Home | Blog | ARK Announces Partnership with Stakenet
Ray Alvarez
Blockchain
Reading time: 3 min
Date: 6th Jan 2021

ARK Announces Partnership with Stakenet

As we approach the launch of MarketSquare, we want to give our community an inside look at some of the partnerships we have formed. These strategic partnerships will not only help make MarketSquare the new homepage for the decentralized web but will also create inroads between ARK and other projects looking to build and collaborate together. Today we would like to introduce you to Stakenet!

What is Stakenet?

The Stakenet platform is a decentralized blockchain that combines the use of the Lightning Network, masternodes, and dApps. Stakenet works as a decentralized democracy where all masternode holders vote on the proposals made each month - referred to as decentralized governance.

These are but a few elements that make Stakenet and their native currency XSN stand out from the crowd:

  • XSN is a digital cryptoasset that is fast and highly scalable, with very low fees.
  • XSN Dex, a Lighting Decentralized Exchange, offers users a unique trading experience

Stakenet (XSN) doesn’t aim to replace BTC or become the next standard of cryptocurrency, instead they aim to utilize second-layers and act as the bridge between other blockchains allowing them to interact with each other. Their network is powered by their masternodes which will run dApps and various services, one being their DEX where a part of all fees earned from it will go directly towards the Masternodes.

One of their other innovations is Trustless Proof of Stake which allows users to earn staking rewards whilst keeping their funds offline in cold storage, giving a high level of security to the user.

Currently, the Stakenet team is developing the infrastructures of a decentralized exchange (DEX) on the Lightning Network and other second layer solutions, allowing peers to trade with each other using atomic swaps over off-chain protocols. This provides users with the ability to trade BTC, ETH and ERC20 tokens directly on Layer two, instantly and virtually feeless, without the need for wrapped assets, such as wBTC and wETH. This means that the XSN DEX will be the first DEX that adds support for BTC/USDT and other crypto-stablecoin pairs. Their DEX will be built into their Multi-currency Light Wallet in which users will be able to retain full custody of their own funds and private keys at all times.

Stakenet & MarketSquare

Currently, we are nearing the launch of MarketSquare’s beta. Partnerships with projects like Stakenet help further MarketSquare’s goal of building community together and also exploring blockchain development. While Stakenet continues to build its products and community, we will work together so that they can take full advantage of all the features MarketSquare has to offer.

While you wait for the MarketSquare Beta, be sure to sign up at MarketSquare.io and subscribe to our YouTube channel for a video about Stakenet which will be released soon!

MarketSquare will not only be a place where users from around the blockchain industry can build a community together, but it will also be a place that provides reliable and educational information on the various projects, applications and businesses within the industry. We are looking forward to having Stakenet as a partner as we collaborate on bringing more value to MarketSquare in the coming months.

If you would like to learn more about Stakenet, make sure to check out their website.

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