Stakenet (XSN) Project Analysis

About

Overview

Stakenet is a hybrid Proof of Stake/Masternode cryptocurrency and was launched on the 1st of March 2018, completing a coin swap transition from the old POSW chain (for more details on this swap and the POWS chain please see the Tokenomics section)

The project pitches itself as the first trustless interchain economy. They combine the Lightning Network protocol and Masternodes into a trustless cross-chain platform with a Lightning Decentralised Exchange at the core of its ecosystem.

Use case

According to the website, Stakenet’s objective is to make XSN a highly usable coin by:

  •  Improving its adoption, being able to pay anyone and everyone, even if they only accept BTC by utilising the atomic swaps feature.
  •  Being one of the most secure blockchains, having a robust network and trustless operating environment (TPOS/MN hybrid with X11 Consensus)
  •  Being pioneers in new technological advancements, like the Lightning Network, Lightning Decentralized Exchanges, and the crypto hardware industry.
  • Building services and dApps on top of the Stakenet blockchain, like Stakenet dx (Lightning DEX) and allowing others to do the same with the dApp framework, creating a constant demand for XSN from the fees collected and the opportunity for developers to develop DApp.
  • Generating a passive income for both Masternodes operators, merchants and stakers.
  • Giving XSN holders a voice in a decentralized democracy, where a casting vote decides and dictates the next moves of the Stakenet project and the decisions taken.
Adoption

The scope for adoption for the Staknet project is potentially a large one as they aim to introduce a more efficient blockchain solution compared to the 1st and 2nd generation blockchains that currently exist. 

By offering an ecosystem which allows for users to utilise its cross-chain technologies, the project is potentially able to capture all of the existing users in the cryptocurrency sector.

The huge range of products and features within the Stakenet ecosystem indicates that the team is developing these with mass adoption in mind.

We can gauge adoption sentiment for the project from the coin distribution and community engagement later in the review.

An analysis of the number of Masternodes indicates there are over 2000 active Masternode holders.

Competition

The Staknet project falls into the sector of cross-chain and interchain platforms and there are various use cases that each project puts forward. 

Coins in this sector include the larger caps of Cosmos (USD 747M market cap, Polkadot (USD unknown market cap), Ark (USD 68M market cap),  AION (USD 56M market cap), Wanchain (USD 42M market cap) to medium caps such as Blocknet (USD 14.5M market cap) and lower market caps like ZelCash (USD 7.2M market cap).

Products/Features

The Stakenet project is packed full of products, features and hardware products, including Stakenets unique Trustless Proof Of Stake protocol, which are shaping the project’s ecosystem:

  • Trustless Proof of Stake (TPOS) (Active)
  • Cross Chain Technology (Active)
  • Governance (Active)
  • Smart Contract Integration (In development)
  • Stakenet DX (In development)
  • XSN Viper (In development)
  • XSN Excalibur (In development)

 

About Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Cross-chain capabilities Adoption will take time Increase brand awareness
Innovative technology solutions with use cases

Tokenomics

Token info
SYMBOL XSN
GENESIS BLOCK MAR 2018
BLOCK EXPLORER EXPLORER
CONSENSUS POS/MN
CIRCULATING SUPPLY 85,136,164 XSN
MAX TOKEN SUPPLY NONE
% MAX SUPPLY MINTED N/A

 

Financials
MARKET CAP $3,913,786 USD
VOLUME (24HR) $366,510 USD
PRICE $0.044
VOL TO NETWORK 9.3%
AVG PRICE 30 DAY $0.04 USD
TRADING PAIRS BTC, USDT, ETH
Token distribution
Circulating supply

There are 20 XSN released every 60 seconds, resulting in a daily emission of 28,800 XSN per day and 10,512,000 XSN annually.

Token utility
  • Securing the network by locking the coins in a Masternode
  • Merchant Nodes
  • There are plans to introduce further utility for the XSN coin after the launch of the Stakenet DEX

 

Token Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Highly secure blockchain No capped max supply None identified
Over 50% of coin supply locked in Masternodes and Staking Annual emission and inflation

Team

Experience

The team have the core team listed on the website along with LinkedIn profiles for all team members bar one.

The team members listed bring a wide range of skills and experience to the project. The listed teams are split into a development team and the marketing/promotion team.

Advisors partnerships

Notable advisors for the project include Frank Amato. 

