Jack Levin, XEN Crypto Currency And XENFTs
Introduction to Jack Levin and XEN Crypto.
Jack Levin the founder of XEN crypto currency, is a Russian-American computer scientist and entrepreneur.
He is a computer science graduate of the University of Missouri and a former employee of Google. He is known in the tech industry as a serial entrepreneur who has founded a number of successful startups and is an angel investor. In 2010, Levin became interested in Bitcoin and has since remained active in the cryptocurrency space.
His latest project, XEN, is a decentralized, community-driven cryptocurrency that aims to be a global currency for the people. Levin believes that Proof of Work technology is obsolete and aims to create a more energy-efficient cryptocurrency with XEN.
He has a strong belief in the principles of self-custody and community involvement, and these values are reflected in the design of XEN.
In addition to his work in the tech industry, Levin has a history of philanthropy and activism. He co-founded ImageShack, a free image hosting service that became a successful company, ranking 11th in the Alexa world website ranking.
ImageShack later ran a service called Yfrog for Twitter, which was used as the backend infrastructure for running images and videos on the platform. Levin also co-founded Nventify, a company that offers a media engine called Imagizer, which speeds up the delivery of images and their compression and resizing.
This allows clients to save storage space by not having to store resized images.
Levin’s involvement with Bitcoin began in 2010 when a friend introduced him to the concept of peer-to-peer money. He was drawn to the simplicity and power of Bitcoin and began mining the cryptocurrency in 2011.
At the time, Bitcoin was trading at $1-3. Levin used excess electricity from his data center to supplement the cost of mining, but ultimately never sold his Bitcoin to pay for the bills. In 2014, he switched to using ASICS for a period of time until he ran out of hash power. He has given Bitcoin as gifts to friends, with one friend even using it to purchase a house.
While Levin is no longer interested in wasting electricity on mining, he remains committed to improving people’s lives and providing them with access to financial freedom through cryptocurrency.
With his latest project, XEN, he aims to create a fair, energy-efficient cryptocurrency that is driven by the community and promotes self-custody and true ownership.
XEN is a decentralized, community-driven cryptocurrency that utilizes a disinflationary model and emphasizes the importance of self-custody and true ownership.
XEN is designed to be fair and equal, giving all users the opportunity to participate in the minting and distribution of the currency rather than allowing a select group of founders to pre-mine or pre-mint tokens.
The XEN project includes the introduction of XENFTs, unique non-fungible tokens that have the potential to revolutionize the way we think about digital ownership. As XEN continues to grow and develop, Levin’s vision for a global currency for the people may become a reality.
Levin is a strong believer in the power of open source projects and the value of community involvement. He believes that XEN has the potential to become a widely-adopted cryptocurrency and to make a positive impact on the industry as a whole.
What is XEN Crypto?
Introduction to XEN Crypto and its unique approach to token distribution.
XEN Crypto is a universal cryptocurrency that aims to become a community-building asset that connects like-minded people. Its goal is to achieve the original mission of blockchain technology by following the tenets of decentralization, transparency, counterparty risk resistance, peer-to-peer value exchange, and self-custody. XEN is designed to have a low barrier to entry for mass market adoption and is based on the ERC20 token standard. It is free to participate in and is inflationary in the beginning, becoming disinflationary as adoption increases.
XEN is a proof of participation (PoP) cryptocurrency and is generated through a formula based on the number of participants and the length of time they choose to participate. It is disinflationary in nature and has no cap on its supply. It is not controlled by any management team and belongs to the people. XEN is open source and is secured by the blockchain. It is intended to be a fair system of new token distribution and is secured by the blockchain.
Unique Approach to Token Distribution.
One of the main differences between XEN and other cryptocurrencies is its approach to token distribution. While many other cryptocurrencies rely on pre-mining or pre-minting, which can often lead to founders and early investors receiving large amounts of tokens, XEN takes a different approach. Instead of pre-mining or pre-minting, XEN uses a fair launch process, in which tokens are minted and distributed equally among users. This means that everyone has the same opportunity to get involved and earn tokens, rather than only a select few receiving a large number of tokens at the outset.
