Burning over 1150 ETH in 9 hours, is XEN a new model currency?

Written by: Cookie, BlockBeats

Only 15 hours have passed since "XEN" was "born" on Ethereum. During these 15 hours, it made Ethereum’s Gas soar above 100 Gwei, more than 178,000 addresses participated in the casting of “XEN”, and more than 1,150 ETH were burned in the casting of “XEN”.

What is "XEN"?

“XEN” wants to achieve similar functions as Bitcoin— — Becoming a "universal cryptocurrency". "Second Bitcoin" is already a cliché, what is the reason given by "XEN"?

The first reason is to "get rid of centralized entities". "XEN" founder Jack Levin claims to be an early Google engineer and Bitcoin OG(Note: the actual identity is doubtful). Jack Levin is very dissatisfied with the centralized entities between Crypto users and the blockchain world, such as Luna, Voyager and various CEXs, and thinks that these centralized entities are like "California hotels"-users trust these centralized entities and give up They deposited funds with their own private keys, but the money was messed around without supervision and could not be retrieved in the end. He hopes to return to the "blockchain original intention" of peer-to-peer value exchange.

The second reason is "Lower Barriers to Entry". Jack Levin is also dissatisfied with the high concentration of Bitcoin chips and the high threshold of "mining". Therefore, for "XEN", everyone can easily "mining", the time is everyone's "mining machine", and the cost is "Gas fee".

How to get "XEN"?

Forging on the "XEN" official website is equal to participating in "mining". The calculation formula to determine the "XEN" share of each address is: AMP * t * log2(dR) * (1 + EAA (cRu) )

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AMP

The initial value of the coefficient is 3000, which decreases by 1 every day, and remains unchanged when reduced to 1 .

EEA

A factor for rewarding early adopters. The initial value is 10%, and cRank decreases linearly by 0.1% for every 100,000 increase in cRank.

cRank

Forging on the official website of "XEN", you will get a cRank (Crypto Rank). cRank indicates the number of “XEN” minted by the address. For example, if cRank is 5000, it can be understood as the 5000th miner of “XEN”. There were 4999 miners before.

The "dR" in the formula refers to the difference between the total cRank and the cRank you own. In other words, the smaller the cRank value you have, the earlier you mint it, and the larger the share of "XEN" you can get. The later miners can only obtain a larger share through a longer "lock-up period".

Lock period

Corresponding to "t" in the formula. The longer the "lock-up period", the greater the share of "XEN" that can be obtained. When minting "XEN", you will be prompted to set a "lock-up period" (mintTerm). Currently, the shortest "lock-up period" that can be set is 1 day, and the longest is 360 days. As the number of users increases, the maximum "lock-in period" will be adjusted up according to the formula, up to the upper limit of 550 days.

"Reward" and "Punishment"

"Reward" "

"XEN" can be pledged, and the APY will be reduced by 1 percentage point every 90 days. The initial APY is 20%. remain unchanged at 2%.

The pledge period can be selected within the range of 1-1000 days, once selected, the APY remains unchanged. Users can cancel the pledge at any time and get back all the pledged shares, but they will not receive pledge rewards for unstaking before the end of the pledge period. In other words, the earlier you stake, the longer the selected staking period, and you can enjoy higher APY for a longer period of time.

"Penalty"

You should receive "XEN" as soon as possible after the "lock-up period" ends, otherwise the share will be reduced:

The later you claim "XEN", the greater the loss will be. The penalty ratio after 7 days has been revised to 99%

Conclusion

Judging from the white paper, "XEN" positions itself as a new experiment that returns to the "initial heart of the blockchain" and "lowers the barriers to entry". Your time is your mining machine, and the "XEN" flowing on DEX is like trading your time and mine.

This experiment will succeed ? Time will unlock "XEN" and give us the answer.

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