![[AMA Recap] – STAKENET & Blockchain Crews 09/04/2020](https://blockchaincrews.com/wp-content/uploads/2020/09/photo_2020-09-06_11-18-02.jpg)
Time: 8:00 pm Friday, Sep 04, 2020
Location: @Blockchaincrews
100$ gift for those who have good questions
This AMA will run in about 40 minutes, we have 3parts belows
Part 1 : Basic Introduction of STAKENET and Guest
Part 2 : Guest will answer Blockchain Crews GROUP collected questions ( 5 questions)
Part 3 : All members can ask anything directly about ( 5 questions will be choose by Guest)
Part 1 : Basic Introduction of STAKENET and Guest
Team Stakenet:
– We’ have developed quite a lot in the past 2-3 years, developments like offline staking, staking pools, Masternode hosting, Lightning Network, etc. But our main focus is on a dApp platform based on our Masternode network. So teams and other developers can run their decentralized application on our platform. The first show case of this platform is our DEX or decentralized exchange which uses Lightning Network and Raiden network for doing the trades. Because of that (using second layer solutions) when you use our DEX it feels like you are using a centralized exchange like Coinbase.
We have collaborated with big names like Litecoin team and Raiden team.
Crew:
Q: Could you introduce something about yourself, I believe that our community very look to that
Team Stakenet:
– Yeah sure, I have been into Blockchain industry since 2014 – very early days of Ethereum. We started the Stakenet project in early 2017, and launched the blockchain in May 2018.
I have a Bsc in Mechanical engineering and 2 Masters in MBA and Internet and computer engineering
Member:
Q: For now your blockchain is slow, when i make a transaction, it not like my expection
Team Stakenet:
– Though with second layer solutions the blockchain itself won’t matter in the future, but we will integrate a feature that uses masternodes to give a 1 sec confirmation time for on-chain transactions.
Hope this answers your concern.
Part 2 : Guest will answer Blockchain Crews GROUP collected questions
Q1: Why does The Stakenet blockchain choose using TPoS consensus instead of others such as PoS, DPos? What are the advantages it brings to?
Team Stakenet:
– This is a question our new investors ask us a lot. They wonder why we decided to develop TPoS
– TPoS (Trustless Proof of Stake) is an XSN invention to upgrade the previous PoS protocols and make the network more decentralized
– In comparison with standard PoS, TPoS allows XSN users to stake their coins while their coins are offline and secure in their desktop or hardware wallet.
In comparison with DPoS, TPoS is more decentralized, since in DPoS only a limited and selected amount of nodes can delegate the cold staking, but in TPoS any node can be a host and perform the offline staking.
Team Stakenet:
Q2: What’s the difference between an Atomic Swap and a Lightning Swap?
Team Stakenet:
– Atomic swap: allows any user on one blockchain to ‘exchange’ his coins with another user with coins on a completely different blockchain, 100% trustless. Atomic swaps are used by some DEX’s to let users do decentralized trading. The problem with Atomic swaps is the speed of the on-chain transactions which make the trades very slow.
– Lightning swaps: uses Lightning Network (a second layer solution) to perform atomic swaps. Using second layer and off-chain solutions provides the advantage of instant trades. XSN DEX uses Lightning swaps to give a CEX-like experience to their users with stability and instant low-fee swaps.
so the differences are speed, fee and privacy
Q3: What are advantages/benefits for combination between Lighting Network (LN) and Raiden?
Team Stakenet:
– This was the best question that your community asked. Shows they have a deep understanding of the tech behind hour DEX
– Interoperability between blockchains is a controversial challenge for crypto projects. It’s obvious that on-chain solutions are slow and expensive. Therefore, using second layer protocols like Lightning Network (LN) and Raiden is necessary to make the interoperability instant and almost fee-less.
Until now it was not possible to connect different off-chain solutions together. For example, you could only do Lightning swaps for coins that use Lightning Network, but now with Stakenet’s solution it is possible to perform off-chain swaps between LN compatible coins and Ethereum and its tokens (via Raiden). This is the first time that anyone develops such a functionality.
