HomeCoinsStakenet (XSN)Stakenet AMA - Part III. If you have missed Part I or...

Stakenet AMA – Part III. If you have missed Part I or Part II of… | by Jo Park | Stakenet (XSN) | Dec, 2020

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Jo Park

If you have missed Part I or Part II of our AMA make sure to check out Part I here or for Part II click here.

Q: Which coin will be added after ETH and ERC-20 tokens and how will this be decided, e.g. by a Masternode voting?

A: After ETH and ERC-20 the plan is to support all major blockchains and coins thereafter. Although it is up to the community to decide, proposals could be submitted for coin support and teams can also reach out to contribute resources to add support themselves.

Q: Will the software be completely open source one day?

A: We might release some parts of our MCLW / DEX code, for example allowing 3rd party teams to add their own coin support and also the private key management aspect. Once hardware is fully integrated, the software itself would act as middleware and not be able to access or have any knowledge of the users private keys.

Q: If I keep placing orders with DEX, I need to keep my PC online. Is there a workaround for this issue?

A: Not yet — but we and also the lightning developers are working on workarounds and new solutions such as watchtowers.

Q: I’m curious how far down the road after we get USDT, will we see “point of sale” USDT to BTC background conversions built into the wallet for things such as purchases from vendors who accept BTC or other lightning enabled crypto.

A: A very interesting topic as we are also excited about making lightning payments possible and more user friendly. But at this point it is impossible to give an ETA about this feature as we are still working on implementing USDT.

Q: What on the roadmap has the greatest value to coin owners/investors post-hydra?

A: That’s difficult to say, as our roadmap is at the moment very focused on building the MCLW with the built-in Lightning DEX and its environment. We will also have new tasks and ideas coming within the progress, so stay tuned — the future is bright.

Q: Perhaps it would be useful to know if Connext will allow the XSN blockchain to interact with smart contracts since I’ve seen that as a hot topic of debate on certain forums, particularly how a UTXO blockchain will be able to run DApps. And People saying BTC and XSN can’t run a smart contract but can they?

A: Yes, for example we have the TPoS contract, which is a kind of smart contract too as it is broadcasting the “terms” of:

  1. What address the merchant is allowed to stake
  2. The commission % the merchant is allowed to receive of all rewards staked from that given address.

Furthermore there are already smart contracts (discreet log contracts, DLCs) live on e.g. Bitcoin — you were able to bet via the Bitcoin blockchain if Biden or Trump wins. These kind of smart contracts will be easier to use with the upcoming Taproot / Schnorr upgrade, which will make it also possible to integrate them at Lightning Network (LN). Read more about DLCs here: https://www.coindesk.com/dlc-private-smart-contracts-bitcoin, https://www.coindesk.com/bitcoin-smart-contracts-minsc-easier-new-coding-language and https://stephanlivera.com/episode/219/.

It is also being worked on lightning tokens and smart contracts on Bitcoin and lightning by RGB https://rgb-org.github.io/, OmniBolt https://omnilab.online/omnibolt/ and RSK https://twitter.com/RSKsmart?s=09 .

Q: Will there be some kind of auto-pooling so eventually it will be possible for coin-/token teams to launch their project on layer2 (on Stakenet DEX)?

A: There are no set plans for teams to launch their own projects on layer 2 as of now, however this could be a possibility. However teams like RGB and Omnibolt seem to work on an environment to launch lightning tokens like USDT.

Q: Could you clear up the FUD about POSW?

A: POSW was a business started in early 2016 as centralised Staking website and exchange. It listed many PoS coins people could store on the website and use it as a centralised exchange too. Late 2016 the POSW team decided they wanted their own coin that would be listed on the website and used on the exchange. For this they contracted X9 to develop, build and maintain the POSW coin.

X9 did as they were contracted too and built the blockchain in late 2016 for the client (POSW). X9 had no involvement in any other activities of POSW such as the Staking website and exchange. The blockchain they were commissioned to build was just a basic PoS Coin so it didn’t have Masternodes, Trustless PoS (TPoS), governance and other features that came once X9 took over.

POSW had an ICO for the POSW coin once complete, details and much of the history of POSW can be found here on Bitcointalk: https://bitcointalk.org/index.php?topic=1695121.0

X9’s only responsibility at this point in late 2016 and early 2017 was to maintain the POSW blockchain which they were contracted for.

Around April/May 2017 POSW started having issues with maintaining and managing their Staking website and exchange. They were struggling to keep up with wallet updates for all the coins they had listed and this meant customers were struggling to withdraw their coins from the exchange. Security was always an issue as it was centralised meaning you had to trust POSW with your assets. As the problems grew the founder and owners of POSW essentially gave up trying to keep it running and updated.

At this point some community members rallied in an effort to keep it alive and X9 started formulating plans and ideas of their own project to push their visions of blockchain tech while they continued to support the POSW blockchain.

By late 2017 X9 had decided instead of starting from scratch it would be better to build their vision on the POSW blockchain as they had already gained the support of a fairly large community and one of the hardest parts about starting a project in this industry is community building. By already having a community in place it allowed them to start off strong with their support and allowed them to negotiate to take over the POSW website and community channels from the previous owners. Also worth noting that even though POSW had an ICO, X9 were not part of that as they were just contracted to build the blockchain. As such with the takeover any funds raised by POSW during the ICO were not passed along to X9 so they started with a zero balance treasury as the treasury system that was added to XSN had not been implemented at that stage.

X9 quickly set to work making the blockchain upgrades and eventually completing a chainswap of POSW to XSN in early 2018 and have continued to work on XSN ever since.

One thing that is important to point out is that X9 does not own/run Stakenet. Stakenet is run by its own governance which allows anyone to work on XSN. For example Stakenet.io is not run by X9, it was created and run by a completely different team who run/own the cloud staking/MNaaS website which are funded in their own way, mainly from fees taken from MN/Staking services they provide. That team obviously liaises with X9 to ensure website content reflects what is being worked on by X9 and anything else that is relevant to Stakenet/XSN.

X9 are essentially contracted by the Stakenet governance to work on XSN. They have provided a roadmap and every month they submit a proposal to continue working on that roadmap with funds released from the treasury. If the MN owners vote in favour of the proposal then funds are released to them and they carry on working.

It’s important to note there is nothing stopping any other devs or anyone from submitting a proposal to work on anything they want to work on for XSN and it is going to vote by MN owners. For example you could submit a proposal for say 5000 XSN to put an article on CoinTelegraph for marketing, it would go to vote by MN owners and if passed then the funds would be released to your address.

This model ensures there is no centralised entity in control of Stakenet and allows it to function, evolve and develop based on proposals voted for by MN owners through it’s governance model.

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