Frank is listed as an advisor for the Stakenet DEX and has over a decade of experience trading precious metals for JP Morgan and Bear Stearns.

Frank is a co-founder on the Block5 project which is a blockchain capital investment fund based in London and is also currently working as an investment manager for Grasshopper capital.

The Litecoin Foundation has formalized a collaboration with X9 Developers [ref] in the maintenance, debugging, and hardening of ltcd and potentially other Lightning Network (LN) technologies.

Development

Looking at the roadmap for the project gives us an insight into the development taking place and milestones achieved. 

The roadmap listed on the project website gives a highly detailed outline for the upcoming milestones for the project, Milestones are listed with dates for completion alongside progression completed so far on each milestone.

Notable developments since launch in Mar 2018 are the implementation of Trustless Proof of Stake and Lightning Network.

Anticipated upcoming developments include the launch of the Stakenet DEX and the Viper/Excalibur products.

Updates on the developments for each milestone are published regularly by the team.

 

Team Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Registered company with public/transparent team None identified None identified
Wide range of skills and experience
The team is recruiting to expand

Code

Code Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Regular commit activity None identified External code audit
Innovative features

Community

Followers

Stakenet has one of the most active communities of any blockchain project, with over 12k followers on Twitter and over 7k in the Discord channel.

Engagement

The majority of the Stakenet community involvement and engagement takes place on Telegram and Discord which is healthy as it allows for 2-way conversations between the team and community. 

Both platforms have daily activity in the chat and admin/team members are engaged with any questions from the community replying in a timely manner, often replying immediately. 

There are numerous international channels within the discord which is seen a positive as it allows users to engage who don’t use English as a first language.

Analysis of the Twitter channel shows a rating of 228 engagement per tweet which is 1.8% of its 12,500 follower audience. According to RivalIq rating, at a rate of 228 engagement, this is 29.6 times higher than the benchmark average [ref].

Governance

There is a governance model in place for Stakenet which means that for the Stakenet team to obtain funds from the treasury, a proposal must be submitted and voted democratically by the Masternode network.

Each Masternode has 1 vote.

 

Community Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Organic growth in users Website not multilingual
High level of engagement and support
Governance model
Regular updates provided to community

Technical analysis

Chart


Chart Analysis

Price is currently sitting around all time lows, with price consolidating in this 500-600 Satoshi range and several wicks down to 400 sats.

Areas of interest would be a breakout of 800 satoshi or a breakdown to new lows.

 

Price Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Listed on several exchanges The main market no longer available at Cryptopia
Previous market cycle for analysis
Price at all time lows

Summary

Conclusion

In summary the Stakenet project scored 75/100 based on our scoring matrix and we rate the project at a A-

ABOUT USE CASE
✅✅
COMPETITION
✅✅
ADOPTION
✅✅
FEATURES
✅✅✅
ROADMAP
✅✅✅
TEAM PUBLIC
✅✅✅
EXPERIENCE
✅✅✅
DEVELOPMENT
✅✅✅
PARTNERSHIPS
✅✅✅
FINANCES
✅✅✅
CODE AUDIT
CODEBASE
✅✅
ACTIVITY
✅✅
DOCUMENTATION
POR
COMMUNITY COMMUNICATION
✅✅✅
FOLLOWERS
✅✅✅
GOVERNANCE
✅✅✅
ENGAGEMENT
✅✅✅
WEBSITE
TOKENOMICS DISTRIBUTION
✅✅✅
BLOCK EXPLORER
✅✅✅
EMISSIONS
UTILITY
✅✅
ENTRY
✅✅
PRICE EXCHANGES
✅✅
LIQUIDITY
✅✅
PAIRINGS
✅✅
T.A
✅✅✅
DATA
✅✅✅
MISC LEGAL
✅✅✅
HYPE
✅✅
PLATFORM
✅✅

 

Breakdown

Disclaimer
  • This is a community voted review.
  • This review is intended for educational purposes only and SHOULD NOT be considered as financial advice. 
  • Before investing in any project we recommend you do your own research + consult a registered financial adviser.
  • All information listed is accurate at the time of publishing in October 2019.

 

Methodology
  • We use a combined rating score out of 100, covering all the listed metrics for project reviews.
  • Each metric is rated out of 2 including a potential bonus point in every metric. 
  • We also reserve the right to award a bonus point for outstanding achievement for a project