Frequenty asked questions

XSN is the coin that powers Stakenet with amazing capabilities such as Segwit, Lightning Network, Atomic Swaps and other Cross Chain applications such as Cross Chain Proof of Stake.

The blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. It's basically a database of transactions. By design, a blockchain is resistant to modification of its data. For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks, which requires the consensus of the network majority.

A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. It uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency. Any cryptocurrency other than Bitcoin -the first and leading one- is called altcoin.

Each cryptocurrency serves a purpose and has different characteristics, although most of them act as a medium of exchange mainly. A crypto coin is a cryptocurrency which operates independently of any other platform, so it has its own dedicated blockchain like Bitcoin (BTC) or Stakenet (XSN). A token is a cryptocurrency that requires another blockchain, such as Ethereum or Neo, to exist and operate. Golem is a token on the Ethereum blockchain (those are called ERC20 tokens) and Ontology is a NEP5 Token on the Neo blockchain.

A cryptocurrency wallet is a digital wallet used to store, send, and receive digital currency like Bitcoin (BTC) and Stakenet (XSN). Wallets can be of various types such as Online (web-based) wallet, Mobile Wallet, Desktop wallet, Paper wallet or Hardware wallet. A hardware wallet is a special type of wallet which stores the user's private keys in a secure hardware device. It's the most secure wallet of all. It should be noted that each wallet only allows access to the blockchain, where all coins are stored. So to speak, the wallet is just the medium which stores the private keys and makes it possible to communicate safely with the blockchain to access the coins of a certain address.

The private key is the "ticket" that allows someone to spend bitcoins, so it's crucial that these are kept secure. They're automatically generated by the each coin's wallet software and can be kept on computer files (usually encrypted within the wallet.dat file), be printed on paper or protected within a hardware decide (hardware wallet). A private key can be generated once by a wallet and it may be able to "unlock" an almost infinite amount of addresses created thereafter - these are called HD wallets. The public key is the unique identifier for your cryptocurrency wallet that is known to the public. The address is another identifier, derived from the public key. The address is the identifier people use to send cryptocurrencies to each other.

Unspent Transaction Output (UTXO) is a list of money received that has not yet been spent. In other words, if you were to total up the UTXO, you would get the user’s available balance. Bitcoin and other cryptocurrencies such as XSN based on its technology use UTXO in their blockchain technology to verify that a person has unspent crypto available for spending, thus preventing double spending and fraud.

The Proof of Stake consensus is done by minting. In this case, very simple computers can mint (validate transactions) since this is not a very resource demanding task. Instead of using electricity to solve mathematical problems to prove you are invested in the blockchain, you prove it by owning its coins. Everybody can use the Proof of stake system as it only involves bandwidth and online connectivity. You don't need to spend huge amounts of money on computers and waste electricity, all you need is a very cheap server and own some coins.

A Smart Contract is a virtual agreement between different parties, which is managed by the blockchain. Its main role is for two parties to conduct this agreement that can be digitally self-executed and self-enforced, acutely eliminating the need for a ‘middleman’. This would transfer power away from those who currently manage or verify transactions in our current society. A seismic change to the way the world currently operates.

Staking is the act of running a staking node in a Proof of Stake blockchain to protect it. A staking node is a server that runs the coin's wallet with a positive coin balance and automatically receive rewards from the network in the form of coin payments for its services. Rewards are based on the number of coins the wallet owns. The node must always be online or either it won't be staking and receiving rewards.

Trustless Proof of Stake is a technology developed by Stakenet that allows users to stake XSN by having a Merchant node (server) do the staking for them while not having to share any spendable balance or private keys with the Merchant node. This is done as a smart contract. Your funds are yours and yours alone, can be safely kept in a hardware wallet and they will grow over time, even while you sleep. You can hire a Merchant node which is provided by independent "Merchants" or run your own one. Having trustless, decentralized nodes with unique IPv4 staking makes XSN the most secure PoS blockchain.

Merchants are independent people who run Merchant nodes (a kind of Staking nodes) to stake other people's coins via a smart contract. The Merchants earn a small commission from the owner for their services. This is done in a trustless manner, where funds and commissions are always safe and protected with the smart contract in the blockchain.

A Masternode is similar to a staking node, but instead of protecting the network, Masternodes provide its services. A Masternode requires a certain locked coin balance to work. In Stakenet, it's required exactly 15 000 XSN per Masternode.

Block rewards are those new coins (in our case, XSN) created and automatically distributed by the network. In our case, those are distributed to Stakers and Masternodes on each block creation.

ICO stands for Initial Coin offering and is a mean by which funds are raised for a new cryptocurrency venture. Typically during an ICO, coins are presented/sold to initial investors at discounted rates. No, XSN didn't do an ICO.

