Stellite — Gem Hunter
Let’s face it a lot of us get tips from Twitter and I’m no exception. This week’s coin is one that I had seen shilled for a couple of weeks from various high profile Twitter personalities and I decided at this point I should probably at least look into it.
Stellite (XTL) is a newer coin so there is a lot less information than I would like regarding their goals and development of the coin than I would like but that’s what makes this fun. Today we’re going to be looking at why Stellite is a project worth looking at, how those features that make the project attractive work, the roadmap of the project, and lastly some price and exchange information.
Stellite is aiming to create a system that no other cryptocurrency has yet tried or accomplished. They want to turn all devices into mining devices such as smartphones, tablets, and smart TVs. In essence, all of your devices will be able to generate money. Stelllite will be using the CryptoNight hashing function for this feature.
Furthermore, the Stellite team wants its currency to be one of the most used and secure currencies. Stellite is making use of two technologies to accomplish the task of security and decentralization IPFS and ZeroNet. These two technologies have not been combined before and will be another milestone of the team when they accomplish it. What the technologies allow the Stellite blockchain to have is a completely secure and decentralized node system that would not be vulnerable to tampering like hard-coded node systems like Bitcoin.
On top of those features, the Stellite team wishes for the currency to have untraceable transactions as well as fast transactions. The team aims for a 0-confirmation Point-of-Sale System.
Bundling all of this together you get the Stellite project. Stellite will be a fully decentralized and cryptographically secure blockchain system through the use of IPFS and ZeroNet as well as the only blockhchain that allows for mining of it on all smart devices through CryptoNight. With these features, and the added benefits of untraceable and instant transactions, the Stellite team believes that they will be able to create a widely used blockchain network.
How All those Features Work
All of those features have a nice ring to them, but let’s dive into what all of them mean in a practical sense. To recap the features were going to look at are CryptoNight, CryptoNote, ZeroNet and IPFS.
First off we have CryptoNight, which is a hashing function that is employed on the Stellite blockchain. This hashing function is based on the CryptoNote Proof-of-Work protocol. Both are used here in the Stellite blockchain. The blockchain itself had its genesis block on January 22nd, 2018. The blockchain has difficulty adjustments on each block and block rewards change with each block too. The difficulty algorithm is LMWA. CryptoNight itself is designed to be used for regular computer CPUs and because of that is key for Stellite’s goal of mining on all different devices.
How Stellite envisions the mining working is through all of your devices mining to one single address in a manner each of them is able to handle. The example used in the white paper is as follows
“…a mid-tier smartphone provides around 23H/s at full throttle, when at 25% usage provides around 6H/s. A user can use her specific wallet address ‘X’ to mine on as many devices as possible. So if Alice has 200 devices she has 6 * 200 = 1200 Hashes or 1.2KH/s. Which is equivalent to 2 GTX 1080 graphics card running at full potential. This is possible due to a variable difficulty algorithm we have worked on, if a device such as a smartphone can only provide 10H/s the improved pool server immediately gives out block templates exactly corresponding to that hashrate improving not just speed but efficiency too.”
What that means is that each of your devices will be given a block template to solve that is appropriate for its hashing power. That hashing power of course varies per device and all of your devices will come together to work on proxy servers with a differential for all of your devices. That proxy then links to the overall master pool. Through this system, all of an individual’s linked devices are able to contribute their hashing power in a manner that makes sense for them and does not cause undue strain on the overall network.
Next we have IPFS. IPFS is much more well known in the tech field so I will spend less time going over how it works. What is important about IPFS is that its a distributed file system. Stellite is using that file system to house its node list. That node list will be a decentralized host for their ledger system. In IPFS, the node list will have no single point of failure, and the nodes housed will not need to trust each other.
Those nodes will be accessed through ZeroNet which is described as the “dynamic front-end” of the IPFS storage system. In other words, ZeroNet is how users will interact with IPFS. The ZeroNet system is built using Bitcoin’s cryptography and the BitTorrent network, so it is a network of peer-to-peer users all of whom have their own public and private keys and cryptographic security. With this network in place, the files on IPFS can remain uncensored as well as private.
