Ethereum promised to become deflationary after the merger, but it has had difficulty doing so. It became a widespread concern among cryptocurrency investors and NFT supporters due to the poor market and declining network activity, and the issuance of Non-Fungible Tokens on Ethereum has been significantly limited. The decentralized Xen Cryptocurrency emerged in 2022 as an aid to this and only needs the gas fee for its minting.
This technique of buying crypto undoubtedly contributed to Ethereum’s recent rise. The adoption of Xen Crypto caused Ethereum’s inflation rate to drop from 0.21% to 0.13%. The sharp increase in ETH transactions may have far-reaching advantageous effects for the cryptocurrency market, all thanks to the introduction of Xen crypto. This article discusses volumes about Xen in simple terms.
What is Xen Cryptocurrency?
The Xen Cryptocurrency is a recent addition to the growing list of virtual coins. It aims to improve the blockchain’s inherent peer-to-peer, decentralized, transparent, and counterparty-free features. This coin is designed to be developer-friendly and adheres to the Ethereum network’s ERC-20 smart contract standard. The token was first listed on the MEXC exchange, which is currently the most active market for trading.
The Xen crypto smart contract went live on Ethereum on October 8, 2022. Xen is currently connected to 9 other blockchains, including Dogechain, Polygon, Avalanche, Moonbeam, Evmos, Ethereum, BSC, Fantom, and Ethereum PoW. Additional blockchain integration is on the way. Users must link to the official Xen dApp website Xen.network to claim their rank.
How does Xen work?
The Xen project initially went live on the Ethereum blockchain. It is decentralized, and all users of the Xen ecosystem can mint it using wallets that are compatible with Ethereum, thanks to the innovative PoP technique. Xen allows users to create tokens by paying only the associated gas expenses in Ethereum, with no starting supply or supply cap (ETH).
It makes Xen the crypto with the lowest barrier to entry compared to the other cryptocurrencies currently on the market. Besides, its tokenomics emphasize the widespread use of cryptocurrencies with peer-to-peer value transfers and self-custody. The deflationary mechanism in Ethereum has been added, thanks to the Xen coin eth burning rate, which is equal to the amount of Xen minting. Here are some crucial tools that keep it running.
Tokenimics
Xen Tokenemics work uniquely. Xen is a free token. In addition, there is no supply cap, and the initial supply of Xen is zero. Due to its mining algorithm, the token’s inflation rate will gradually decrease. The Xen token has no inherent value, just like Bitcoin.
The user sets the amount of time before they really receive their tokens when they link their Wallet to the Xen smart contract. The longer the time, the more tokens they receive. Additionally, miners get a Xen rank (cRank), which is determined by how many individuals have engaged with the Xen smart contract before them.
Proof of Participation (PoP)
The litepaper for Xen claims that neither proof of stake nor proof of labor plays a part on the platform. Instead, it relies on proof of participation (PoP), meaning that the users in the ecosystem have complete ownership of their assets.
Free Mint
The Xen crypto has a free Minting function. The only prerequisites are an Ethereum wallet like Metamask and enough ETH to cover the gas price. Following a user’s rank and the new users that joined the network after them, the algorithm will automatically adjust the minting difficulty and the maximum wait time also increases accordingly.
Who is the founder of Xen Cryptocurrency?
Jack Levin, an internet behemoth and a well-known investor, was born in Russia in 1974 and later immigrated to the United States with his family. He is one of Google’s early employees. Lavin joined the cryptocurrency industry in 2010 and developed an interest in Bitcoin. In 2022, he founded the Xen project. He is a seasoned entrepreneur who founded ImageShack, Nventify, and the Fair Crypto Foundation. Levin refers to Xen as the “people’s token,” established on the ideas of “self-custody, decentralization, and trustless consensus.”
What is the price of Xen?
On Monday, October 9, 2022, Xen first debuted on the open market. Price of Xen initially started at $0.006148, but as interest in the token grew, its price skyrocketed. Later that day, the Xen Crypto price hit an all-time high of $3.68 and still stands as the token’s highest price ever.
Here is a Xen crypto price prediction as of December 19, 2022. However, it is crucial to keep in mind that price predictions, especially for something as volatile as a new cryptocurrency, are frequently inaccurate. Second, different algorithms make long-term cryptocurrency price forecasts and are subject to change at any time.
Experts of the Xen crypto calculator predicted that the price of Xen would rise to $0.00000590 in 2023 and $0.00000802 in 2024. Xen might trade at $0.0000103 by 2025 and reach $0.0000125 by 2026. The price will increase to $0.0000125 in 2027, $0.0000177 in 2028, and $0.0000247 toward the end of the decade. In 2030 it could be $0.0000342.
How do I get Xen crypto?
The Xen Cryptocurrency is not linked to a user’s identity. As a result, anyone can mint as many tokens as they wish. But on the downside, bots can mine Xen as well. To eliminate that probability, users must claim their cRank and connect their web3 Wallet to the Xen dApp.
To start minting Xen, users must first go to the Xen dApp and network. At the time of writing, Xen supports Moonbeam, Evmos, Polygon, Avalanche C, Ethereum PoW, and BSC. Then, the users need to connect to the Web3 Wallet. It will allow them to start minting free Xen Cryptocurrency and determine how many days they will need to wait before they receive the tokens.
Where can I buy Xen crypto?
Many may wonder where to buy Xen crypto. To Buy Xen Crypto, users need a self-custody wallet like Coinbase Wallet or Metamask. Users can then buy and transfer ETH to the Wallet once they set up their self-custody Wallet. The next step requires them to use their wallet address to connect their Wallet to a DEX they wish to use. Finally, they can use Ethereum as payment to acquire Xen Crypto. Users mint it and put it for sale on several decentralized exchanges. Additionally, it is available on centralized exchanges too.
What are the key features of Xen crypto?
Here are some key features of Xen.
Unlimited supply
The Xen crypto total supply is infinite, unlike Bitcoin. Every user mints their Xen from scratch, and they can do this indefinitely. The Xen crypto mint algorithm automatically increases the minting difficulty following a user’s rank and the number of users that joined the network after him. The Xen supply initially causes inflation, but in the long run, it is disinflationary.
No wallet limit
Users of the Xen Crypto token can establish multiple wallets. There is no cap. The only restriction is that users cannot claim another cRank with the same Wallet once they have claimed their rank and are waiting for their tokens to be minted. Users have to wait until their mint term ends to imitate the process.
Require less computing power
The computing power needed for Xen crypto mining is minimal. Unlike Xen, which individuals create by linking their wallets to a dApp, mining bitcoin requires a significant amount of processing power and hardware that can support it.
Additionally, joining the community is simple. Simply linking an Ethereum-compatible wallet to the Xen smart contract is enough to start mining Xen. Therefore, wallets like MetaMask and ETH to cover gas costs are enough to get started.
Conclusion
Shortly after its release, the token reportedly came under attack because someone figured out a way to mint it without paying any gas fees. However, Xen has recovered well from its initial hiccups, as Jack Levin has a new Xen crypto countdown, called XNFT, announced on Twitter, estimated to launch on December 30.
Lastly, One of the main goals of Xen is to develop into a crypto asset that unites like-minded individuals. Even though it is still in its infancy, Xen Cryptocurrency has successfully amassed a community of like-minded individuals interested in seeing the project flourish and making ETH more deflationary. Moreover, the Xen team has already announced the addition of additional functions in order to maintain momentum. The future certainly looks positive for Xen.