XSN coin is a state of the art cryptocurrency that allows a peer-to-peer method of payment. It will be used for daily transactional activities happening within the XSN coin financial ecosystem, for staking and Masternode purposes, merchant services, and can also be used as a peer to peer exchange and store of value between users securely, and efficiently at reduced costs.

There is no minimum. However, the rewards are distributed based on the weight on the network of your coins, so if you stake with a low amount of coins you may be waiting a long time to receive a reward. In https://cloud.stakenet.io, there are staking pools where you can join others to stake and receives rewards every few minutes.

You need exactly 15 000 XSN per Masternode.

Stakenet Masternodes will receive 45% of the block rewards for providing network services. Stakers, whether that be from TPoS or regular PoS, will also receive 45% of the block rewards for running their nodes and securing the network. Profitability varies constantly, you can check it on the calculator in the XSN Cloud.

Yes, but not with the same coins. In order to learn how to set up a Masternode or stake, please check our tutorials.

Forking implies any divergence in Blockchain - temporary or permanent. Very simply, forking is said to happen when a Blockchain splits into two branches. A hard fork is a permanent divergence from the previous version of the Blockchain, and nodes running previous versions will no longer be accepted by the newest version. Some Examples are Ethereum Classic vs Ethereum and Bitcoin Cash vs Bitcoin. A soft fork is said to happen when a change to the software protocol keeps it backward compatible. What this means is that the new forked chain will follow the new rules and will also honor the old rules. The original chain will continue to follow the old rules. Stakenet isn't a fork with other parallel moving blockchains. Stakenet is built on the bitcoin.core Blockchain architecture using a modified Dash and Peercoin codebase.

Therefore XSN is permissionless, censorship-resistant money running on the most secure PoS blockchain with the latest cutting-edge technologies -such as Segwit, Lightning Network, Atomic Swaps and other Cross Chain capabilities- that also has all of these projects behind, making it gain further value and adoption.

Yes, it is. It's a requirement for our economy to work in the long term. An inflationary coin is the one that doesn't have a hard limit as to how many coins can be at any given time, or how many new coins can be created. Stakenet despite being an inflationary coin, tackles the issues of the traditional inflationary model through RSB mechanism. RSB “Revolving Stake Bonus” will build and support a network of projects (i.e XSN Cloud) whose proceeds are sent to their respective and assigned burner addresses. The scope of these operations will be limited to properly incentivize projects to perform the ‘Proof of Burn’. The possibilities that arise from this Proof of Burn model are limitless, with the very highest ones being prioritized and pursued on a strategic partnership and adoption level in the early stages. This is made possible due to XSN’s unique economic model via our RSB coupled with treasury and API integration, creating a powerful multi-layer of financial protection and growth for its holders.

No. The coin price depends on the total circulating supply and the market cap. So the more the market cap XSN has, the more will be the value of every circulating coin. It is also important to note that XSN’s monetary policy is based on hard-coded rules and consensus via our Masternodes - any decisions of how inflation is used is left to the ones with large stakes. No group of people, whether elected or otherwise, can unleash a tragedy of the commons.

Trustless Proof of Stake, Lightning Network support and Cross Chain capabilities, among other things, will gain attention from high net worth individuals to convert their wealth to XSN as they will be able to stake without making their assets “hot” and susceptible to hacks. There will be also the option for users to receive their interest gained in other forms of currency, while their main source of wealth stays safe.

Due to Trustless Proof of Stake users can trustless stake while holding their coins safely in a cold wallet, so there are more Staking nodes than ever. This results in a very robust and safe network for XSN.

The end goal for Stakenet is to utilize the Masternodes network to be the backend and turn XSN into a form of gas which powers the platform via features executed in a decentralized and trustless manner through them. The https://stakenet.io website may be used as a window to use these services. For now, however, we will start providing services like Staking as a Service (Pooling Staking) helping bring our project traffic and getting XSN more exposure until Stakenet have this network fully tested and deployed. Fees in XSN Cloud will be paid in XSN and all of the profits will be used to buy back XSN and burn it.

To buy XSN, you can use any of the crypto trading exchange where it's listed. Current exchanges that support XSN are Livecoin, Cryptopia, SistemKoin, and Bitbu. For more details, please check our website https://stakenet.io/xsn/buy-xsn

No. Myetherwallet.com is only for handling Ethereum ERC-20 tokens. XSN is a coin deployed on its own dedicated blockchain.

All of the profits are being either burnt or donated to the Stakenet treasury.

The treasury is a cryptographically sealed public address that holds all funds allocated to it by the network. It's used to fund Stakenet further coin developments, new projects, et cetera.

