A Privacy-Focused Coin with IPFS & Zernonet Integrations
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Introduction
Founded in January of this year, Stellite is a very new coin that's gaining traction quickly. The price of Stellite has jumped over 300% in the last few days, alone. I have been speaking privately about XTL (previously STL) to friends for two months, and have been mining it for slightly less.
Stellite was added to CoinMarketCap.com's expanding list of cryptocurrencies in the past 24 hours. That addition, and the upcoming release of a web wallet , combined to grab my interest. Stellite's developers recently showcased their response time, while fixing a bug that arose in network difficulty, prior to the v7 fork. Amidst these developments, I expected Stellite to experience some hiccups throughout... But, they didn't.
There is an axiom of design that empasizes form, fitness, and function. I think these are sound points for critical evaluation. Stellite, while adapting to a changing landscape, has managed to maintain stability in their software and engage the community actively in decision-making. If the team can keep it up, Stellite is poised to achieve an even larger increase in price over the coming month. To call it upside is probably an understatement... But XTL has quite a ways to go before it is able to compete with the current leaders as a blockchain solution. That said, let's get an idea for where things are headed, and take a look at the Roadmap from the Stellite website below:
I mine cryptocurrency on a Linux distribution called Solus. Nvidia's CUDA isn't included in my distro, so getting set up took some serious troubleshooting. Considering Solus is not supported by CUDA, nor is CUDA supported by Solus -- things got hacky pretty quickly. Fortunately for those seeking to avoid frustration and get mining quickly... Stellite miners just became even simpler to setup. If you use Windows or a supported Linux distribution, you won't have to compile a thing -- as all software is nearly ready for use out-of-the-box. The popular XMR-Stak Miner by fireiceuk now has Stellite listed as a default choice, on the first run of the program. After setting up the miner, the program prompts the user to select one of eleven currencies. Seeing Stellite on that list was a nice surprise after I updated my xmr-stak.
All of the action this coin is seeing, shows that the devs and team are very actively improving, adapting, and expanding XTL. Stellite polled its user-base on its BitcoinTalk announcement thread prior to the Monero7 update and got feedback from its users, in a decision to follow the move toward ASIC-resistance. The process was smooth and quite impressive when taken with the rest of the changes that have been taking place. In fact, XTL took the place of the coin that I originally intended as the first feature of "The MunnyPot." This coin is picking up steam too quickly to ignore -- even if only for another few days.
But before we get into all of the nitty-gritty .... As I said in the introduction to this column, a coin or token's value equates to the cost of hype and stupidity, if value is not generated upstream in production. Risk aversion and stupidity, as consumer traits, make up what I'll call the GQ (Gullibility Quotient). If you missed the description of speculative value in this column's introduction, you can read it here.
Some Discussion on Value, Generally
Generation of value occurs only with an input of time and effort, to yield an output that gains the producer a favorable amount of utility. That investment of time and effort can yield utility in the long or short run. This concept is basic microeconomics. On a per-person basis, who would trade their time and effort for something that makes them worse-off? If they are actively doing so, they are incurring costs, while someone else is reaping benefit equivalent to that cost. Those of you familiar with the field of mathematics known as game theory will understand the complexity of this dynamic. Undoubtedly, game theory is an area that we'll cover frequently, so don't worry if you're not well-acquainted with the concepts, just yet.
Briefly, lets break down the portion of price that is moved by misinformation... The equation below is an oversimplification, but for purposes of things being easy to follow, I'll leave out the calculus. (Disclaimer: I guarantee absolutely no mathematical merit or accuracy within this column, this is strictly for the purpose of discussion).
In order to make some sense of what is written above, we need to interpret "Consumer Gullibility" as a fraction that falls between 0 & 1 signifying 0-100% gullibility of the consumer. Now, it should be noted that this equation isolates speculative pricing by ignoring the entirety of price derived from actual utility. As such, my analysis will seek to stay as far away from those price-moving factors shown above, as humanly possible. Avoiding them entirely is impossible. Even with the least critical and risk-prone consumers, common sense is there. Take, for example, Bitconnect's text-book ponzi-scheme lending system: the coin plummeted because common sense kicked in -- even if it took a cease-and-desist order from the U.S. government to catalyze that movement. I'll cover more of gullibility theorem elsewhere on this blog.
Hopefully, I've made this point clearly and we need never revisit this component of pricing, when discussing value. The unreliable nature of hearsay and the frequency with which it is the primary driving force behind a token's value, are two exemplary reasons that this column will contain solely coins that are mine-able. No ICOs here.
What is Unique about Stellite?
Stellite's developers are vowing to bring true mobile mining to the crypto world -- Something that has yet to be effectively achieved. Stellite has chosen a combination of IPFS (InterPlanetary File System) and Zeronet integrations, in pursuit of this goal. In addition, XTL is based on the cryptonote protocol. Stellite is not the first to use any of these technologies. They are, however, the first cryptocurrency project to integrate both IPFS and Zeronet. While it's great to be first-in-class with innovation... "paving the way" is a practice that has led many great ideas to their early demise. As such, I think it's important that we dive into how IPFS and Zeronet are intended to be integrated in Q2. We'll do exactly that in Part Two of this MunnyPot feature.
Part Two will include a breakdown of IPFS & Zeronet, some updates on the web wallet that is currently in development, details from my experience mining XTL, and a look at the current GUI wallet. All of this will be accompanied by guidance on some of the issues I saw others or myself run into, along the way. Stay tuned...
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