Reading Time: 3 minutes

Stellite is building a system that anyone can use to instantly set up a wallet, mine XTL, trade XTL, transfer XTL, and use XTL for purchases – hassle-free, and on your phone.

238989898.PNG

The Bear Necessities

 

The Numbers:

The Tech:

  • Genesis block: January 22, 2018
  • Block rewards: (MoneySupply – A) >> 18
  • Decimal places: 2
  • Difficulty adjustment: Every block
  • Cryptography: CryptoNote Proof-of-Work (PoW) Protocol
  • Hash Function: CryptoNightv7 (based off of CryptoNote)
  • Decentralization: IPFS and ZeroNet
    IPFS: A peer-to-peer distributed file system that connect all computing devices with the same system of files. IPFS allows for decentralized hosting of the ledger and a permanent record of valid nodes/blocks mined
    ZeroNet: A decentralized and open source web platform, using Bitcoin cryptography and the BitTorrent network to protect internet users’ privacy and promote the distribution of uncensored content. ZeroNet functions as a dynamic front end for that, allowing phones to not have to hold the entire ledger

The Goals:

  • To be the first team to implement IPFS and ZeroNet
  • Mobile Mining
  • Mining across all smart devices (after Mobile Mining)
  • Untraceable transactions
  • Lightning fast, 0-confirmation Point-Of-Sale (POS) System

“Most cryptocurrencies (including bitcoin, monero, etc.) hard-code trusted nodes and peers to help users set up their own nodes. This has been proven to work, but calls for a noticeable security risk. Hacking a hard-coded node will cause all future nodes from that point on to create hiccups for new users and making their daemons and clients useless. Stellite’s proposed solution is to publish the node list on a decentralized network called IPFS and using ZeroNet technologies to serve as the front end for adding new nodes to the IPFS ledger or list of nodes. So in simple terms IPFS acts like a permanent storage of the node list and ZeroNet will be the dynamic front end of this permanent storage.”
(Whitepaper, pg 2)

34534453.JPG
(Hayzam Sherif, Stellite Founder)

Stacking Up to Other Privacy Coins

  • Electroneum (ETN) simulated mining on your phone
  • Stellite will offer real mobile mining on your phone, without harming any internal hardware
  • Electroneum Market Cap ATH: $969,570,000
  • Monero (XMR) Market Cap ATH: $7,290,000,000
  • Zcash (ZEC): $2,660,000,000
  • Dash (DASH): $12,080,000,000

Stellite Market Cap (4-12-18): $2,992,435

Takeaway

  • Even if a country makes cryptocurrency illegal, no problem. Stellite can still be privately held and used for untraceable purchases like food etc. leaving virtually unlimited room for global adoption
  • As mobile mining adoption increases, so will the network hashrate, further increasing the overall security of the network
  • Increased network hashrate also reduces the fresh supply
  • Decreasing block reward also reduces fresh supply
  • Along with 0 tokens being locked outside of pre-mine, this will allow supply to remain low and have a healthy growth
  • Cryptocurrency is still in a stage that is hard for the Early Majority to adopt it, as they will only use simple products that are immediately ready for use. Stellite is solving this problem with tech that is effortless for anyone to set up and use

This means that Stellite’s target audience is anyone with a phone and an internet connection.

Interesting to see what comes next.

photo5935808463257054208.jpg

photo5071302477957146596.jpg

photo5071302477957146595.jpg

Artwork by: @Cryptosymbiosis

Check out the new Telegram!:
Telegram: https://t.co/T5SL0iZy7H
Twitter: Koozi Bear @TheBannedBear
Twitter: WhoBiz @BizMunny