On its homepage, Stellite describes itself as an untraceable private and truly decentralized cryptocurrency that is set to use blockchain to redistribute global wealth. This new cryptocurrency is based on the CryptoNight hashing algorithm and is aiming to become the very first cryptocurrency to decentralize the lists of nodes using the IPFS and the ZeroNet technologies.
To make a private, secure, and untraceable cryptocurrency, the founders of Stellite strives to bring the best from the various successful cryptocurrencies in the market including Bitcoin, Electroneum, Monero, and Ether. With Stellite, you mine and store your coins because you are the bank. As a Stellite miner or user, you have full control of your funds and no one can trace your transactions on the platform unless you let them.
What Is The Stellite Project?
The core mission of the Stellite project was to create and implement an open source currency that is completely free to use with no restrictions – except of course those already specified in the project’s license agreement. This means that there is no restrictions on anyone wishing to create an alternate implementation of the Stellite currency provided they use compatible protocol and network.
The core specifications of the Stellite cryptocurrency is that it uses the CryptoNight proof-of-work algorithm and has a maximum coin supply of 21 billion in two decimal places. The amount of pre-mined coins is 0.6% with every 18 blocks being rewarded, but the difficulty adjustment being carried out after every block. The genesis block was hashed on 22nd January 2018.
Stellite STL IPFS & ZeroNet Crypto Cash Features
Stellite is trying to accomplish something that no other cryptocurrency has attempted before: Turning small devices such as smartphones and tablets as well as home smart devices including smart TVs into mining devices to generate money.
Because the project developers have already implemented a P2P distributed seed list, it will be much easier to move to the next step of making Stellite the best and most widely distributed cryptocurrency in the market. Other features of the currency are:
The highly secure and stable sryptography platform that Stellite uses is designed to make it not only possible, but easy to send and receive money on the platform without the actual transaction being revealed on the ledger of transactions, the blockchain. This guarantees that all purchases, receipts, and funds remitances remain private and anonymous by default.
Stellite uses ring signatures, a special property of a type of cryptography that ensures that transactions on the blockchain are not just untraceable but also bear an additional measure of ambiguity that make it almost impossible to tie back a transaction to an individual or a computer.
Thanks to distributed peer-to-peer consensus network, transactions on the Stellite network is secured cryptographically. Each wallet, for instance, has a 25-word mnemonic seed and the files in the wallet are encrypted with a passphrase.