Q4: Liquidity, Transaction fees and slippage are always important factors in Finance services. So how does STAKENET solve the above problem to attract users?
Team Stakenet:
– For liquidity, we have 3 solutions. First, our DEX aggregator which brings liquidity from centralized and decentralized exchanges (read more here https://medium.com/stakenet/stakenet-dex-multi-exchange-trades-7193243f0c13).
– Second, our market maker partners will provide liquidity for the DEX. And third, we’re considering liquidity mining as another way to increase liquidity.
– Transaction fees are going to be competitive with centralized exchanges, because of the low fees of off-chain transactions, while the hub fees are adjustable.
– The best way to reduce slippage effect is increasing liquidity, so the users can trade whenever and as much as they want, without moving the spot price.
Q5: DeFi and Dapps are 2 pillars primed to rule 2020 in crypto XSN, what’s your approach to DeFi and Dapps. What roles do you play in the innovativeness of DeFi?
Team Stakenet:
– Well, this a very general question. Our whole project is about decentralizing the finance realm, so I can talk about this for hours. But will try to give a short overview
– With our DEX and the decentralized non-custodial trading services, Stakenet is categorized as a DeFi project. Each DeFi project tries to provide services that traditionally only banks or large trading firms could do. Stakenet DEX is a unique product with unique tech and functionalities, such as low fee CEX-like trades and opening and closing Lightning Network channels.
But we are not just a DEX, Stakenet is a dApp platform and the DEX is just the first decentralized Application (dApp) on that platform. Our Masternode Network will be upgraded, to host decentralized applications and also provide decentralized services using its processing power capacities.
Part 3 : All members can ask anything directly about
Q1: What industries and user groups is the STAKENET project mainly aimed at? Do you plan to establish partnerships with local cryptocurrency developers in each country to make the use of STAKENET more global?
Team Stakenet:
– Our target market is FinTech and Decentralized Finance (DeFi). Stakenet is a Decentralized Autonomous Organization (DAO) who are developing infrastructure and Dev tooling for a decentralized finance market. As our target markets are quite broad, and includes developers, business, and individual users it is hard to get an exact size. The current size of DeFi alone is circa. $1 billion USD whilst the FinTech market is expected to reach $310 billion USD by 2022.
Team Stakenet:
Q2: Do you have planning to promote your project in different countries, where English is not good? Do you have a local community for them to better understand your project?
Team Stakenet:
– Since in part 2 I answered mostly technical questions, I want to discuss some non-technical ones.
The answer to your question is yes. We already have a few local communities (Like Vietnam, Turkey, Germany, Spain, England, US, and more) and planning to add more countries, specially non-english ones.
Q3: Most users only care about immediate benefits rather than the real value of the project in the long-term. How can you convince users invest to your platform in the long-term?
Team Stakenet:
– We really value our long-term users, there are users that have been with Stakenet for almost 3 years.
In our opinion every user should get enough support and attention from our project. In our community channel like Discord and Telegram every new user is supported by our community moderators.
We do our best to make everyone understand our value is in our tech – even to those who only care about quick benefit.
Q4: In my opinion the current project seems to be undervalued in terms of price. What do you think and what are the countermeasures?
Team Stakenet:
– We avoid talking about XSN price, but this is a very controversial question, specially from new users. We have developed so much that many people wonder why we’re not among top 50 coins.
The reason is we have been building for over 2 years under the radar, and finally now that we have launched our Beta DEX, we’ve started to draw attention. This is going to continue and soon a lot of more users will find out and hear about Stakenet and its vision
Q5: Where do you see your XSN product actually used for solving the real world problem?
Team Stakenet:
– Doing decentralized trades, without any middle man and centralized platforms has been a dream of human-being for decades. Now we have developed a product that is fast and cheap and allows users to trade cryptocurrencies with the same feeling that you are using a centralized exchange, like Coinbase. While you have full control over your funds.
