Transaction fees create an incredibly unpredictable experience for crypto enthusiasts — but this protocol says it has the answer for boosting blockchain adoption.
A crypto protocol says that it delivers fast and feeless transactions that will boost blockchain adoption and open the door to micropayments.
Stealth’s native cryptocurrency is based on a Bitcoin-type UTXO ledger that allows it to deliver multi-signature transactions, something that’s essential for custodial applications.
The project aims to stand head and shoulders above what it describes as “hundreds of projects that fail to offer acceptable user experiences.”
Presently, all of the major crypto networks suffer massive levels of congestion, hiking up costs for everyday users. Stealth aims to solve this problem with an efficient chain that improves Bitcoin’s throughput by a factor of 120.
Right now, crypto enthusiasts face an incredibly unpredictable experience when they attempt to make a payment. Fees can fluctuate within a matter of seconds — and on some blockchains, transactions can be abruptly dropped by a network. On Ethereum, for example, the latter means that the user is left out of pocket for fees and has to deal with the inconvenience of having a payment denied.
Stealth says feeless transactions are pivotal for ensuring that this technology can be embraced by the masses. It is pioneering the use of proof-of-work with dynamic hardness, giving Stealth the most effective and robust spam resistance of any cryptocurrency.
Doing things differently
Fast transactions on Stealth result from five-second block times — reducing latency issues associated with online transfers, thereby ensuring that crypto is feasible for merchants to accept as a payment method.
A consensus protocol known as Junaeth makes all of this possible. Here, block validators take a permanent financial interest by irreversibly converting XST into StealthNodes. Block signers are organized into a queue, giving them a small window of time to validate a block. This, when coupled with the use of financial incentives for validators, allows blocks to be signed every five seconds — and the project says this makes XST transactions “so fast that they feel like they are instant.”
The project told Cointelegraph: “Under the hood, Stealth introduces a number of technologies not found in other cryptocurrencies. These features include the first-ever quantitative reputation system for blockchain validators, and a distributed network clock that does not require network-wide time synchrony. Combined, Stealth’s unique technological advantages make it faster, more scalable, and more robust than other blockchains.”
A dedicated monitor provides a dashboard into how the blockchain is currently performing — complete with a queue that illustrates who is validating the latest block, and those who are in the queue to handle subsequent blocks.
Available for all
Mobile apps have been established to enable everyday users to make transfers easily, and this also opens up access to StealthSend, a planned privacy coin that will operate under the ticker XSS. In the coming 12 months, the wallets are going to be redesigned to add even more functionality — and a desktop light wallet is also going to be released within a few weeks.
Other milestones to look out for include the launch of a wrapped token called wXST, meaning that this cryptocurrency will become accessible on a greater number of blockchains and decentralized exchanges. Oracles, on-chain governance, smart contracts and a StealthNode exchange are also in the pipeline.
Overall, Stealth says it is determined to build “the holy grail” of crypto — a digital currency that is fast, feeless, private and scalable. Attainment of this goal should help the project sidestep the growing pains that other platforms have endured, and ensure that it’s futureproof.