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Stellite ($XTL) – The Democratisation of Finance

Today I am going to tell you a little bit about Stellite (XTL) – a Proof of Work (POW) Token that has risen in prominence over the last quarter due to the team sticking to the road map, which has led to dramatic price increases and additional exposure.

Why do I like XTL as a Project?

 

 

Small Market Cap

Presently, XTL sits at the 533rd position on Coinmarketcap, with a market cap of $4,373,284 USD. I like small market cap coins because it usually means the herd don’t have an awareness of the project, and the potential for gains are exponentially better – of course, provided the project isn’t a complete scam, which I don’t think XTL is – you will understand why as you read on.

Small Exchange

At this juncture, the only place you can obtain XTL outside of mining it (which is very easy and we will cover shortly) is Trade Ogre – this is a very small exchange and comes inherently with reputational risks due to other nefarious actors in the space – with great risk comes great reward though – XTL has been one of the largest volume products on Trade Ogre, seeing $2.2m USD in volume over the last 30 days – that is over half of the market cap, which is usually an indicator that a larger exchange would like a piece of that volume.

Pricing

XTL has found a solid support at the previous resistance levels of 10/11 SATs. When you can get 15,000 SATs for a dollar, it’s easy to justify a small investment on something that may increase by an order of magnitude – in other words, the risk is far outweighed by the reward.

The Stellite Blockchain Technologies Foundation

Managing Director of the foundation, Erwin Beij, recently remarked ‘The foundations goals are to make Stellite tokens a broadly adopted payment currency’

By obtaining foundation status, the promotes the correct message that the project will remain free and open source and also provides legal status – this enables listing on additional exchanges, and also facilitates merchant adoption. It goes a long way to establishing legitimacy in a space that is plagued by bad actors

No ICO, Very Small Pre-mine

If 2017 was the year of the booming ICO, 2018 is the year that most of them have been pointed out as a waste of time – not only are a majority of projects up to 90% below ICO price, but there are also various concerns over securities status and the associated enforcement. There was a pre-mine of 0.6% – which has enabled the team to run the necessary infrastructure, as well as fund the committed developers, which has enabled them to stick to the roadmap

 

The Tech

This is where things start to get interesting and the value proposition really shines. What I like most about XTL is the true decentralised nature of the project. The team has a clear mandate of democratising finance and to do so effectively you need to ensure the technology is accessible to everyone and they have done this is a very clever way

Mobile Mining

As demonstrated below by a prominent community member CrypticxCrypto, mining of XTL is possible from any smart device – in this case, from his car. With the proliferation of connected devices with computational power, or the ‘Internet of Things’ this creates an environment where any ‘smart’ device from a mobile phone handset to a smart TV can mine the tokens.

The team profess to be able to perform this via a custom ‘Power Control Algorithm’ which will enable any device that is mining XTL to stop or start mining based on parameters like Temperature of the device, as well as ensuring the CPU is able to perform other functions as required – this is via something called the AMAYC protocol which is a tool for machine learning that identifies a devices optimal settings. If they nail this part of the project, the sky really will be the limit.

Egalitarian Mining

The Stellite team really want everyone to be part of the XTL community, and have taken preventative measures to ensure that no mining monopolies are established based on ASIC resistance.  For the uninitiated, Application Specific Integrated Circuits (ASICs) are a tool that enables specific hardware to perform specific functions, like mining Bitcoin.  Stellite are using a PoW algorithm (CryptonightV7) which will be amended slightly in regular protocol upgrades or hard forks which will render ASIC’s useless, and ensure that Pajeet in India has as much chance of successfully mining the token as Chad in the USA via a smart phone.

Privacy

XTL is using ‘Ring Signatures’ via CryptoNote that allows for untraceable transactions by means of obfuscation. This is important as various blockchain analysis firms like Elliptic or Chainalysis provide software and services that can trace transactions through the blockchain and link them back to an individual. It is often assumed that privacy is requirement for the nefarious, however it is a basic human right and being able to view the movement and location of large funds actually enables criminals in some instances.

Zero Confirmation Transactions

For true merchant adoption to happen, consumers and merchants alike need a payment method that is instant, and people aren’t standing idle waiting for confirmations on the Blockchain. Stellite have offered a near instantaneous feature  by allowing merchants to accept 0 confirmation transactions. This works via a custom Point of Sale and Wallet system which is able to be configured by value – so if it is a large purchase, the merchant may want the transaction to confirm. This technology is possible by a transaction being added to the ‘TXpool’ or the memory pool as soon as it is broadcast to the network, where it will then be added to the block.

User Friendly Mining GUI

If something is to be adopted by the masses, you need to target it towards the lowest common denominator and make it very simple to use. Stellite have this in mind when designing all of their interfaces – still a lot of work to be done here, but they are certainly cognisant of the need.

Active Development Team

Follow the developers and you will find the money. Stellite has an active Dev team with over 18 github commits over the past two months. This is fantastic for a small team, and demonstrates that they aren’t resting on their laurels after some really great progress has been made.

What I don’t like about XTL

This list is much shorter than what I do like, but I do have my concerns. Perhaps this is unfair, but I am skeptical of a lead developer that is only 18. I do appreciate that Vitalik was only young when he burst on to the scene, and he has done wonders with Ethereum. I am obviously bullish on XTL, but that is something to watch.

The space is also saturated with projects that have a head start – projects like NANO are trying to address transaction speeds, and Verge are trying to address the privacy aspect and these projects have established communities, so the competition is hot, and the foundation have their work cut out for them.

To Summarise

I really like what Stellite are trying to do with their egalitarian mining approach – they have addressed the oncoming ubiquity of IoT devices and are looking to integrate a mining solution into that, as well as ensure that no mining monopolies can be established. If the community get’s behind this project and the team achieve a level of adoption I think at least a conservative 5x is achievable.  In the short term, listing on another exchange is almost a certainty, for a minimum 2x once further awareness is obtained.

Best of luck my Crypto brothers and sisters – may all your bags moon.

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