Stellite ($XTL)

Current price: 11/12 satoshis

Circulating supply: 6,292,856,850

Max supply: 21,000,000,000

Market cap: ~ $4,000,000 USD

Exchanges: TradeOgre, Crex 24

Type: POW

ICO: None

Main Features: AMAYC Protocol, IPFS/ZeroNet Implementation, ASIC resistant, Zero Confirmation Transactions, Stellite Pay

Purpose

What is the point of cryptocurrency? To answer this, I will refer to the first line of the bitcoin white paper, released 10 years ago to this day. “Abstract. A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.

This last line bolded is a synonym for decentralization. Not having to rely on a central authority/institution to transact freely is made possible by the foundation of cryptocurrency, blockchain. But, blockchain alone does not equal decentralization. More is needed. The wealth being created needs to be fairly distributed.

Introducing Stellite: “Redistribution of wealth using the power of blockchain”.

Stellite touts itself as “The most decentralized currency” and it’s not hard to understand why when we take a deeper dive. Stellite has developed the AMAYC protocol. The AMAYC protocol uses deep learning to determine optimal settings for any smart device used to mine Stellite. Yes – any smart device will be able to mine Stellite. The innovative protocol will make use of a pre-trained neural network to simultaneously determine efficiency ratings, ease power consumption and allow devices to mine without damaging hardware.

Allowing any smart device to effectively, efficiently and safely mine cryptocurrency is a benchmark being set by Stellite.

Stellite is also ASIC-resistant. meaning that it can not be mined by ASICs, and are not vulnerable to this kind of monopoly of the hash rate that big ASIC producers like Bitmain have. Just this past summer, Bitmain, the world’s leading ASIC-Miner producer were running mining pools that neared 50% of the total hash power. That means that at one point nearly 50% of all bitcoin being generated was going directly towards a corporation. This not only demonstrates the threat that ASIC’s represent towards a potential 51% attack on any cryptocurrency that is not ASIC-resistant, but also sheds light on just how “decentralized” some of our most admired cryptocurrencies are.

Bitmain mining farm. Orgos, Mongolia.

Features

While decentralization is essential, it should not be the only standard. Privacy can and will be seen to be just as important as decentralization as we move forward with this technology. Public transactions still leave users subject to outside interference. An immutable blockchain will serve you no benefit if an outside force has the ability to deem you unfit to use it.

Bitcoin was built with the assumption that all public keys should be anonymous. But, mass adoption will not be built on society hiding their public keys. It is a farce to say that society would have the will or even the ability to use cryptocurrency on a daily basis while simultaneously keeping their public keys “private”.

By using the CryptoNote algorithm, Stellite solves this issue. CryptoNote allows transactions to be untraceable between sender and receiver by incorporating Ring Signatures. This is the same technology that Monero is built on. Stellite also is the first cryptocurrency to incorporate IPFS technology with CryptoNote, allowing for node lists to be published on a decentralized network.

Ring Signatures Diagram

Opportunity

Stellite has the ability to be distributed globally and truly decentralized. The mobile miner could be simply downloaded onto your phone, or even implemented into a game. For impoverished users, the rewards could actually pay for a meal. The infrastructure for Stellite to be used to buy and sell goods, “StellitePay” is already in Beta testing.

Transaction speeds are almost instantaneous as Stellite will allows merchants to accept 0 confirmation transactions.

Stellite is a decentralized, private, light speed cryptocurrency that will be mined with any device connected to the internet globally. This is a noteworthy leap in the race towards mass adoption. It represents innovation and deserves to be treated as such.

AMA with Stellite Creator and Lead Developer, Hayzam Sherif

1.   Why did you decide to develop Stellite using CryptoNote?

I initially studied the bitcoin blockchain in depth. What I always disliked was the inadaptible limits such as the blocksize which cause huge controversy’s. In cryptonote almost every single parameter is elastic.

2. Why did you decide against an ICO?

ICOs are not the right way to go for an open source project. We had a very small premine of 0.6% which has been helping us with server fees and stuff and our developers all work for free and they do it well. I can say for sure people who work with passion do what they do a lot better than people who are paid to do something.

3. How will StellitePay increase mass adoption?

If you’ve been a part of the beta program you’ll know how simple, fast and cheap the transactions are, merchant integration will be at no cost and easy as well.

4. What are the use cases for the mobile miner?

Mobile miner is meant for the mass market as they have very cheap electricity and hardware(smartphones).

5. Could gaming apps be integrated with XTL?

Definitely it’ll be dead simple and we’ll offer support like we always do for free

6. Lastly, are there any exchanges on the Horizon?

We’re working towards a few with the (StellitePay) foundation at full swing. We’ll have some more credibility in the eyes of bigger exchanges.

—————————————————————————

Hayzam Sherif is 18 years old and from Kerala, India.


You can find the author of this article at http://twitter.com/cryptunez