In addition to its fair launch process, XEN also offers rewards to early adopters through its amplification rewards program. This program encourages users to spread the word about XEN and bring new people into the community. By participating in this program, users can earn additional XEN tokens as a reward for their efforts.
The concept of XEN Crypto.
XEN Crypto is a decentralized, community-driven cryptocurrency that aims to be a global currency for the people. It was created by Jack Levin, a computer science graduate of the University of Missouri and a former employee of Google who is known in the tech industry as a serial entrepreneur and angel investor.
One of the key features of XEN is its unique approach to token distribution. Unlike many other cryptocurrencies that rely on Proof of Work technology, which requires miners to use large amounts of energy to solve complex math problems in order to mint new tokens, XEN uses a different approach called Proof of Fair Launch. This means that new tokens are minted and distributed fairly among users based on their level of participation in the XEN community.
Another important aspect of XEN is its emphasis on self-custody and community involvement. Levin believes that individuals should have full control over their own assets and that the success of a cryptocurrency depends on the active participation and support of its community.
In addition to the XEN tokens, the XEN ecosystem also includes XENFTs.
XENFT launched on the Ethereum network on December 30, 2021.
The XENFT protocol is an ERC-721 non-fungible token (NFT) that interacts with the XEN Crypto ERC-20 smart contract to act as a “XEN Torrent” protocol that automates on-chain transactions and maximizes XEN minting.
The XENFT launch allowed for the creation and trading of XENFTs, which are divided into three categories: Collector, Limited, and Apex. Each XENFT is minted with a quote and is associated with a specific cRank, or crypto rank, which is a measure of a user’s contribution to the XEN network.
The XEN Torrent protocol provides a faster and easier way to mint XEN, and the use of XENFTs as keys to underlying mints means that they can also act as bearers of value. The XENFT launch also introduced a burning mechanism, which allows users to burn XEN tokens to reduce the total supply.
XENFTs are unique digital assets that can be traded on marketplaces like OpenSea and Rarible. The XENFT Litepaper describes XENFTs as financial instruments that also serve as collectibles and have a built-in game theory element. They are created through the minting of XEN tokens, which can be done through the use of the XEN Torrent protocol and virtual minting units (VMUs).
The XENFTs have various properties, including information about the minting process and the XEN Torrent protocol, and can be divided into different categories based on the amount of XEN burned and the number of VMUs used in the minting process.
XENFTs also have a maturity date and can be redeemed when that date is reached, though there is a blackout period around the maturity date during which the sale of XENFTs is prohibited to prevent bad behavior.
The benefits of XEN Crypto.
Self-custody and individual ownership are core principles of XEN Crypto. With self-custody, users have complete control over their own assets, as opposed to entrusting them to a third-party custodian.
This not only gives users peace of mind, but it also ensures that their assets cannot be seized or censored. In addition, XEN’s disinflationary model means that the number of tokens in circulation will gradually decrease over time, potentially increasing the value of remaining tokens.
XEN also offers amplification rewards and staking opportunities to its users. Amplification rewards are given to users who provide liquidity to the XEN ecosystem by participating in liquidity pools on various exchanges. Staking allows users to earn a percentage of transaction fees by holding XEN tokens in their wallet and participating in the validation of transactions on the XEN blockchain.
These rewards provide incentives for users to support the growth and stability of the XEN network.
Overall, the benefits of XEN Crypto include self-custody, a potential increase in value due to its disinflationary model, and opportunities for rewards through amplification and staking. These features make XEN an attractive option for those looking to get involved in the cryptocurrency space.
The future of XEN Crypto.
The team behind XEN has ambitious plans for the development and growth of the project. They envision XEN becoming a widely-adopted cryptocurrency that is used by people all over the world. The community will play a crucial role in shaping the direction of XEN’s future, and the team is committed to fostering a strong and active community of users. With its unique approach to token distribution and emphasis on self-custody and community involvement, XEN has the potential to make a significant impact on the crypto industry.
