In today's video, we are going to share with you a new crypto project that could potentially do better than HEX. We are talking about the Xen crypto. It's the crypto that everyone is talking about right now. So, we're going to take a look at it and see if it's the next HEX or not. And the good news is that we're also going to show you how to get the tokens for free. Watch this video all the way through so you don't miss anything.
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Many millionaires have been created by cryptocurrency, but there have also been many losers. The crypto industry's reputation has been tarnished by a string of pump-and-dump schemes, hacks, and failed projects. Not everyone knows how to earn without getting rekt, and most lose money. But it's time for a change because XEN is crypto you don't need money on. You’re going to understand why in a few moments.
XEN is an ERC-20 token built on the Ethereum blockchain. It will also be built on PulseChain when the PulseChain mainnet goes live. It's based on the first principles of crypto like decentralization, self-custody, transparency, and trust through consensus. The XEN smart contract is immutable, it has no admin keys and it's open source.
Everything about Xen is revolutionary in the first place. XEN is a project created by Jack Levin, one of the first employees at Google where he was an infrastructure engineer who built their first cloud and built the first six data centers. He's also an angel investor, biohacker, and founder of imageshack.com and other successful companies. He had an interview with Richard Heart in the past.
His background at Google gave him a lot of skills and he did not hesitate to put them into practice. In fact, behind the concept of Xen is the fact that, according to Jack Levin, the world is moving away from the original concept of blockchain, because the projects that are coming out today are not decentralized and do not have peer-to-peer value exchange, transparency, and self-ownership. Because of this, the crypto-currency world exists in a bipolar plane where many crypto-currencies are only used for pump-and-dump schemes, leaving only the scammers as winners. With Xen, Levin wants to change that and revive the original purpose of bitcoin.
Unlike every token out there, XEN is based on the first principles initiated by Satoshi Nakamoto in his Bitcoin white paper. Just like Bitcoiners, XEN owners practice self-custody, where every person retains full control and is responsible for her economic energy.
In the beginning, you won't be able to buy XEN because there's no initial supply and tokens need to be minted to be sold. You will be able to buy XEN as soon as someone mints their tokens and puts them on sale. Uniswap is the most likely location to find them. You will need an Ethereum wallet and some ETH to pay for the gas fee and XEN. Also, Xen is inflationary in the beginning and deflationary as adoption decreases.
Xen isn't going to have a proof of stake or work mechanism but will have what's known as proof of participation. This will allow Xen users to have full ownership rights through self-custody. Same rules across the board. Xen uses what is known as a fair system of new token distribution, allowing all participants to be subject to the same immutable rules so everyone on Xen is treated fairly. Another great thing about Xen is that it is unchangeable, which means that it can never be changed or stopped by anyone. Since Xen has no backing from investors, it cannot start with an initial value. Xen can use different blockchains. Finally, Xen is kept open source to satisfy everyone and will be deployed on different blockchains, including BSc, Ethereum, and PulseChain. Since some users find one blockchain better than the other, Xen works for everyone. Users need to connect their wallets to earn rewards, initiating the intention to receive Xen through its smart contract.
Anyone can mint XEN tokens for free. The only thing you need is an Ethereum wallet like Metamask, for example, and some ETH to pay for the gas fee. First, you need to connect your wallet to the XEN dapp, indicate the number of days you want to spend minting your XEN, and claim your cRank. You need to sign the transaction and pay the gas fee. Then you need to wait for the end of your term, and when this happens, you need to connect the wallet again, and mint XEN by signing the transaction and paying the gas fee. Once you have minted your XEN, you can restart the process again. Everything depends on the length of your mint term. The official XEN dApp website where you need to connect to claim your rank is Xen.network. We will put the link in the description.
Now, XEN resembles HEX because it values long-time preference. Both projects reward the holders for the amount of time they invest in holding onto their tokens. The yield which is paid to stakers comes from inflation and not other users. They are inflationary because their supply grows but, at the same time, HEX has a decreasing number of T-shares determining how the daily inflation gets split up between the stakers while XEN's emission is decreasing over time and depends on the delta rank of each user. HEX has an Original Address holding the majority of tokens, while XEN has no OA and every user can mint XEN by themselves. HEX token was minted based on donations it received from the users while XEN starts from zero supply and the supply is created in the process of free minting performed by every single person.
Moreover, until the initial phase reaches 5,000 users, the Free Mint function will allow for claiming XEN for a maximum term of 100 days. Once the 5,000 mark is passed, Free Mint will increase logarithmically.
As more people join the network, it will get harder to mint more tokens due to the larger pool of people and statistical difficulty, and it will be necessary to extend the waiting period to earn more rewards. The maximum Free Mint Term is 550 days.
XEN tokenomics is enhanced by an APY for staking XEN.
When users stake XEN, the tokens get burned, reducing the total global supply of XEN. When the stake ends, the tokens are minted together with the accrued APY. The maximum stake time is 1,000 days and the APY starts at 20% and declines by 1% every 90 days to arrive at 2%. Once it reaches 2%, it remains fixed. You should be aware that ending the stake too early will incur a loss of the APY rewards.
Xen has better solutions for decentralization, transparency, and staking. With so many features in one place, it puts HEX a bit behind. However, HEX ensures a better API, which is what matters most to users in the end. Also, Xen is designed for the community and will be released in a down market with a not-so-solid marketing plan. So, it may struggle to find support, which is not the case with HEX, whose community keeps growing regardless of market conditions.
Anyway, Xen is a serious competitor for Hex and, in our opinion, has the potential to outperform it. What do you think about this? Do you think Xen can do 1000x or even 10,000X like Hex did? Share your thoughts with us in the comments section below.
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