Cryptocurrency started with the idea of people managing their own money without anyone else interfering. Bitcoin led the way, giving people the ability to handle their money without the need for banks. But things have changed. Cryptocurrencies are not just about freedom now; Their creators see them as profit machines, too. The truth is that many cryptocurrency projects have become big business ventures.
But don’t lose hope – there are still crypto entrepreneurs who are driven not so much by profit but by enabling justice and equality. This is how the new XEN token came into being – another asset powered by blockchain technology, which was created with the aim of making cryptocurrencies the property of the general public.
XEN is a token based on the Ethereum blockchain. It has no beginning or supply limit and is minted for free by anyone who wishes to own any amount of it. The more participants there are in the minting process, the more difficult it is to obtain the token.
The main difference between XEN and other tokens is that it has no value and, therefore, you do not lose money on it, at least in the beginning. There is no barrier to entry, and everyone has a fair chance to work for the amount of coins they wish to obtain. The smart contract that powers this crypto is open source, allowing everyone to take a peek behind the scenes and decide for themselves whether it is a scam or a real way to create financial freedom for themselves.
Who invented Zain?
Jack Levin, a former Google employee, came up with the idea for XEN. Levin created the first cloud on the infamous internet browser and decided to break away from his corporate career path and instead get involved in creating a trusted decentralized project. This is how the Fair Crypto Foundation was created. Levin and his supporters were ready to take on another challenge, which concerned the contemporary financial catastrophe – creating a level playing field for all cryptocurrency enthusiasts.
What is the purpose of the XEN token?
XEN’s goal is to follow the first principles on which cryptocurrencies like Bitcoin are built:
- Self-guarding
- consensus
- Decentralization
The token was launched in early October of 2022 and was made available for minting without anyone initially owning any. This means that everyone, even those involved in creating XEN, could only mint and own any of it at launch – nothing was pre-minted. This move was very important to Jack Levin, who did not want there to be any inequality among those interested in minting coins. Only those who minted the coins owned their assets and it was their decision to either keep the tokens or sell them. Therefore, you cannot buy cryptocurrencies from a central authority.
Since this is a new token, there is still a lot to come with its adoption and further development. For it to have meaning, people must try to mint it, and from that point on it will become clearer whether its purpose is achievable or not.
How does Zain work?
XEN uses a proof-of-stake consensus mechanism, thus, coins are minted when new blocks are created and transactions are verified. Each participant has to link their wallet to the token’s smart contract and choose how long they want to wait before finally receiving their XEN. The longer you wait, the bigger the rewards. However, the amount of coins you will receive also depends on the number of people involved in the coin minting process.
It is mentioned in the token protocol that initially, the waiting time is set at 100 days until 5,000 people are registered in the smart contract. The moment this requirement is met, the potential waiting time increases. There is a special XEN Minting formula that helps calculate the rewards. The entire process of minting a coin and making a token is referred to as Token economy.
XEN will suffer from inflation initially. However, that will change as more people participate, and over time, it is expected to become a symbol of lower inflation.
It is important to note that when you show interest in XEN, you need to set up some ETH to pay gas fees, which is required when minting the coin. Since the gas fee is ETH, which will not be in use, the value of ETH will likely increase over time.
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 crypto wallet, such as MetaMask. Metamask can be installed as a browser extension for free. Browsers that support Metamask wallet are Chrome, Firefox, Brave, Edge, and Opera.
- Go to the official website of XEN – https://www.xencrypto.io/ And click “Mint XEN” in the upper right corner. We will send you directly to the XEN mining platform.
