Ledger Nano S, or the upcoming Stakenet Hardware Device, etc. This furthermore means that if Ledger had integrated Stakenet at launch in March 2018, Stakenet would have been the first coin to allow cold storage staking from hardware devices, beaten by Particl only for this reason.

The staking is made possible through a so called Merchant, who runs a node for staking people’s coin without having any access to their spendable balances. All the merchant does is utilize the staking weight through a 3rd key called a “shared key”, from which only the user can receive and send coins.

The user’s funds are held in cold storage and thus he can sit back without having to worry about hot wallets and computers being left on 24/7 to stake on multiple wallets.

For more info, check https://medium.com/stakenet/posw-weekly-big-brother-tpos-and-atomic-swaps-35642fddbd8d

For in depth comparison of current offline staking solutions, check TPoS vs LPoS vs DPoS by jstarhead

Lightning Swaps — ACTIVE AND WORKING

Stakenet (XSN) has announced the implementation of Lightning Network and Atomic Swaps with the release of their mandatory Lightning upgrade. Stakenet (XSN) are one of the first PoS Masternode coins to have SegWit, Lightning Network and Atomic Swaps, providing users with unique interoperable peer to peer solutions not found in other protocols.



Lightning Network combined with Atomic Swap technology will allow the execution of ‘Lightning Swaps’, instant and nearly feeless Cross Chain trades, moving Stakenet one step closer to a trustless decentralized peer to peer crypto economy.

Cross Chain Proof of Stake (CCPoS) — IN DEVELOPMENT

Cross Chain Proof of Stake (CCPoS) is another Stakenet Original, which serves the purpose of allowing users to stake XSN, and receive stake rewards in any other coin of their desire.

In a real world scenario for example, a user would stake his XSN and choose to receive his rewards in PIVX, seamlessly and without any struggle.

For more info, check https://medium.com/stakenet/posw-weekly-ccpos-cross-chain-proof-of-stake-de1ac87055cd

Exchanging directly from hardware wallets via the Stakenet DEX — IN DEVELOPMENT

Just like TPoS, Cold Storage Exchanging (CSE) is the next step in making the entire Stakenet ecosystem a more safe and secure place for coinholders. This technology integration essentially allows users to trade and convert coins with the security provided by their hardware devices and offline wallets whether it is the Ledger Nano S or Stakenet’s own hardware device.

Exertive Proof of Stake (EPoS) — IN DEVELOPMENT

Stakenet has been fortunate to collect some specific specialists to their team and have assembled a group drafting a preliminary white paper & proposal on EPoS — which will combine their team’s existing expertise in decentralized ledgers, with leading figures in the field of science, medical, health, fitness, and more. This pursuit will immediately get them in the door and open opportunities as it puts them in a unique position of a new type of hybrid hardware X software/bio data protocol.

The purpose of EPoS is to replace the current distributed ledger technology (DLT) verification methods of proof of work/stake etc. with biological human input. Allowing humans to have the ability to verify, come to consensus and gather rewards based upon biological signals/states of the body. This will allow everyday people an opportunity to contribute to the movement and verification of blockchains via specific biological states which aim at benefiting overall health.

In other words, utilizing the upcoming XSN Excalibur, people will be able to contribute to the network by working out, gathering stakes for their performance, and in a real world scenario, it could allow them to earn a free membership to the gym simply by exercising and contributing to the network.

Other top-of-the-line Stakenet Tech Integrations (SOURCE — jstarhead);

SegWit (implemented and working)

SegWit is the name used for an implementation in the transaction format of the blockchain architecture which is fundamentally for the Stakenet ecosystem.

Segregated Witness, or for short, the so called SegWit, is the name used for a technology that is implemented in the transaction format of the Bitcoin.core blockchain architecture. The implementation of this new protocol in the Stakenet blockchain architecture will be a fundamental for many more future functionalities within the Stakenet ecosystem.

Lightning Network update (implemented and working)

Lightning is a decentralized network between several nodes which use smart contract functionality in the blockchain to enable instant and nearly zero fee payments between all participants.

