What is XEN Crypto? – Coinlabz

Cryptocurrencies were born with the idea that people could manage their own money without anyone else interfering. Bitcoin was the first to give people the power to manage their money without the need for banks. But things have changed. Digital currencies no longer just represent freedom; their creators also see them as profit-making machines. In fact, many cryptocurrency projects have become large business ventures.

But there is no need to lose hope: there are still crypto entrepreneurs who are not so much driven by profits, but by achieving justice and equality. This is how the new XEN token came about, another blockchain-powered asset, which was created with the intention of making cryptocurrencies belong to ordinary people.

XEN is a cryptographic token based on the Ethereum blockchain. It has no initial supply or limit and is created for free by anyone who wishes to own any amount. The more participants there are in the creation process, the harder it is to acquire the token.

The main difference between XEN and other tokens is that it has no supply or value and therefore you don’t lose money with it, at least in the beginning. There are no barriers to entry and everyone has a fair chance to work for as many tokens as they wish to hold. The smart contract underpinning this cryptocurrency is open source, allowing everyone to take a look behind the scenes and decide for themselves whether this is a scam or a real way to create financial freedom for themselves.

Who invented XEN?

The idea for XEN came from Jack Levin, a former Google employee. Levin had created the first cloud on the infamous internet browser and had decided to put his entrepreneurial career aside and instead dedicate himself to establishing a decentralized and trustworthy project. Thus, the Fair Crypto Foundation was born. Levin and his followers set out to tackle another challenge, related to the contemporary financial meltdown: creating a level playing field for all cryptocurrency enthusiasts.

What is the purpose of the XEN token?

XEN aims to follow the initial principles upon which cryptocurrencies like Bitcoin were created:

• Self-custody
• Consensus
• Decentralization

The token launch took place in early October 2022 and was made available for minting without anyone owning anything initially. That means that everyone, even those who participated in the creation of XEN, could only mint and own some of it at the time of its launch; nothing is pre-minted. This step was very important to Jack Levin, who did not want there to be any inequality between those who were interested in minting. Only those who minted were in control of their assets and it was their decision to keep or sell the tokens. Therefore, you are not buying the cryptocurrency from a centralized authority.

Since this is a new and fresh token, there is still a lot to be done when it comes to adoption and development. For it to be meaningful, people have to try to mint it, and from that point on, it will become more apparent whether its goal is achievable 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 token’s smart contract and choose how long they are willing to wait before finally receiving their XEN. The longer they wait, the higher the rewards. However, the amount of tokens you will get also depends on the number of people involved in the minting process.

The token protocol states that at first, the waiting time is limited to 100 days until 5000 people register on the smart contract. The moment this requirement is met, the potential waiting time increases. There is a special XEN minting formula that helps with the calculation of rewards. The entire process of minting and executing the token is known as Tokenomics.

XEN is going to suffer from inflation from the start. However, that will change as more people participate and over time, it is expected to become a disinflationary token.

It is important to mention that every time you show interest in XEN, you must have some ETH ready to pay the gas fee, which is required when minting. Since the gas fee is ETH, which will no longer be used, over time, the value of ETH will likely increase.

How to mint XEN?

There are a few steps you need to complete if you want to mint the token in question:

• Use an Ethereum-compatible cryptocurrency wallet, such as MetaMask. MetaMask can be installed as a browser extension for free. Browsers that support the MetaMask wallet are Chrome, Firefox, Brave, Edge, and Opera.
• Visit the official XEN website – https://www.xencrypto.io/ and click on “Mint XEN” in the top right corner. It will send you directly to the XEN mining platform.