What is StakeNet (XSN) Coin – How Does it Works? (Easy To Understand)

What is StakeNet (XSN) Coin? Good day. Friends, this article is devoted to the StakeNet project, which at the time of this writing is 263 in the CoinMarketCap rating with a capitalization of $ 14.5 million. We are sure that after reading this review, you will be able to highlight StakeNet (XSN) cryptocurrency for yourself among a large number of other projects.

What is StakeNet (XSN) cryptocurrency?

XSN cryptocurrency is a digital token based on the blockchain technology, which means the decentralized platform StakeNet. This project was created in 2017, attracted funds for development with the help of ICO and in April 2018, was added to the listing on its first cryptocurrency exchange.

Among other cryptocurrencies, StakeNet is primarily distinguished by its underlying TPoS mechanism, which we will describe a little below. The project has 2 official sites: stakenet.io and xnscoin.io.

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When developing their offspring, the StakeNet team wanted to solve 3 problems of most cryptocurrencies:

  • Anonymity;
  • Reliability and safety;
  • Increase funds.

And they did it. About all the decisions that had to be resorted to, we describe below.

Features of the StakeNet project

The first thing you should pay attention to when familiarizing yourself with StakeNet is the TPoS or Trustless Proof of Stake Contarcts mechanism, which until recently existed under the name Proof of Stake Wallet. But in March 2018, the team decided to change the name, which is why we could not find out.

Thanks to this technology, users can place their XSN tokens on cold (hardware) wallets. Dividends will be calculated on each token placed in StakeNet, similar to the payment of dividends on securities. This will help solve the 3rd problem of most cryptocurrencies. The StakeNet technology assumes the use of a shared key, with the help of which the one who places the coins on StakeNet transfers access to the 3rd person with which it means the person is accessing these tokens.

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To solve the 1st problem, the StakeNet developers used the Stealth Mode technology, which makes it impossible to track any payment. Passing access to a key to a 3rd party may seem insecure, but in fact everything is under control. At the expense of the TPoS smart contract, you pass the key to the wallet to the 3rd parties, but they are still your property.

To transfer funds to a smart contract, you need to perform 4 steps:

  • 3rd person provides you with an address;
  • You specify the amount of funds to transfer;
  • Coordination of the size of the commission;
  • Click STAKE.

Here is what it looks like in the picture.

Features of the StakeNet project

StakeNet Perspectives

The StakeNet project has a number of distinctive features from most cryptocurrencies, but is a bit difficult to understand. If we take into account the fact that for the most part, the success of a project depends on the level of its team, then StakeNet has some minor problems with this, because it does not include people with a big name. Although, this did not prevent the project from raising funds.

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We will refrain from any predictions regarding StakeNet.

Where to buy StakeNet cryptocurrency

StakeNet cryptocurrency can be purchased on Cryptopia, Sistemkoin and Live-in exchanges for BTC, TRY, USD, ETH and DOGE. The cost of one XSN coin is 20 cents, which is a little over 70.7 million pieces. In the last decade of August 2018, XSN cryptocurrency cost set a new price record of $ 2.68 and at this point ,the capitalization of the project increased to 190 million.

Conclusion

That’s all until we meet again. For more information on StakeNet, see the project’s official websites, links to which we have provided above.