Founder shares XEN Crypto design concept and project vision

Author: Crypto Kindness Compiled and edited by Colin

XEN Crypto, a social experiment that suddenly became popular in the crypto world, has caused another gas war on Ethereum.

Behind XEN Crypto is Google employee No. 21 Jack Kevin, who was a guest on the Crypto Kindness channel today and shared with the host the design concept and project vision of XEN Crypto.

Why did you think of creating XEN?

Crypto Kindness: How did you first come up with the idea for XEN?

Jack Levin: That's a really good question. For a while I've been thinking about what the relationship is between cryptocurrency and money. I did some research, and a lot of economists think that money is the glue that holds our society together. And if you ask me that question, I would probably say that money is a bit like a ranking in a game that measures your economic level and determines how you interact with the world. So I came up with the idea of ​​building a cryptocurrency based on first principles, not only the first principles of crypto, but also the first principles of economics , that you can keep your property yourself, and your property belongs to you and only you. Blockchain has evolved to the point where you can do that, so what I'm trying to achieve is to spread this idea to people so that they can understand how to use blockchain in the best way to safely store their economic energy and not get lost in this landscape that is evolving so rapidly.

First Principles of Cryptocurrency

Crypto Kindness: You just talked about the first principles of cryptocurrency. Can you elaborate on what that means?

Jck Levin: The first principle of cryptocurrency means that you should have self-custody of your cryptocurrency and no one else should have any access to your cryptocurrency. That's the first thing we really want to educate people on, know and keep your crypto. The blockchain has been designed to be trustless, which means you don't need to take anyone's word for it, assuming that the blockchain verifies transactions, for example, if I send you some cryptocurrency, it will be recorded on the blockchain. It will be anonymized because we can use wallets that are not associated with our real identity. But if I say hey, did you get my funds, you can say no, I didn't get them, but I will go and check the transaction record on the blockchain to confirm whether you are lying.

Another principle of cryptography, which is not as important as the first principle, but also plays a critical role, is censorship resistance . You have the right to do whatever you want with your money and it should not be stopped by a third party in any way or shape.

Our foundation is working to explain these two principles to people around the world and get them accepted.

Fair Token Launch

Crypto Kindness: You mentioned the word fair, a fair token launch where everyone has the same opportunity, what does that mean?

Jack Kevin: Talking about this, let's look back at the history of cryptocurrencies. In 2010 , Bitcoin was technically fair because no one owned Bitcoin, and no one could create Bitcoin out of thin air. You had to pay for it with energy and time to produce Bitcoin. Although I would say that Satoshi and his friends did experiments, they were mining before other people were mining, but it was fair because it had no value. Then the world eventually gave it value , so fairness came from this fact.

In the last 10 years, most cryptocurrencies would launch new projects, but they were technically unfair because someone could push a button and mint a trillion tokens, or

Give themselves tokens, and then they try to sell them on the open market by promising some kind of, you know, work. They'll make up all sorts of stories to give that token value, like, Shiba Inu. They issued maybe a trillion tokens and slapped half of them on Vitalik's address. The organization that launched it wasn't technically fair because the process mimics the process of a company going public and selling stock, which is exactly the problem of centralized financial and economic control that Bitcoin and blockchain are meant to solve.

So for XEN, what we decided to do is to launch it in the simplest way possible, without any pre-hype, no pre-sale, no whitelist, no distribution and financing of any kind. So everyone has the same opportunity to mint XEN, regardless of their financial situation, everyone has an equal chance to make the same money. Technically, you can mint coins with many wallets, but this is how the protocol works.

XEN’s long-term goals

Crypto Kindness: What is the long-term goal of XEN?

Jack Kevin : I hope XEN can become the world 's dominant peer-to-peer cash , just like Bitcoin. Because the barrier to entry is too low. People can easily know from the records on the blockchain that I don't have an administrator key, nor do I have any pre-minted tokens and tools to block the protocol from running, which makes them instantly more valuable than any coin or token. It has been proven that people are willing to spend energy and time to operate mining. And about 96% of the world's people have never really been exposed to cryptocurrency, so why not give them a cryptocurrency that they can try and not lose money?

When I say you can't lose money on crypto, it means you only pay for gas, you don't spend money buying XEN from anyone unless you choose to. It starts from zero, there is no supply, and there is no value assigned to it, so how can you lose money, you can't lose money on it if you don't pay for it, which is great, the barrier to entry is just some gas fees.

Multi-chain launch and token value

Crypto Kindness: Why do you plan to launch XEN on multiple public chains?

Jack Kevin: Some people prefer BSC to Ethereum because of lower fees, and some people may like Solana. Assuming the code is the same code, as long as it is correct in one place, it is correct everywhere. In detail and principle, it doesn’t matter which blockchain we run on. We just want more people to have access to fair tokens.

We strive to be inclusive rather than exclusive. Sometimes I hear suggestions that I should make my own blockchain, which may be good in some cases, but the reality is that this will only make XEN more exclusive and more centralized. What we want is for almost everyone to use XEN.

Crypto Kindness: In the first few years, XEN will basically be in a state of hyperinflation. When do you think it will start to have real value?

Jack Kevin: I think XEN has value from day one . In fact, the difference between zero and one is infinite, so it will definitely have value.

Crypto Kindness: Do you expect XEN tokens to reach price consistency across chains?

Jack Kevin: I don’t think so in the short term. Due to the different ecological conditions of each chain, I think the prices on different chains cannot be consistent. For example, the price on Ethereum and Polygon may differ by 1 to 5 percentage points.

But if we wait until many years later, when XEN can no longer be minted, the price will eventually reach a consensus as tokens on various chains circulate.

Optimal Casting Strategy

Crypto Kindness: Let’s talk about a question that everyone is interested in. What do you think is the best minting strategy?

Jack Kevin: That's a good question. Whatever you do, you want to maximize your profits. In XEN, the number of days you play is crucial.

We added a reward amplifier to the protocol, which was set to 3,000 at the beginning. As time goes by, you will find that it becomes smaller and smaller. After one year, you may earn 20% less, after four years, you may earn half of it, and after eight years, you may get nothing. So I would say that the strategy is to choose the maximum number of days you can wait at the beginning, which should be 100. Over time, you should choose as many days as possible , and as long as you can, you should wait for 1,000 days.

I know a lot of people hate reading white papers, so we simplified our presentation as much as possible and added a lot of charts to help understand it. For the first 5,000 people, the maximum waiting days is 100, and as the number exceeds 5,000, the waiting days limit will slowly be released. In any case, the best strategy is to enter the market early.

Original link: https://www.youtube.com/watch?v=2A0GfCcI1kw