What is XEN Crypto?
Cryptocurrency started with the idea of folks managing their own money without anyone else meddling. Bitcoin led the way, giving people the power to handle their cash without needing banks. But, things have changed. Digital currencies aren’t just about freedom now; their creators see them as profit machines, too. Truth be told, many crypto projects have become big business ventures.
But don’t lose hope – there are still crypto entrepreneurs who are driven not so much by profit but rather by enabling fairness and equality. That’s how the new XEN token came to be – yet another blockchain-powered asset, which is created with the intention of making crypto belong to the common people.
What is XEN Crypto?
XEN is a crypto token that is based on the Ethereum blockchain. It has no supply beginning or limit and is minted for free by every individual who wishes to own any amount of it. The more participants there are in the minting process, the harder it would be to acquire the token.
The main difference between XEN and other tokens is that it has no supply no value, and therefore, you don’t lose money on it, at least in the beginning. There’s no entry barrier, and everyone has a fair chance of working for the amount of tokens they wish to have. The smart contract that sustains this crypto is open-source, which allows everyone to have a behind-the-scenes peek and decide for themselves whether it’s a scam or a real way to create financial freedom for themselves.
Who invented XEN?
Jack Levin, a former Google employee, came up with the idea of XEN. Levin had created the first cloud on the infamous Internet browser and had decided to part ways with the corporate career path and instead get involved in establishing a reliable decentralized project. That’s how The Fair Crypto Foundation was established. Levin and his supporters were set to take on yet another challenge, which concerned the contemporary finance debacle – creating an even playing field for all crypto enthusiasts.
What’s the purpose of XEN Token?
The goal of XEN is to follow the initial principles upon which cryptocurrencies like Bitcoin were built:
- Self-custody
- Consensus
- Decentralization
The launch of the token took place in early October of 2022 and was made available for minting without anyone owning any of it initially. That means that everyone, even those who participated in the creation of XEN could only mint and own any of it only upon its launch – nothing is pre-minted. This step was very important to Jack Levin, who didn’t want there to be any inequality among those who were interested in minting. Only those who minted had a hold of their assets and it was their decision either to keep or sell the tokens. Therefore you don’t purchase the crypto from a centralized authority.
Since this is a fresh, out-of-the-oven token, there is still a lot to come with its adoption and further development. In order for it to make sense, people have to try minting it, and from that point on it will become more apparent whether its goal is attainable or not.
How does XEN work?
XEN uses the Proof of Stake consensus mechanism, and therefore, minting takes place when new blocks are created and transactions are verified. Each participant has to connect their wallet to the smart contract of the token and choose the time they’re willing to wait before they finally receive their XEN. The longer you wait, the greater the rewards. However, the amount of tokens you’ll get also depends on the amount of people involved in the process of minting.
In the protocol of the token, it is stated that in the very beginning, the waiting time is capped at 100 days until 5,000 people have been registered on the smart contract. The moment this requirement is fulfilled, the potential waiting time increases. There is a special XEN Minting Formula that helps with the calculation of the rewards. The whole process of minting and conduct of the token is referred to as Tokenomics.
XEN is going to suffer inflation at the very beginning. However, that will change as more people take part, and over time, it is expected to become a disinflationary token.
It is important to mention that whenever you show interest in XEN, you need to have some ETH prepared in order to pay for the gas fee, which is required when minting. Since the gas fee is ETH, which will no longer be in use, over time, the value of ETH probably would increase.
How to mint XEN?
There are a few steps you have to complete if you want to mint the token in question:
- Use a crypto wallet that is compatible with Ethereum, like MetaMask. Metamask can be installed as a browser extension for free. Browsers that support Metamask wallet are Chrome, Firefox, Brave, Edge, and Opera.
- Go to XEN’s official website – https://www.xencrypto.io/ and click “Mint XEN” on the top right corner. It will send you directly to the XEN mining platform.
- Next step is to click “Mint” button and then “Connect Wallet”. If Metamask is installed on your browser it will pop up and ask to enter your password
- Fill in the amount of days you want as your mint term and start to mint. The longer the period the bigger your reward will be.
- The gas fee transaction has to be confirmed on your wallet. As of mid October 2022 the gas fee is around $5-6 worth of ETH.
- Now you will be able to see Mint Details:
- cRank – your Rank Claim – the number shows how many people interacted with the contract before you
- AMP – Rewards Amplifier – is a constant of 3000 and decreasing by 1 per day until it reaches 1. It will cause high inflation rate at the beginning, but will decline in future
- EAA – Early Adopter Amplification – starts from 10% and decrease by 0.1% per each 100 000 in Global Rank. It helps to reward the early adopters of the token
- Term, days – the initial term after which you can claim your tokens
- Estimated XEN – estimation of the amount of tokens that you will receive
- You can see after how many days your term ends:
- Don’t forget to check for your rewards as soon as the term ends. Each day of delay will cause a penalty and reduce your reward. The penalties are as follows:
- 1 day = 1%
- 2 days = 3%
- 3 days = 8%
- 4 days = 17%
- 5 days = 35%
- 6 days = 72%
- 7 days – 99%
- After that, you can take your XEN and choose whether you want it to stay in your wallet, to be sent to another wallet, or to be staked.
- Each time you claim your tokens, you’ll be asked to connect your wallet and confirm the transaction.
Minting Xen was relatively easy. We have set up everything for less than 15 minutes, including creating a new Metamask account. It is a very straightforward process; the only thing you need is a few dollars worth of ETH for the gas fees.
Our team’s opinion on XEN
Although it’s still early days to criticize this new token, it has become apparent that the idea behind it doesn’t necessarily propose a revolutionary change in the way people have been dealing with crypto. Its launch reminds us that the principles upon which the first cryptocurrencies were established must be revived. Thus, the focus must be shifted from commercialization and easy money mindsets to enabling financial equality and economic freedom.
There is a lot about this token that has yet to be tested in order to prove its legitimacy. Creating a trustless network is a hard task, which can only be completed if the participants make use of the opportunity reasonably. The Fair Crypto Foundation is trying to tell us that crypto assets should belong to the common people as much as they do to millionaires. Their approach may be unusual, but it will be better for all if it actually delivers the promised results rather than turning into yet another useless token and a failed project for fair crypto distribution.
Zornitsa is the Editor-in-chief at Coinlabz. She is involved in researching the impact of blockchain technology and the way crypto is transforming peoples’ perceptions of finances.