The lightning network is dependent upon the underlying blockchain architecture. By using real Bitcoin.core based blockchains and using their native smart-contract scripting language, it is possible to create a secure inter-chain network of different participants. The implementation of this ability will be fundamental for the 4th generation meta-network, provided by Stakenet.

Lightning swap compatibility(working)

The Lightning swap compatibility will be an in-wallet built one click solution for everyone to set up Lightning Channels with the exit node of their choice.

Similar to our TPoS one click solution we will provide you the same service for the Lightning Network. Due to an easy one-click solution we empower everyone to use Lightning without any effort. In different to other blockchains, you do not need to deal with the command line or having deeper technical knowledge to benefit from all of our blockchain features.

Autoupdates for the XSN Wallet in Q4

The owner of XSN full nodes are enabled to pull necessary updates from the XSN core team repository with a single click solution.

Due to the rapid rate of technological advancement, soft- and hard-forks are a natural part of any emerging network. We will incorporate an optional auto update system for our users, that allows nodes to pull the core team to update nodes automatically. Stakenet will secure that auto update system with state-of-the-art technology to ensure stability and reliability and to protect the master nodes from malicious updates and man-in-the-middle attacks. This way our investors can passively run nodes without having to constantly concern themselves with mandatory upgrades during initial periods of rapid network development.

Autonomous swaps by MN quorums in Q4

We will empower our masternodes to manage and verify swaps between different blockchains.

Once Zeus is in place, we will begin programming our second layer to trustlessly handle Cross Chain Light Swaps utilizing Masternodes Quorums. As of now, a human or merchant is needed to set up the needed payment channels for trustless trades between different peers . With Merlin this will be autonomously done by the network with no human needed.

Enhanced Privacy in Q4

Utilizing Lightning Network and an inter TOR network they will be able to give their users the option when converting wealth to do so publicly or privately in real time. These can also be combined with emerging tech such as bulletproofs and zkSNARKs.

Sharding (on-chain scaling) in Q4

Sharding is a technique that allows the network to be divided into several small pieces instead of one giant blockchain.

On chain scaling is a technique that allows the network to be divided into several shards. This sharding mechanism can improve the on chain capacity and throughput, allowing DApps and high tx functionalities.

DApps on testnet in Q4

DApp is an abbreviation for a Decentralized Application which enables us and third parties to develop powerful tools and services in and for Stakenet.

Stakenet is more than just an ecosystem for XSN and other PoS coins. With cross chain interoperability Stakenet can host other chains, allowing them to add new features and applications without the dreaded fork. The backend code of these DApps will be running on the Stakenet peer to peer network, while the DApps frontend code and users’ interface can be written in any language that can make calls to the backend. Using Stakenet’s unique combination of a masternode network and hardware, developers can create powerful DApps. For example, a car manufacturer is able to monitor ownership and service level detail of the car as well as the owner is able to lock/unlock the car with XSN Hardware.

Team

Founder Nathan Faust, co-founder Shahab Behzadi, lead developer Esteban Pacheco (AKA John-Draper) and senior developer Benjamin Wang, is leading a team currently consisting of 40+ active members to build the project that we are seeing today. The Stakenet team is hardworking in all aspects of the company from design, development, marketing, support, etc.

Advisor:

Frank Amato is a Private / Angel Investor in the FinTech sector, with an interest/focus on Bitcoin and Blockchain technologies. Co-Founder and Head of the London office of Block5 and former JP Morgan VP and Executive Director.

Frank’s work with Stakenet is focussed on the upcoming DEX to help make it a perfectly smooth user experience and to make their DEX the first DEX to compete with the big, centralized exchanges.

Stakenet Cloud Platform, Coin Infosite, Whitepaper 3.0, CoinMarketCap, Stakenet — Medium, Stakenet Articles by jstarhead, XSN Merchandise, XSN’s Own Block Explorer

For a list of all links including guides, downloads, tutorials, coin info and partnerships, check here.

Largest exchanges at the moment: Cryptopia, Livecoin

Blocknet, BarterDEX and Bitfineon will all be available soon.

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The purpose of ALTCOIN MAGAZINE is to post and repost stories, announcements, and tech explanations from projects within the topics of cryptocurrency and blockchain. This article was written and composed by Emil Sterndorff.

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