Stakenet: a staking coin and a coin for hosting other blockchain projects on its blockchain

By QuintoTrader | Crypto Street | 5 Sep 2019


            stakenet.png  

Stakenet coin is a native cryptocurrency created on stakenet Blockchain network platform whose transaction takes place from one peer to another without involvement by the government thus is being considered to be a decentralized asset. Stakenet coin was created to enable the staking nodes and the masternodes to secure the stakenet network. Stakenet coin was also created to allow easy hosting of other blockchain projects thus in return there is a reward. As staking nodes, the stakers role is to ensure there is a smooth movement of assets in and out of the stakenet blockchain as well as validating transactions and securing the network . On the other hand, as a masternode, you will be considered to be a service provider thus you will be responsible for running the Dapps created on the Stakenet network. In return, the staking nodes and masternode receive their rewards equally. There is no minimum required balance to become a staking node while for masternode, you need to have a minimum balance of 15,000 XSN in your staking account. The more your staking the more the reward.  

Stakenet coin   transaction 

stakenet coin transaction takes place on the stakenet blockchain explorer based on block height and timestamp. To view how the transaction takes place at stakenet blockchain explorer, simply follow the link below;

https://xsnexplorer.io/  

Date Launched

 Stakenet coin was created in 2018 with the main objective of becoming a staking coin as well as allowing Dapps to be run by masternodes. 

Founder Of Stakent coin

 

Stakenet Cryptocurrency was created by a team of X9 developers  with the main objective of allowing other blockchain projects to be hosted on their network as well as creation of DAPPS on their network. X9 developers also wanted to make the coin to become a staking coin so that stakers can be rewarded when their coins secure the network by running Dapps built over there as well as verifying transactions taking place over there. Some of the members of X9 developers are; Draper, Benjamin Wang, Yura, Carlos Melo and Alexis.  

Process of creating Stakenet coin

Unlike cryptocurrencies like bitcoin and Ethereum which are proof-of-work thus are created through the mining process in the presence of power and internet, for Stakenet coin, that is not the case, instead,Stakenet coin was created to become a proof-of-stake coin. During its initial launch, 76,000,000 coins were created from its genesis block swap. Out of this amount, 3,500,000 were burned. The remaining unlimited coins will be released through the staking process using the X11 algorithm. You can either choose to become a staking node or a masternode. As a staking node, you will be able to stake any amount of your XSN which will be used to ensure there is smooth movement of assets on the stakenet network as well as securing the network and validating transactions taking place on the network. As a masternode, the minimum amount of XSN required to act as a service provider will be 15,000 coins which will be used to run the Dapps linked or created on the stakenet network. Some of the Dapps will be the DEX exchange created on the stakenet network. In return, there will be reward in the form of fees charged on DEX exchange as well as fees for transferring the assets among the peers. The reward will be fairly equal between masternodes and staking nodes. Out of the reward received, masternodes will receive 45% of it while staking nodes will also receive their 45%. The remaining 10% will be rewarded to an attached treasury cryptographic address which can either be burned or be used to fund new emerging projects. Here is how the rewarding  looks like;    staking process.png

You can join the staking program from their wallet from below;

https://cloud.stakenet.io  

  Maximum circulation of stakenet coin

The maximum amount of stakent coin that is expected to be circulating in its blockchain should be infinity amount . During its initial launch, 76,000,000 coins were released from its genesis block swap. Out of this amount, 3,500,000 were unswapped thus no one can get access to them.       Stakenet coin  Price

Currently, 1 stakenet coin is worth more than $0.07 and its price is expected to increase over the next period of time. Stakenet coin is being abbreviated as XSN.  

Converting my stakenet coin to other cryptocurrencies

To convert your IRIS coin to other cryptocurrencies such as bitcoin and Ethereum, you need to have a cryptocurrency exchange account. If you don't own one then you can follow the link to open a cryptocurrency exchange account for easy conversion of your IRIS coin to bitcoin or Ethereum.   https://www.binance.com/?ref=10776203    

Storing my stakenet coin

To store your stakenet coin, you need a stakenet coin wallet. You can either store online or offline. To store your stakenet coin online you can use their online staking wallet supporting stakent coin such as https://cloud.stakenet.io . To secure your IRIS coin from being stolen by hackers, you can download  cold storage wallet like the Ledger Nano or stakenet windows wallet  

Transferring my Stakenet coin to other Users

If you want to transfer your Stakenet coin to another user, the two of you must have trust in each other. The trust should be the Stakenet coin address provided for by the receiver while the sender must have the Stakenet coin balance in their account to send to the receiver. For the sender, a blank space to insert receiver address and another blank space to insert the amount to send to the receiver is indicated. Here is how it looks like;  

STAKENET SENDER.png

STAKENET RECEIVER.png      

  Knowing more About Stakenet coin

If you feel that you need to learn more about Stakenet cryptocurrency, then you can follow them on their site. Here is the link redirecting you to Stakenet platform website 

https://stakenet.io/  

Now that you know, I think that it is time for you to start earning some Stakenet cryptocurrency by staking them thus validating the transaction taking place on the Stakenet blockchain. The more you stake the more you earn. If you feel that I should also own some Stakenet coin for helping you to know about it then here is my Stakenet coin  address;

  address:  7Y7qsR5VgptgcRLvdbqgNexzWS7WgG8tGi

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QuintoTrader
QuintoTrader

Trader, Blockchain Technologist and Contentpreneur. Also founder and CEO @ Quinto Trader


Crypto   Street
Crypto Street

Crypto Street provides knowledge related to cryptocurrencies, tokens and blockchain technology. The knowledge consists of different cryptocurrencies with passive income, crypto mining, crypto staking and many more.

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