On November 6th, MEXC launched a Twitter space live broadcast on MEXC Twitter. It is themed by “Dialogue With XEN | What Is Behind The Popularity Of XEN?“. The guests are XEN Crypto’s Co-Founder Jack Levin(@mrJackLevin), Crypto trader and investor Harry (@illiquidmarkets), Atomize’s Co-Founder and CEO Joe Blau(@joeblau). The host is Antonio (@antontwcrypto), and the following is a text excerpt from this livestream:
Antonio：
As the crypto bear market intensifies, the final remaining heat of the crypto market has been almost consumed, especially after the completion of the Ethereum merger. Industry experts believe the crypto market may be quiet for a long time. However, the sudden explosion of a social experiment in the crypto world, XEN Crypto, rekindled the enthusiasm of the crypto market. This can be seen when more than 100,000 wallet addresses participate in free mining after 9 hours XEN Crypto was launched.
After XEN was first listed on MEXC, it rose from 0.0001USDT to the highest gain of 0.018USDT, with its highest gain hit of 17900%. Both the popularity and the transaction volume are eye-catching. Why did XEN Crypto skyrocket overnight? What is the logic behind this detonation? How do professional traders and investors view XEN? The most important thing is how to invest in reliable projects in a bear market. Let’s discuss this together～
Antonio
Q1. Since both Harry and Joe are senior cryptocurrency traders and experienced investors, I would like to ask your opinions on the XEN Crypto project from the perspective of investors. When did you two learn about XEN Crypto and get involved? Can you share it with us?
Harry
I first saw Jack Levin doing interviews with some crypto influencers on youtube. I did some research on him and found out he was the 21st employee at Google and the founder of Image Shack, which is a very successful image-hosting website. He stated he was going to release crypto based on the 1st principles, and I immediately wanted to get involved. I, therefore, made sure my Discord community claimed XEN mints on day one, as I saw this as a fantastic long-term experiment.
Joe
I first saw Jack in an interview during an online crypto conference. I honestly was not paying much attention to XEN until about one week before the launch when a good friend told me to check it out. I was mostly captivated by the launch mechanics of the project and its adherence to crypto first principles. Over the weekend, I built the MVP of xen.fyi to get a deep understanding of how the protocol worked.
Jack
In the world of pump and dump, low transparency, and founder enrichment, our team wanted to design something that follows the first principles of Crypto. Those principles are self-custody, on-chain transparency, and trust thru consensus. XEN token started with zero supply, without pre-mint, allowing it to become the true community Crypto, minted entirely by the community. I think those aspects, as well as simplicity, allowed XEN to gain intense popularity among people who wanted to participate in the project as well as the traders.
Antonio
Q2. Thanks for the guests’ wonderful sharing. In fact, the viral nature of any project is definitely not accidental. Whether it is the project mechanism or the founding team, there must be something special. Hence, here let’s invite Jack Levin to introduce the XEN Crypto project mechanism to us. And what makes you feel like launching XEN Crypto?
Jack
In XEN Crypto, the token itself is free. However, to participate in the mint, you must pay the network fee (such as gas). You will also be asked to input the amount of time you are willing to wait for the tokens to be generated, like in everything; waiting longer will mint more XEN. The other interesting aspect of the game mechanics is the fact we have used game theory to amplify rewards based on social engagement. For example, when you start your minting process, you are encouraged to invite your friends to mint with you. The XEN smart contract will amplify your token rewards based on the total network growth. XEN Crypto does have difficulty built-in, but unlikely scarcity model; our model is entirely time-based. The difficulty to mint XEN increases by about 1% each month, reaching its peak in about eight years. In terms of launching XEN, even though I’ve launched many startups in the past, XEN is my first large Crypto project since I started mining Bitcoin in 2011. To be honest, I didn’t have any expectations. So I was very surprised when we almost crashed Ethereum due to the intense level of participation.
Antonio
Q3. Thanks to Jack Levin for sharing. It also gave us a deeper understanding of XEN Crypto. In fact, there are many online analyses of the sudden detonation of XEN Crypto. Can Harry and Joe briefly analyze why the XEN Crypto project suddenly exploded the crypto market from the perspective of investors?
Harry
XEN went viral instantly due to the fact that anybody can mint XEN on their phones for a small gas fee. Similar to the early Bitcoin days, where anybody could mine BTC from their computers before ASICS came along. Jack is also a very credible individual and his success speaks for itself. He’s the right type of figurehead you need to push the adoption of XEN and crypto as a whole into the mainstream.
Joe
In a word, it’s equity. XEN re-introduced the original value proposition of Bitcoin, but on a much larger stage. It flies in the face of tactics like pre-mines, allow lists, IEO, and ICOs that provide unfair advantages to certain network participants. With XEN, the community has equity ownership in the protocol which encourages them to share it with others. I think it’s growing so rapidly because there is a sense of fairness that we haven’t seen in crypto for a long time.
Antonio
Q4. Cool! Very nice analysis! In addition, I would like to ask Jack Levin to share with us the important factors that make XEN Crypto popular in the bear market. Is it due to its excellent marketing or the creative product mechanism?
