What is XEN? 11 questions to understand

At the beginning of October 9, 2022, the crypto community was talking about XEN.

Because according to data from ultrasound.money, XEN burned 1,300 ETH in just 8 hours after it went online, far exceeding famous Ethereum Dapp applications such as Uniswap, Opensea, Tether, and ETH transfer.

Screenshot taken at about 16:45 Beijing time

XEN's Gas consumption in the past three hours accounted for more than 50% of the entire Ethereum network.

So what is XEN? Why has it become so popular? Golden Finance will answer your questions with 11 questions.

1. What is XEN

XEN is an ERC-20 token built on the Ethereum blockchain. It is based on the first principles of cryptography, such as decentralization, self-regulation, transparency, and trust through consensus. XEN smart contracts are immutable, have no administrator keys, and are open source.

2. How to mint XEN

Anyone can mint XEN tokens for free. The only thing needed is an Ethereum wallet like Metamask, and some ETH to pay for gas fees.

First, you need to connect your wallet to the XEN dapp, indicate the number of days you want to wait on minting XEN and claiming cRank, sign the transaction and pay the gas fee, then wait for your waiting period to end.

When the waiting period ends, you will need to reconnect your wallet, sign the transaction and pay the gas fee to mint XEN.

3. What is the supply of XEN?

XEN has no fixed supply and no initial supply. It starts from zero, and each user mints their own XEN and can do so forever. The algorithm will automatically adjust the minting difficulty based on the user's ranking and the number of people who join the network after him. The XEN supply is inflationary in the beginning and deflationary in the long run.

4. Who is the founder of XEN?

The founder of XEN is Jack Levin, a serial entrepreneur who founded ImageShack and Nventify, Google employee No. 21, founder of the Fair Crypto Foundation and a biohacker. He came up with the idea of ​​XEN and launched smart contracts.

5. Where does the XEN concept come from?

Jack Levin: XEN is not original at all. The original idea was Bitcoin. Bitcoin had no cost at the beginning. It was free because you could mine it on a laptop. Ethereum launched and let people pre-mine or pre-mint. . . No one really wanted to use Theorem to have a fair launch where the founders or the company behind the foundation didn’t set aside any crypto tokens. XEN is different in that it uses Ethereum as a secure blockchain layer to simulate the launch of Bitcoin as closely as possible without any kind of pre-mine or pre-minting, so the community itself launches the tokens.

6. How many wallets can be used to mint XEN?

Each user can create as many wallets as they want. There is no limit, the only limitation is that once you claim a ranking and wait for the tokens to be minted, you cannot use the same wallet to claim another cRank. You will need to wait until the waiting period is over before you can restart the process again.

7. How often is the casting done?

Depends on the last casting waiting period.

8. Differences between XEN and BTC

XEN was inspired by Bitcoin, but has some significant differences. Bitcoin has a finite supply of 21 million BTC, while XEN has no finite supply. The supply of Bitcoin and XEN starts at zero, with BTC being created by miners. This is an inflationary process; however, it will end when it reaches 21 million, while XEN will continue.

Bitcoin is also deflationary because of the halving every four years, when the maximum number of tokens can ever be created, and every coin lost causes a deflationary effect. XEN is deflationary because of a constant, diminishing amplifier that reduces the emission of tokens.

Bitcoin is mined using computing hardware, while XEN is minted by users by connecting their wallets to the dapp.

Bitcoin has its own blockchain, and XEN runs on Ethereum smart contracts.

9. How to calculate the number of XEN coins?

The amount of XEN coins minted depends on: Crypto Rank (cRank), waiting time T, reward amplification factor AMP (time-dependent Reward Amplifier), and early support factor EAA (Early Adopter Amplification factor).

cRg=current Global XEN rank, cRu=current your XEN rank,

In order to increase your rewards, you must indicate the maximum number of days you are willing to wait for your rewards. Similarly, inviting new people to the network will create more rewards for all participants (including invitees).

XEN allows users to choose the waiting time, which is initially 100 days. After the number of participants exceeds 5,000, users can wait for more days.

You can wait for the days chart:

XEN coin quantity diagram:

10. Pay attention to the time of receiving XEN

After the XEN waiting period expires, if you fail to claim it in time, there will be a penalty every day. On the 7th day, the penalty will be 100%, and it will be directly reset to zero.

For example, if you choose to lock XEN for 100 days, you can receive the full amount of XEN on the day after 100 days. If you receive it on the 101st day, you will lose 1%, and if you receive it on the 107th day, you will lose 100%.

11. How to stake XEN

1. Apply for CryptoRank through Proof of Participation (PoP).

2. Apply/Mint Your XEN Cryptocurrency

3. Stake XEN to get APY rewards.

The XEN staking period is between 1-1000 days.

APY Return:

XEN in one sentence: Ethereum Gas Fee Mining

XEN is essentially Ethereum gas fee mining. After spending the gas fee to participate, you choose to wait (mine) time. When the number of days is up, you can receive XEN, which will be destroyed after expiration. After receiving it, you can continue mining or staking.

As for whether XEN can achieve its stated vision and whether it is valuable, everyone has their own opinion.