Details of XEN Crypto(XEN)|How to participate in mining, staking, and trading

Introduction of Project

XEN Crypto(XEN) is a virtual mining project based on PoP (Proof of Participation). All XEN ecosystem participants can use Ethereum-compatible wallets to mint XEN. Its token reward model is based on the number of participants and the lockup time. XEN participants have the ownership of mining XEN. As the number of participants increases, the difficulty of mining increases, and the supply decreases. The longer the lockup period, the more coins participants will get.

According to XEN’s white paper, XEN’s goal is to become a community-built encrypted asset that realizes the original mission of the blockchain: decentralization, transparency, censorship resistance, peer-to-peer value exchange, and ownership. XEN allows users to enter with the lowest threshold through its unique economical design.

The original intention of the team to design XEN is that encrypted assets are polarized, well-known assets are constantly overbought and sold, and many investors have ignored non-famous assets for a long time. They are pre-mined by the founding team and giant whales and then sold. XEN solves these two problems through fair distribution.

XEN aims to empower individuals, without pre-mined coins, without administrator’s private keys, contracts cannot be tampered with, 100% transparent, and on the chain, the token XEN has been listed on MEXC for the first time.

How to participate in mining?

  1. Enter the link

https://xen.network/mainnet/mint

2. Connect your wallet

3. Select the number of days. The longer the lockup period, the more tokens you will get.

4. Click START MINTING

5. Click CLAIM at the expiry date

Economic Model

The following part will introduce the processes of participating in minting, receiving XEN, staking, or trading XEN to make it easier for users to understand.

Participating in minting

According to the design mechanism, XEN has no upper limit. The output function it adopts is logarithmic. As more and more people join and participate in the minting, the difficulty of producing more XEN will continue to increase. The calculation formula is as follows:

The calculation formula published in the white paper is relatively complicated, and the number of minting at the moment can be calculated according to the simplified formula:

Number of claims = 3000*log2(global ranking−my ranking)*token claim period (at this moment, the amplification factor AMP value is 3000, and the early participant amplification factor (EAA) is 9.9%)

For ease of understanding, examples are given. Assuming that the current global ranking is 122517, your ranking is 163799, and the period for receiving tokens is 357 days, then the mining amount at the moment you mint is 6.57 million XEN. After that, the number of rewards you get will continue to increase as the number of participants increases, and the final reward composition is as follows:

Due to the space limit, the details won’t be given too much here. For the specific calculation principle, please refer to the white paper.

Here’s the link

https://faircrypto.org/xencryptolp.pdf

Claim XEN

According to the contract design of XEN, when the date of receiving the tokens ends, the XEN tokens must be claimed within 24 hours. Otherwise, the token rewards will be punished and gradually reduced. The gradual reduction method is in days; after seven days, the amount that can be claimed is reduced to zero.

Stake or Trade XEN

According to the contract design of XEN, users can choose to stake XEN after claiming XEN, and the staking period is 1-1000 days. Users can terminate the stake of XEN at any time after the agreed stake period without penalty; however, if the stake is terminated before the end, the system will not pay the reward in proportion to the agreed annualized rate of return.

Users can stake XEN for any number of days between 1 and 1000 days and receive the corresponding annualized rate of return. The annualized rate of return starts from 20% at the time of XEN’s creation and decreases by 1% every 90 days until it reaches 2% and will remain at 2% indefinitely after that. The annualized rate of return for each staked XEN is determined at the time of staking and depends on how many days have passed since the creation of XEN.

When the stake expires or if you are considering direct monetization, you can directly trade XEN through MEXC.

Core Team

According to the official website, the project sponsor Jack Levin is an open-source technology expert who claims to be Google’s No. 21 employee (1999-2005). Born in St. Petersburg, Russia, in 1974, Jack Levin moved to the United States with his family in 1990 to study computer science at the University of Missouri. He played a crucial role in building the early Google infrastructure and is known as a serial entrepreneur building a string of startups and angel investors in the tech industry. He became interested in Bitcoin in 2010 and has worked in the crypto field ever since.

Other team members include computer science, communications, software, product development, marketing, and investment. According to multiple verifications by community members, Google’s No. 21 employee is not Jack Levin but Marissa Mayer, who served as the CEO of Yahoo. However, Jack Levin is indeed an early Google employee, but his LinkedIn has not yet revealed Jack Levin’s experience in XEN Crypto.

Website:https://www.xencrypto.io/

Twitter:https://twitter.com/xencryptoio

Telegram:https://t.me/XENCryptoTalk

Discord:https://discord.com/invite/GbcXHe88

Reddit:https://www.reddit.com/r/xencrypto/

Youtube:https://www.youtube.com/channel/UCiw5nyHHt9BPHvoRbcGNehA/playlists?app=desktop

Token Practical Value Analysis

Highlights:

  • 1. XEN completed the audit and submitted the audit report through the security company CertiK on September 30.
  • 2. The founder, Jack Levin, is an early employee of Google, an expert in open-source technology, and the first network engineer of Google with a certain influence.
  • 3. The XEN reward model is based on the number of participants and lock-in time and has a lower entry barrier than other tokens.
  • 4. The project has no pre-mining, private placement, and private key management. The initial supply is 0, and the degree of decentralization is high.
  • 5. 1333 ETH of GAS has been consumed in the past 24 hours, the number of participating addresses is as high as 217,000, and the market is very popular.

Risks:

1. There is no max cap on the total amount of XEN, and the inflation rate in the early stage is relatively high.

2. XEN is designed as a digital asset without the support of investors and has no intrinsic value until the market does not adopt it.

3. Questions about the founder’s identity may affect the project’s further development.

According to Dune data, the waiting period of the addresses currently participating in minting is polarized, mainly concentrated in the range of more than 300 days and less than 100 days.

Although there is no cap on the total amount of XEN, as more and more people join and participate in the minting, it will become more challenging to generate and mint more XEN due to the natural slope of the curve being logarithmic in nature. Zooming in on the time period, XEN is deflationary. Each participant makes it harder for new participants to earn rewards unless new participants extend the time to earn rewards. On the other hand, the punishment of extending the waiting period and the claiming period can also share the selling pressure of XEN tokens. The market expects a performance wave, but how long the popularity can last remains to be tested.

Rationally, this is not necessarily a good investment opportunity but a good social experiment. For most users, it may be more stable to use a small amount of GAS to participate in the mining experiment, wait for the mining time to expire, and then deposit to MEXC for trading.

Note: This article is written by MEXC community users for information sharing only and does not constitute any investment advice.

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