How to Buy XEN Crypto (XEN)
Beginner’s Guide
What Is XEN Crypto ?
XEN aims to empower the individual No pre-mint No Admin Keys Immutable Contract No listings on CEXs Starts with zero supply .100% Transparent and on chain . 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 now it’s time for a change because XEN is a crypto you don’t need money for. How’s that possible? Read on, and get to know what XEN is and how it works.
How to Buy XEN Crypto Summary
- Get a XEN Crypto wallet (e.g. Ledger, Trezor , Exodus, Guarda, AtomicWallet)
- Find an exchange that sells XEN Crypto (e.g. , MEXC , Gate , Huobi ,Poloniex)
- Deposit money and make the trade
- Withdraw the XEN Crypto to your wallet
Buying XEN Crypto in 3 Simple Steps
Step 1 – Get a XEN wallet
XEN Crypto Hardware Wallets
The best option for storing any cryptocurrency would be to use a hardware wallet. These are pieces of hardware that store the private key to your coins offline.
Today, there are two leading hardware manufacturers to choose from – Ledger and TREZOR. Both companies have different models of hardware wallets that will get the job done.
If you want deeper insights on specific models, you can read my Ledger Nano X review or my TREZOR Model T review.
XEN Crypto Software Wallets
Hardware wallets cost money, so if you’re not sure how serious you are about cryptocurrencies and just want to get a taste of what they feel like, perhaps you would be better off starting with a software wallet.
A software wallet is a free program that lets you store your coins on your computer or mobile phone.
The easiest XEN Crypto software wallets to get started with are undoubtedly Exodus, Atomic Wallet and Guarda . All wallets are very intuitive. Exodus, Atomic Wallet and Guarda is available on desktop for Windows, Mac and Linux, as well as on mobile for both iOS and Android. If you want more information you can read my Exodus, AtomicWallet and Guarda review.
Step 2 – Find an XEN Crypto Exchange
Buy XEN Crypto through MEXC
- Founded in 2018, MEXC Global is known as the exchange of high performance and mega transaction matching technology. The team at MEXC Global are some of the first movers and pioneers of financial and blockchain technology. Currently, MEXC Global caters to 10 M+ users in more than 170 countries around the world and we have just started.
Buy XEN Crypto through Gate.io
- Gate.io is a crypto exchange founded in the fall of 2017. The platform is a part of Gate Technology Inc corporation, and has a registration address in Virginia, USA. The platform does not have an official license. Its interface is available for working in three versions: English, Chinese and Japanese.
Buy XEN Crypto through Huobi
- Huobi is a Seychelles-based cryptocurrency exchange. Founded in China, the company now has offices in Hong Kong, South Korea, Japan and the United States. In August 2018 it became a publicly listed Hong Kong company. Following a 2017 ban on Bitcoin exchanges by the Chinese government, Huobi stopped Bitcoin withdrawals.
Buy XEN Crypto through Poloniex
- Poloniex is a cryptocurrency exchange founded by Tristan D’Agosta in January 2014. In February of 2018, it was acquired by Circle for an estimated $400M, and subsequently “spun out” in October 2019. In November 2019, Justin Sun, founder of Tron, revealed that he led the acquisition of the “spin out”.
Step 3 – Withdraw Your XEN Crypto
Once you decide on an exchange, open an account and buy your XEN Crypto. Make sure to withdraw the XEN Crypto from the exchange to your personal wallet. Never leave coins on an exchange, as you risk losing them all if that exchange gets hacked or shuts down (which has happened in the past) and always double check address before send coins because you can send the coins to wrong address .
So What Is XEN?
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 datacenters. He’s also an angel investor, biohacker, and founder of imageshack.com and other companies
XEN, pronounced “zen”, is a state of equilibrium and fairness between passing time and the number of people owning it. It’s based on the principle that each of us is their own bank, able to mint our own tokens in a trustless way. It’s kind of like a seed that is a generative principle of a tree growing its own fruits. This is a very important aspect in the mindset of a sovereign individual who always chooses independence over entrenched interests, so popular in a centralised world of finance and often carried to the cryptocurrency field.
How to mint XEN?
XEN is a token that can be minted for free by connecting your Ethereum compatible wallet to the XEN smart contract. This is the only thing you need – a wallet like Metamask or any other compatible wallet and some ETH to pay for the gas fees. There are different features that make XEN tokenomics interesting, and those include staking times, mint term limits, late withdrawal penalties, the number of people participating in the minting process, and APY rewards.
