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Stakenet beta testing new wallet with Lightning swaps, payments and DEX

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After over a good year of work, the team of Stakenet is entering phase 2.0 of development to build its vision of combining Lightning Network and Masternodes into a global blockchain for decentralized apps.

The development team has now notified that beta tests have begun on the new Stakenet Wallet. The wallet is a non-custodial multi-cryptocurrency light app. When launched, the new wallet will allow users to send, receive, and eventually exchange funds over the Lightning Network; without needing to download full blockchains.

“We will now finally be in a position to be able to put products in people’s hands, have open betas and showcase the products to a much larger audience. We have already begun this with our beta tests of the new Stakenet Wallet where community members are currently testing out Lightning Network, AutoPilot Channels, Lightning Payments and very soon our one-click Lightning swap tech and DEX.”
– The Stakenet Team

In 2019, the Stakenet development team divided its roadmap into two categories:

  • MERLIN – focused on the network level, such as Lightning Network, DEX technologies, cross-chain interoperability, and cross-chain staking.
  • VIPER – focused on consumer end products, including the Stakenet Wallet and XSN DEX, or XSN Viper (a lightning router and hardware wallet).

The team has already completed work on Lightning Network swaps. The swaps form the foundation of the native XSN DEX (Lightning DEX). This will allow users to swap Lightning-enabled coins instantly with one-click. The team has also fully completed work on Lightning Network privacy swaps, TOR integration on the Stakenet Wallet, and XSN support on various hardware storage devices.

Remaining to be completed and now in progress for first public launches are the Stakenet Wallet (now entering beta testing), cold-staking directly from various hardware devices, a mobile version of the wallet, DEX user-interface, Stakenet native hardware wallet (to set up Lightning Network hubs for XSN, BTC, LTC), and a whole lot more which can be found in the latest Stakenet roadmap.

The main development priority now is to publicly launch the first version of the new Stakenet Wallet. The breadth of work that remains on the roadmap will begin next year and beyond.

The Stakenet blockchain is powered by two types of nodes: Staking nodes and Masternodes

  • The Staking nodes – Responsible for moving, validating, and securing the Stakenet network. Anybody can run a Staking node, regardless of how many coins he owns. Merchantnodes are a kind of Staking node designed especially for cold staking. The Stakenet blockchain uses its Trustless Proof-of-Stake (TPoS) consensus. This means that more independent Stakers can secure the network and more Masternodes can be online than with previous solutions.

Stakers and Masternodes are equally rewarded, each with 45% of the block rewards.

  • Masternodes – Responsible for providing high-end network services and running DApps utilizing XSN, such as the Lightning DEX. They create a massive network of computers with incredible computational power for Stakenet. 15000 XSN is the requirement to run a Masternode. Network security and services are as important to have a robust and powerful infrastructure.

More Network Attributes

Stakenet operates a treasury with a cryptographically sealed public address that holds money allocated to it by the network. The Stakenet DAO governance structure sees that no centralized entity owns or has access to the money in the treasury.

Profits from services and DApps on Stakenet are distributed among XSN Masternodes, sent to the Treasury, or burned. The Stakenet dApp framework will enable anyone to develop powerful decentralized applications on top of Stakenet, powered by XSN Masternodes.

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