With the rise of the crypto space globally, there have been many perceptions about the main guzzlers on Etherscan. XEN has been on the spot because it supported the Satoshi White paper. Since its launch in 2022, it has had tremendous growth, while reducing pre-minting, and over-buying, by other cryptocurrencies, that boosted it to grow its popularity. It led to a dent in ETH emissions, leading the currency to deflationary.
On the same note, anyone can now buy XEN on Ethereum by buying gas fees and setting a waiting period. Let’s dig further and understand what XEN is and what makes it a good currency.
What is XEN?
Xen is a project founded by Jack Levin, a former engineer at google and a creator of Image Shack and Nventify. It is an ERC-20 token built on Ethereum and was created to cultivate a culture in the community using the token, allowing users to utilize the Ethereum tokens(tokenomics). This form of cryptocurrency does not have supply limits and controls the proof of participation.
When users pay the applicable gas fees, it makes XEN the easiest cryptocurrency to mint. Additionally, the owners of XEN are their custodians. The main aim of XEN is to try and fulfil the mission that Bitcoin started- giving everyone an equal opportunity to become older and a minter of the cryptocurrency. It tries to fulfil this mission by ensuring the token is minted for free. For the user to enjoy the cryptocurrency, you only need to connect the Ethereum wallet to a XEN smart contract and get the opportunity to mint the tokens.
How XEN Works
The essential thing we need to understand is to know what is the problem that XEN is trying to solve. Now, when we look at the popular cryptocurrencies, it is evident that they have been over-bought, rendering the unpopular ones to suffer due to whale accumulation and pre-mining.
Therefore, XEN invented its way of ensuring that it revolves around. This tokenomics module ensures that the token value is achieved out of community participation and its use.
Joining XEN is easy- you only need to connect the Ethereum-compatible wallet to the XEN smart contract and start minting it. For instance, having a MetaMask and ETH to pay the gas fees will get you started in minting XEN.
What Are the Unique Features of XEN Currency?
There are three features worth of mention;
- Unlimited Supply- Unlike Bitcoin, whose supply lands at 1a maximum of 21 million, it is not so for XEN. Its supply is infinite and will continue to be mined for eternity.
- Requires little amount of computing power- Does not require sophisticated equipment and graphics to demand for so much power.
- Does not have a limit on wallets- The user is free to create as many wallets as possible provided one is ready to pay for the gas fees- but a point to note, once you have claimed your rank, as you wait to receive your tokens, you cannot use the same wallet to claim another cRank.
Tokenomics Explained
Now, as we said earlier, Tokenomic’s is what helps XEN to gain value through community participation. Of importance to note is that the token is free to use, and users can start minting without depositing anything. Remember, XEN has no end to its supply, which could lead to the token becoming less inflationary as the supply continues to increase.
The fact that XEN does not have an intrinsic value, the participants use the token as a medium of exchange to give its value. Once the users connect their wallet to the XEN smart contract, they determine the time it will take to receive their tokens.
The minting amount can also be determined by users getting assigned a cRank(XEN rank) which is constructed from calculating the number of people that have used the XEN smart contract before. This then means that the user ought to refer others to sign up if they want to mint and receive more tokens and ensure that they have also linked their wallets to XEN.
How Does Free Mint Work?
This function has been set in such a way that XEN will have a free Mint function until it reaches 5,00 users. It sets a maximum time limit of 100 days to claim XEN. As more users join the network, the tokenomics technology is set in a way that it will be tougher to mint, while the time to mint will also be increased.
Penalties
In order to discourage users from waiting to withdraw their tokens after the waiting period, it is designed in such a way as to penalize them and mint responsibly.
Proof of Participation
Since XEN does not have a supply limit, it works to influence its users through a proof of participation mechanism by utilizing the Ethereum-based wallets to acquire new tokens so long as the user has paid the gas fees. From the project litepaper, XEN functions using the proof of participation, and as such, users take full ownership of the cryptocurrency.
What is XEN used for?
Just like Bitcoin, XEN is an ERC-20 token that is used in various ways, such as a medium of exchange, buying NFTs, trading, and even staking.
To make XEN news more exciting, the developers looked at how the high market coins are overbought and polarized. The developers of these coins have already mined them before dumping them to the market for the investors to buy. But for XEN, it has not been pre-mined and as such, it is assumed that there will be fair mining of this coin.
How to Purchase $XEN
XEN can be purchased on many exchange platforms. Some of these include the Poloniex. You can use USDT and USDD trading pairs to acquire. Its sign is XEN/USDT|XEN/USDD.
Summary
XEN is a cryptocurrency open to the public to mint tokens on a POP mechanism. If you want to mint the XEN tokens, you only need to connect the XEN web3 tokens to start the minting journey. On the same note, tokenomic’s technology is based on the number of participants at any given time to mint out the tokens. But as the population increases, minting becomes difficult. The waiting period also becomes longer as you wait to receive the tokens.