XEN MINTING IN 10 EASY STEPS
- Download and install MetaMask
- Go to xen.network
- Connect your wallet
- Decide on a mint term
- Start minting
- Confirm the transaction
- Come back at the end of your mint term
- Connect your wallet
- Claim your XEN
- Confirm the transaction
When you connect the wallet to the XEN Crypto smart contract, you need to choose how much time needs to pass before you receive your tokens. The more time you’re willing to wait, the more XEN you’ll receive in the end. Additionally, XEN rewards depend on the number of people who interacted with the smart contract before you. When you connect your wallet, you get a cRANK that tells you this number. The contract also follows the global rank, which indicates the total number of all claims. This number is important because the more people you onboard to XEN after you join, the more rewards you will get. However, there’s no referral link to share and no promotional code to give. Similarly to Bitcoin, XEN relies on Metcalfe’s Law. Metcalfe’s Law states that the value of a network is proportional to the square of the number of participants in the network. This means that the more participants a network has, the more valuable it is. Now you know why Facebook and other social media are valued so much.
The Minting Formula
The XEN minting formula is as follows:
XEN reward = AMP * t * log2(dR) * (1+EAA(cRu))
AMP – time-dependent reward amplifier; it decreases in a linear fashion from 3,000 by 1 every day, until it reaches the plateau of 1.
cRg – global cRank
cRu – your rank
dR – delta rank (cRg – cRu)
t – mint term days
Aside from this formula, the whole tokenomics involves other aspects, and one of them is term limits. Term limits are counted in days, and the maximum Free Mint Term is capped at 100 days until the protocol registers more than 5,000 participants. After the 5,000 threshold is reached, the Free Mint Term increases logarithmically according to the below function. The curve flattens out when it reaches a maximum of 550 days. It is assumed that the 5,000 mark will be reached very quickly and that they will get the highest rate of inflation. After that, inflation will follow the Poisson distribution, which means it will drop sharply and stay low for about eight years.
The Free Mint Formula
The Free Mint formula is:
freeMintTermLimit = { 100, if cRg ≤ 5000
100 + log2 ( cRg ) * 15, if cRg > 5000
where 𝚌𝚁𝙶 is the current Global Crypto Rank
Maximum Inflation
Starting from zero supply, everyone will need to mint their tokens, and the amount of minted XEN will determine the total size of their holdings. This means that getting the highest inflation emission earns the highest APY rewards, which are highest for the first 90 days after the launch of XEN. They will decrease over the 4-year period to remain at 2% afterwards. The highest attainable inflation is also at the beginning, in the first days after the launch, because that’s when users get the Early Adopter Amplifier (EAA) 10% bonus and the highest Reward Amplifier (AMP) of 3,000. This AMP, as well as EAA, decreases over time, and XEN becomes disinflationary.
Penalities
People who have claimed their cRank and ended their waiting period are able to withdraw their tokens through a Web3 interface provided for this purpose. Withdrawing or minting XEN tokens is subject to penalties for the delay.
There’s no penalty if the tokens are minted when the stake ends, but each additional day means a percentage of tokens lost. Being late by one week means that you lose 99% of all your XEN. You can come back whenever you want to mint your remaining 1%, though. The penalties are hardcoded in the smart contract, and no one can change them.
Act responsibly and claim your stake as soon as it ends, so you don’t suffer any loss.
The penalties are applicable as follows:
0 = 0%
1 = 1%
2 = 3%
3 = 8%
4 = 17%
5 = 35%
6 = 72%
7 = 99%
XEN’s Staking APY
Similarly to HEX, which relies on a staking mechanism for yield generation, XEN also uses time locks, with a maximum locking period of 1000 days. However, there are some other nuances between HEX and XEN. XEN has no early-end stake penalties. Users can end their stakes whenever they want, but they won’t receive the APY rewards.
How do XEN APY rewards work?
When the XEN smart contract launches, the APY starts at 20% and decreases by 1% every 90 days until it reaches 2% and remains unchanged indefinitely. One year after the XEN Genesis, the APY will be at 16%, and it will reach the plateau of 2% after 1620 days from the launch. The APY is a non-compounding interest rate that is provided in addition to the general formula.Internally, when you stake XEN, the tokens are burned while only the record exists. When you end the stake, your XEN and the APY are minted into existence.
XEN Step By Step
- Follow these instructions to download and install the MetaMask wallet
- Go to xen.network and connect your wallet
- Choose the desired number of days for the mint term
- Start minting
- Confirm the transaction
- Come back when your mint term ends and connect your wallet again
- Claim your XEN by choosing one of the three options.
- “Claim” will mint XEN and you’ll see them in your wallet.
- “Claim + Share” lets you mint your XEN and send them to another address of your choice simultaneously.
- “Claim + Stake” lets you mint XEN and stake them for a chosen number of days up to 1000 days.