What is Stakenet (XSN) Crypto Beginner’s Guide
Coin staking has become a promising investment for cryptocurrency holders, and more coins are offering great profit opportunities for staking. Many believe that staking will be essential to further evolution of the blockchain as well as bring positive rewards to the cryptocurrency market and its investors. The developers of Stakenet, previously known as POSWallet, are providing an exchange and wallet to assist people in pursuing staking opportunities.
PoSW to Stakenet
POSWallet was the original incarnation of Stakenet and offered a staking wallet that served over 100 of the most popular and common cryptocurrencies. The complete number of POSW coins in distribution grew to 250 million, so the developers burned coins from their wallet to lower the circulation to 70 million. Unfortunately, the website for the POSWallet was hacked, resulting in the team leaving the project. Instead of completely abandoning it, the developers rebuilt the blockchain from the ground up with better features and have now migrated POSW to the superior XSN.
Purpose of Stakenet (XSN)
With 1,600 cryptocurrencies in circulation and thousands of markets available to investors, the crypto market has absolutely exploded. The developers behind Stakenet created this Trustless Proof of Stake blockchain to offer a simple interface for people who do not have a technical background to be able to profit from staking. Stakenet allows the staking of multiple cryptocurrencies in one wallet and offers a decentralized exchange. The TPoS consensus enables protection of the blockchain which helps XSN holders earn their staking rewards.
Stakenet aims to be an ecosystem for every cryptocurrency. Stakenet’s native coin, XSN, will enable contracts across blockchains allowing for the intuitive and secure platform to offer access to the features of all the blockchains supported within the Stakenet ecosystem. Stakenet’s true goal is to be the catalyst in uniting the blockchains.
XSN – The Stakenet Coin
The digital coin that powers the Stakenet platform is XSN. It features completely secure Trustless Proof of Stake and is compatible with the Lightning Network, which allows for instant transactions with little to no fees associated with them.
XSN will be used to pay for any services on the platform. It can interact with other coins, which will make for many amazing opportunities for investors utilizing the program. For example, by using the platform’s Cross Chain Proof of Stake, holders can stake XSN and earn Bitcoin rewards. Users will also be able to pay anyone using any cryptocurrency just by having XSN. The coin will offer incredible flexibility in the way that it interacts with other cryptocurrencies.
With staking opportunities getting better and better, Stakenet plans to use the allure of staking rewards to completely reimagine how cryptocurrency works. The project is ambitious, but the ability to trade and stake across blockchains would be a huge, beneficial step for both investors and the blockchain as a whole.