Searching for new solutions, innovative projects, constantly surprising users, this is what characterizes the cryptocurrency industry. In the crypto world, we often encounter phenomena that were not there earlier in the morning. Often these novelties may seem incomprehensible and are worth discussing. Therefore, this time we will introduce the issue of XEN.
At some point, there were many reports about XEN in the cryptocurrency arena, and the popularity of this cryptocurrency began to skyrocket. It was announced that this is a project that is to implement the assumptions set out in the white paper of Satoshi Nakamoto (the creator of bitcoin). So let’s take a look at what exactly this project is and what lies behind it.
XEN is a token based on the ERC-20 standard, built on the Ethereum blockchain. Its creator is Jack Levin, considered the founder of the ImageShack and Nventify platforms, as well as one of the first Google engineers. In reports about XEN, you can often find information that this project was based on what was contained in a white paper by Satoshi Nakamoto, the creator of bitcoin. What does it mean? The idea is to create an environment where cryptocurrencies are used as a means of payment and store value, instead of being primarily used as a speculation tool. Bitcoin’s original mission was to provide users with access to decentralized means for self-storage.
It is also significant that the XEN project focuses on the fundamental principles of blockchain technology, such as transparency, individual storage and decentralization. It runs on top of the Ethereum platform, eliminating prior mining steps, initial wallets, administration keys, and other elements that are often problematic for investors and users. Instead, anyone has the ability to freely mine XEN tokens by using Ethereum-compatible wallets.
What was XEN designed for? It seems that the token was created to engage the cryptocurrency community and promote values related to control over one’s own resources. This project is focused on creating a sustainable ecosystem where cryptocurrency is treated as a tool for real transactions and storing value. It is distinguished by an innovative approach to token distribution and community support. All this contributed to the growing popularity of XEN in the dynamically developing cryptocurrency environment.
As mentioned earlier, XEN was based on the original assumptions of the creator of bitcoin. However, we also find an important difference between these cryptocurrencies, more precisely, an infinite resource. Compared to Bitcoin, which has a fixed maximum supply, XEN has an infinite supply. This means that the XEN mining process can take indefinitely. Importantly, like Bitcoin, XEN has no embedded value. This means that it is the community surrounding this token and using it as a medium of exchange that gives it value.
It is worth noting that XEN mining does not require a lot of computing power. This is in contrast to bitcoin mining, which involves the use of advanced hardware and multiple graphics cards and a large amount of energy. XEN generation, on the other hand, requires neither complicated equipment nor significant energy consumption.
The information about the unlimited number of wallets is also important. Namely, XEN allows you to create any number of wallets, assuming that the user is ready to cover the costs associated with transaction fees. However, after validating your status and waiting to receive tokens, it is not possible to submit another status using the same wallet. To start mining tokens with the same wallet again, it is necessary to wait until the set waiting period ends. This approach is designed to prevent overuse of a single wallet.
What does the total of the wallet with the XEN smart contract look like? The longer the connection period, the more tokens can be awarded. People participating in token mining also receive the XEN rank (cRank). It depends on the number of people who have already interacted with the XEN smart contract. This results in the fact that users who want to get more tokens are encouraged to convince others to get involved in the project. All these parameters are used in the formula that calculates the amount of XEN tokens a person will receive.
It is worth explaining what makes XEN unique compared to other cryptocurrencies. One of the unique aspects is the ability to mine this token for free. How it’s working? A potential user gains this opportunity by combining his Ethereum-compatible wallet with the XEN smart contract.
So the XEN token is available for free, and thanks to this, its users do not have to deposit any funds to start the issue process. Moreover, XEN starts with zero supply and there is no maximum amount of tokens. Due to its issuance pattern, the token becomes less inflationary as adoption increases.
It is also recognized that XEN is a cryptocurrency based on the “social mining” project, which can be described as social mining. The XEN token is based on the Proof of Participation mechanism. The PoP principle means that every user of this cryptocurrency can connect compatible web3 wallets and mine XEN tokens on the Ethereum platform.
The idea behind the XEN project is to encourage users to actively participate in token mining, which in turn helps to limit the supply and may affect the value and stability of the cryptocurrency. The XEN tokenomics is based on the number of users and the mining period. As the number of participants increases, the difficulty of mining also increases, resulting in a reduction in supply.
It is worth noting that XEN is also distinguished by resistance to cryptocurrency censorship. However, the code of this cryptocurrency is immutable and available on the public Ethereum blockchain. It is also interesting that the XEN project does not have a management team and is mainly based on community trust. All XEN users are treated the same, which in turn ensures a fair distribution of new tokens and community growth.
Thank you for reading! For those who have arrived here, we have prepared the “XEN” code reducing the transaction in exchange points by 0.25% (valid until August 14!).