RSB “Revolving Stake Bonus” is the mechanism that will build and support Stakenet's network of projects whose proceeds are sent to their respective and assigned burner addresses. The scope of these operations will be limited to properly incentivize projects to perform the ‘Proof of Burn’.

Since the total block reward will stabilize at 20 XSN per block, supply is theoretically unlimited. This is the case with other coins like Dash and Monero. However, XSN will introduce RSB, which will serve to offset some of/all of the inflationary effect of the block reward. Therefore, it is expected that XSN supply will only increase very slightly with time.

From each block rewards: 45% Masternodes - 45% Staking - 10% Treasury.

Block rewards are the same for both, and while staking you can freely move your XSN. It is true however that Masternodes will have certain benefits: such as voting permissions, will earn the fees from the Stakenet Decentralized Exchange, et cetera...

Yes, it is. We have a lifetime contract with them so XSN will always be on any of Ledger devices.

The coin age is the amount of time the coins have been "maturing" for staking purposes. In order to be eligible to receive a staking reward, coins must have had to mature. The more they have matured, the more possibilities there is to receive a staking reward for those coins. In XSN, coins start maturing one hour after 20 transaction confirmations and reach its maximum coin age after 24 hours.

Please check the Masternode guide here: https://github.com/carlosmmelo/XSN/wiki

Its beneficial to the owner because they don't have to leave their computer online 24/7 to stake their coins and can store these in a hardware wallet. It's beneficial for the merchant to have TPoS since they will be earning a commission for the TPoS contract.

Staking rewards are paid to the staking wallet. TPoS rewards are paid directly to the owner wallet and merchant (controller wallet) based on the commission contract details. Masternode rewards are paid to the controller wallet. In TPoS, you can keep your coins in your Ledger Nano S and you will receive your TPoS rewards to it.

Yes, you will be able to. Bitcoin or any other currency as we definitely see other coins using this feature considering it is a revolutionary technology within the crypto community. However, we will likely not entertain the addition of coins below a certain 'popularity'.

XSN is working towards that. You will be able to run Masternodes while holding XSN in your Leger Nano S.

It takes 2.6*(total active MN count) minutes for your Masternode to start getting rewards since activation.

We are implementing an IP security protocol, so each Masternode needs a unique static IPv4 address. The same is true for Merchant nodes. This is done to prevent centralization and further strengthen our network. So you can only run as many Masternodes and Merchant nodes as IPv4 addresses you have per computer.

We definitely see other coins using this feature, as it is revolutionary within the crypto community. However, if coins choose to do this they will have to fork off from XSN itself.

There would be nothing to claim. If a Merchant is running a Trustless Proof of Stake contract for funds from an address of yours, your address will receive the rewards as they come in and you would have full access to everything.

Orphan blocks are those blocks which are not accepted into the blockchain network due to a time lag in the acceptance of the block in question as compared to the other qualifying block. Orphan blocks are valid and verified blocks but are rejected. They are also called detached blocks as they exist in isolation from the blockchain. Orphan blocks don't cause any harm at all to the blockchain itself.

No, it will continue staking.

If there is a ? mark that stays in the transactions tab, that means its an orphan block, so it simply didn't get accepted. Just right-click on it and select 'abandon transaction' to free the funds set aside that attempted to stake that block.

2 MB.

Approximately 60 seconds.

Trustless Staking works with something called Triplet based encryption. The basis behind this is that instead of just the private and public keys, we have introduced a third key - the shared key. This allows the owner of XSN to communicate with the Merchant, and have their coins stake on the network without the owner having access to their funds.

Absolutely. It also has other tangential uses in the crypto space as well. Considering we have likely only scratched the surface of TPoS capability and use, it is very likely that some pretty special ideas will be generated in the near future. We are already implementing some.

We purposely made the barrier to become a TPoS Merchant easy. This will ensure competition and enough decentralization amongst TPoS Merchant Nodes to prevent a single Merchant from monopolizing the market. The developer's team also can develop one-click setups for Merchant UI’s if need be to even further ensure decentralization to allow average non-techies to enter the market.

Our Masternodes will hold decentralized hashing tables (DHT’s) which will be the precursor in allowing our network to be also used as a Decentralized Exchange, holding and executing buy and sell orders as a service. All required tech can be done in-house on the XSN chain while accepting XSN as a fee powering these services.

No. Every Merchant Node with its unique IPv4 also needs a unique private key. Otherwise, you will get banned. That is, you have to create a different merchant address for every contract and link it to a unique IPv4.

All of the profits are being either burnt or donated to the Stakenet treasury.

You XSN coins will be deposited after 20 network confirmations.

Fees are still being studied, but they will be around 10%.

Your deposited coins will be eligible to receive rewards from the staking pool 24 hours after the transaction has been confirmed.

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