For complete privacy and security features, those nodes hosted on IPFS and ZeroNet interact with the CryptoNote protocol for blocks. CryptoNote allows for both untraceable payments and unlinkable transactions making anything sent on Stellite untraceable and anonymous. For untraceable payments, CryptoNote uses Ring signatures. With a ring signature, multiple public keys are used to verify a sent transaction. Therefore when looking at a transaction you can claim one of the individuals was the signer but it’s not possible to know which one, as to know that the observer would need the private key of the signer.
Lastly we have unlinkable payments, an unlinkable payment is one that prevents a checking of a user’s public addresses used to send or receive a payment. Unlinkable payments in Stellite’s blockchain are made possible by CryptoNote using automated creation of unique one-time keys made from a single public key for every p2p payment sent. In the exchange protocol, the sender of a transaction will use the public address of the receiver and their own (the sender’s) random data to create that one time key. The sender will be able to make one part of the key and the receiver another. The receiver also has to use their private key to check each transaction, so only they can receive it. The “key” difference (sorry) that Stellite uses that others do not is the random data used by the sender to produce the one time key. Because of the use of the random data, the one-time key produced for each transaction should always be different no matter if the sender and receiver are always the same individuals.
All of those features are employed or currently being employed by the Stellite team. Let’s move on now to the team’s roadmap.
The Stellite team has been hitting all of its goals on its roadmap with its most recent one being the “Difficulty Algorithm” change from NiceHash over to LMWA. That change was highly desired by the community due to issues with difficulty changing. LMWA is used by other CryptoNote coins, most notably IPBC.
The other milestones hit for the project has been the whitepaper release in January of this year and the GUI wallet release in February. Link to the whitepaper is here. The GUI wallet works on Windows, Mac, and Linux and looks and feels great from my own use of it. I did however find the GUI wallet slightly more difficult to use than others due to my unfamiliarity with “Addresses” vs “Integrated Addresses”.
Looking further down the line the team is aiming for its main attraction ZeroNet and IPFS integration by the end of Q2 2018. Q3 2018 the team wants wallets and miners for iOS and Android devices. After Q3 the team has not announced future plans but notes that they will include “community wishes.”
Stellite is probably the newest project that I have looked at so far. It got on Coinmarketcap less than one month ago and is currently trading at a price of 13 Sats or $0.001253. Total supply of the coin at the moment is 2 billion and the max supply of the coin overall will be 21 billion. Market capitalization of the coin is currently not known (according to Coinmarketcap) due to the unknown circulating supply, but based on total supply the coin’s market cap is around $2.7 million. There was no ICO, as far as I can see for XTL, but there was a Premine of 0.6% of the overall supply equaling 126 million coins.
XTL is currently traded on two exchanges: TradeOgre and Crex24. Both exchanges only offer a BTC pairing of the coin. TradOgre take the cake on daily volume with 72% and Crex24 making up the other 28%.
TradeOgre has been a very “hot” exchange recently with coins such as XTL, MSR, XHV, IPBC, and DERO.
TradeOgre — https://tradeogre.com/markets
To follow or learn more about the Stellite project please see these links below.
Website — https://stellite.cash/
Whitepaper — https://stellite.cash/whitepaper.pdf
Twitter — https://twitter.com/stellitecash
Overall, the Stellite system is one that is both peer-to-peer, cryptographically secure, and decentralized. The blockchain utilizes the CryptoNote PoW protocol and the CryptoNight hashing algorithm that allows for mining on CPU devices, or in other words all smart devices. These devices will all be able to contribute their hashing power to mine to a single address for a user. Thanks to being built on IPFS and ZeroNet the node system is decentralized, immutable, and cryptographically secure. All transactions sent on this system are also anonymous and unlinkable thanks to the CryptoNote protocol.
I think that covers everything that I can hit right now about this project. For full disclosure I am a bagholder of the XTL project. Hopefully after reading this article you can understand why. Next week’s coins will be announced this Sunday the 6th. Follow me on here, Twitter @thant1194, or on InvestFeed @thant11 to remain up to date on all my articles as they are released and here my thoughts on crypto. Thank you for reading! I have to return some video tapes.
This article was originally post on May 4th 2018. Find the author on twitter @thant1194 or InvestFeed @thant11