The cryptocurrency and blockchain industry is an industry that is constantly coming up with newer and newer solutions that solve existing ones and ones that the blockchain will face in the future. The legacy blockchains and cryptocurrencies as of now are the likes of Bitcoin, Ethereum and others. Very few of these coins, however, turn into a long-term investment in the long run because their projects usually never run to completion.
With that in mind, there are many projects and solutions and their corresponding coins are introduced into the cryptocurrency market for trade every month. Each one of them, presenting a new way to tackle existing problems like; fraying, network securities and vulnerabilities, etc. They are all projects and solutions that seem promising and some of their coins do turn into good long-term investments that give investors and coin holders a good amount of return-on-investment.
Stellite; Redistribution of Wealth Using the Power of the Blockchain
Stellite is a blockchain company that is working on redistributing wealth over the cryptocurrency market by leveraging the backbone of the market; the blockchain. It is essentially trying to solve the functionality issues that the current Proof-of-Work systems have.
Stellite aims to initially solve these problems using their new cryptocurrency XTL. XTL or Stellite is a privacy-focused cryptocurrency and is completely decentralised. The cryptocurrency is the most decentralised currency on the market and is also marketing itself as one of the safest and secure cryptocurrencies in the market. Another big solution that Stellite is working on is the cryptocurrency market and their coins’ mining problems. They want to provide mining capability access to all by making it easier to mine coins and currencies.
There are three main areas that the team at Stellite are looking to improve first through their cryptocurrency XTL and then extrapolate it to the entire cryptocurrency market. These three problems are; the Proof-of-Work alternatives and security and mining solutions. Let us take a closer look.
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Proof-of-Work and Security
The legacy cryptocurrencies in the market, as of now, are Bitcoin, Ethereum, etc. They are called legacy cryptocurrencies because they have been around longest and also, in more ways than one, paved the way for the cryptocurrency market to become what it is. But as is with any system, change is necessary. The cryptocurrency market and individual coins are nowhere near their full capacities and are already suffering from network fraying. This is because the load is just too much on the individual networks and the only way to get around this problem is to build smarter and more efficient blockchains.
Stellite is working on exactly that. According to their whitepaper, the company believes that hard-code trust nodes are a security hazard for and on the blockchain. They believe that these hard-code trust nodes are security vulnerabilities because their peers are compromised. In other words, it is very easy to take over a hard-code trust node and once it is it compromises all the nodes that are created after.
To tackle these particular security vulnerabilities and compromised nodes, Stellite has created its own blockchain. The blockchain that Stellite has blockchain has combined the advantages of InterPlanetary File System (IPFS) and ZeroNet to come up with the most secure blockchain out there.
The blockchain uses IPFS as a type of permanent storage and Zeronet as a front-end permanent solution. Thereby eliminating the blockchain’s security hazard that the team at Stellite believes that hard-code trust nodes are. By doing this, the blockchain startup is also increasing the functionality of the current consensus method; Proof-of-Work and also improving the existing ones.
The cryptocurrency market and the community is a niche space of the technology space. Within this already niche space, there is a smaller section of the cryptocurrency market that actively involves itself in the mining of mineable coins in the cryptocurrency market. The main reason for the niche-ness of the mining community of the cryptocurrency market is that to be able to mine users need to have specialised equipment and a considerable amount of processor power.
These requirements in themselves eliminate a large chunk of the cryptocurrency community because it requires a high level of technical understanding and a high level of capital to make the initial investment for the equipment. And hence, the non-mining cryptocurrency community is excluded from the rewards. To stop this exclusivity, this particular cryptocurrency and blockchain company is trying to bring mining capabilities and opportunities to smaller, more remote devices like smartphones, tablets, etc.
Though there are a lot of companies in the blockchain industry that aim to do the same and have supposedly achieved to do the same, this is the real solution. This is because this particular solution is the real thing and not a simulation, according to the company.
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Possibly the most interesting part of this project and what it is offering to its users is the wallet service that the company offers. The company offers a wallet called the Stellite wallet. The wallet offers cheap, fast and easy transactions. The other thing that the cryptocurrency company offers through its wallet is the fact that the wallet is easy to use and will be the perfect stepping stone for new users and newbies.
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The XTL Token
The XTL token is a privacy-focused cryptocurrency that aims to improve Proof-of-Work functionalities in legacy blockchains, increase security for the users on the blockchain and further make it easier for the cryptocurrency community to be involved in the mining of coins and cryptocurrency tokens.
As far as trading history goes for the token there isn’t a lot to go on. The coin was only introduced for proper trading in the middle of this year, in April. The cryptocurrency has had a pretty steady 6-months. The cryptocurrency started at $0.0014 USD. The XTL token, or the Stellite token, is ranked as the 534th largest cryptocurrency in the market as per market capitalisation.
The all-time high of the token is $0.0016 USD and the current value of the coin is $0.000695 USD.
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Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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