Jack
I think it’s both. One thing that helped a lot is complete transparency. I posted our lite paper on Twitter very early before the project launched. Then we had our test net running for about a month before launch, so people were able to prepare to participate. The tokenomics behind XEN are also interesting and uncommon, and I am hoping that our team and our community could collectively lift the bar for launching better, safer, and more honest crypto projects.
Antonio
Q5. XEN Crypto white paper advocates Satoshi Nakamoto’s first principle in the Bitcoin white paper. Can Jack Levin share with us on this point?
Jack
Bitcoin was launched right after the 2008-09 Financial Crisis, it was relatively unknown at the time, but its message was very powerful. It took many years for the crypto market to develop and gain some popularity (only about 5% of the world is in Crypto today, still). The first principles, the way I would describe them, allowed for technology to assist humanity in the task of securing its assets with a true sense of self-custody. If you own your keys, you own your assets. It’s as simple as that. This is probably the most important first principle of the Bitcoin whitepaper. XEN Crypto aims to educate the rest of the world (roughly 95%) on what Crypto was invented for by exploring first principles through teaching safe habits.
Antonio
Q6. Can Jack Levin introduce the consensus mechanism of community-first and Proof of Participation adopted by XEN to our community users? What are the advantages of this consensus mechanism?
Jack
There was proof of work and proof of stake. We introduced proof of participation (POP). With POP, you do not need to spend electricity to mine anything, nor do you have to stake a huge amount of money to earn your rewards. All you need to do is choose one of the nine chains (perhaps your favorite one) and start minting XEN together with the rest of the community by paying a little bit of gas money to the network. Community-first principle speaks for community ownership, not some giant Founder Allocation, which would have created economic inequality from the very beginning of the project. I feel like those two things are what makes XEN so very popular.
Antonio
Q7. This sounds cool, and what is the long-term goal of XEN Crypto, and any other new plans in the near future?
Jack
The long-term goal of XEN Crypto is to onboard hundreds of millions of new users that haven’t been in crypto before, making the Crypto World a more engaging place. For the future, I am very excited about XENFTs – we have some cool economic designs planned to make XEN a very interesting project to participate in.
Antonio
Q8. Thanks to Jack Levin for his wonderful speech, and we can see the hard work and dedication behind an excellent project. Finally, let’s talk about the question that all community users are looking forward to. Can you share with us your investment experience and how to find reliable projects in the bear market?
Harry
For this, I look at three things when researching projects in bear markets: Does the project have a product market fit? Does it have the finances to survive a crypto winter? And finally, is the community still engaged and growing regardless of the downturn in the market? These are key for determining which projects will come out on top.
I also like to focus on new potential narratives in the space. For example, in 2018, all we had were ICOs. However, in 2019 we saw the emergence of DeFi & yield farming. These new narratives tend to be the ones that provide the most ROI for investors during a bull market.
Joe
There are three things that I look for — Team, Timing, and Technology. What is the composition of the background and skills of the founding team? Is this something that customers are asking for so badly that they pull the product from you? Does the founding team have the technical knowledge and skills to deliver on the vision?
Jack
I totally agree that the Team is probably one of the most important aspects. I really like knowing who is behind Crypto projects. I wouldn’t be interested in participating in a project with some anonymous team. In terms of my investment experience, I have been trading pretty much all financial instruments since 1995.
Free Q&A
Q1: @LiestonCrypto
According to my research, XEN has no initial token supply. It says, “Supply is generated by everyone who participated in the Proof of Participation (POP) protocol through minting their own tokens”. But will there be any limit to each user?
Jack
There is no limit to per user. But XEN minting is limited by a few things, such as network capacity, amount of Gas you are willing to pay, and the current difficulty which is dedicated by the amount of time that has elapsed since Genesis.
Q2:@criptotradeir
Does it make sense if we buy $XEN now? Only to now that minting will last until eight more years. In such time more $XEN will be minted. The question is, how do we manage the “INFLATION ” at that time?
Jack
I would say it makes sense to mint. However, if you want to grab a lot of XEN quickly, buying is an option a lot of people choose to pursue. As with any crypto coins out there, the volatility of the early projects is generally extreme, so getting XEN at a good price is probably harder than you think, so please be very careful.
Q3:@Pheezcophobia
Can you tell us the secret of the approaches or principles used by your team on the success of the $XEN token to gain much popularity, particularly during this struggling time of cryptocurrency?
Jack
I feel like that has been answered. It’s a combination of things. Our team has been transparent about our plans, and everyone knows our faces. We also launched it on nine chains, exposing XEN Project to many people in a very short time. Also, you can’t beat FREE – so people are very excited to get Free XEN.
Q4:@FoxRelaxed
The first thing investors look for in a project is the security of funds. What is the team doing to increase investor confidence?
Jack
XEN Smart contract has no admin keys, is immutable, can’t be changed by the Founding team, and is impossible to stop – that’s the technological security; the other aspect is that the XEN Founding team has no XEN Crypto, so it’s impossible for us to get an unfair economic opportunity by selling early. XEN smart contract has also been audited by a security firm to make sure everything will work as designed and is safe to use.
Antonio
Thank you for the in-depth explanation, professional analysis, support, and positive interaction, which concludes today’s MEXC Twitter Space. Welcome to our community (https://t.me/MEXCEnglish) and share your thoughts; many MEXC events and prizes are waiting for you.
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