In order to achieve its goal of widespread adoption, the XEN team is focused on continually improving and expanding the capabilities of the cryptocurrency. This includes implementing new features and technologies that make it more user-friendly and accessible to a broader audience. The team is also working to establish partnerships and collaborations with other organizations in the crypto and tech sectors, in order to increase awareness and adoption of XEN.
One of the key ways that the XEN team is working to ensure the long-term success of the project is by building a strong and engaged community. This involves actively seeking out and welcoming new members, as well as providing support and resources for existing users. The team is also committed to transparent communication with the community, in order to ensure that all stakeholders have a clear understanding of the direction and goals of the project.
The future looks bright for XEN and its team. With its innovative approach and strong focus on community involvement, XEN has the potential to make a significant impact on the crypto industry and become a widely-adopted cryptocurrency.
In conclusion, XEN Crypto is a decentralized, community-driven cryptocurrency that aims to be a global currency for the people. Its unique approach to token distribution, emphasis on self-custody and individual ownership, and disinflationary model set it apart from other cryptocurrencies. The team behind XEN has ambitious plans for its development and growth, and the community will play a crucial role in shaping its future. With its potential to make a significant impact on the crypto industry, XEN is worth keeping an eye on. If you’re interested in learning more about XEN or becoming a part of the community, we encourage you to visit the XEN website and join the conversation.
PART 2: XENFTs.
Introduction To XENFT.
XENFTs, or XEN Non-Fungible Tokens, are a type of cryptocurrency that are unique, indivisible, and non-interchangeable. They are built on top of the XEN Crypto platform, which is a decentralized, community-driven cryptocurrency that aims to be a global currency for the people.
XENFTs are used to represent and verify the ownership of unique assets within the XEN ecosystem, and they are an important part of the overall functionality of XEN Crypto.
In this article, we will explore the role of XENFTs in the XEN Crypto ecosystem, and how they differ from traditional cryptocurrencies. We will also discuss some of the potential use cases for XENFTs and the impact they could have on the cryptocurrency industry.
The XENFT and XEN Torrent Protocol: Upgrading XEN Crypto.
XENFTs (XEN Non-Fungible Tokens) were introduced to the XEN Crypto ecosystem with the release of the XENFT Litepaper by the Fair Crypto Foundation on November 12th. XENFTs are built on the foundation of the XEN Crypto smart contract and are designed to bring the world of non-fungible tokens (NFTs) into the XEN ecosystem.
The XENFT Litepaper rovide an overview of the XEN Torrent protocol and XENFTs, explaining how they embody the principles of blockchain technology, the role of gamification, and their potential as collectibles. While XENFTs were initially created as financial instruments to facilitate the minting and burning of XEN tokens, they also serve as a means of achieving financial self-sovereignty, a state of economic independence rooted in the code of the blockchain.
What is Financial Self-Sovereignty?
Financial self-sovereignty refers to the possession and control of the private keys to your wallet, which can only be achieved through self-custody rather than relying on centralized exchanges or intermediaries. An “illuminated” Xenian understands the importance of decentralization, transparency, censorship resistance, and trust through consensus in the crypto space, and is aware of the actions they are taking when interacting with smart contracts and their wallet.
By minting XEN tokens, an individual takes the first step towards “Xenlumination,” or enlightenment in the XEN community. When a user engages with the XEN Crypto smart contract to mint their first XEN tokens, they are taking control of their own private keys and embarking on a journey towards financial self-sovereignty.
With the release of the XENFT Litepaper, the minting process has been upgraded to include more levels and the introduction of a burning function. This allows users to not only bring XEN tokens into existence, but also to destroy them. This process helps to create and maintain a thriving community of like-minded individuals within the XEN ecosystem.
One key aspect of the new smart contracts is that they do not have any admin keys, making the code within them immutable and resistant to changes made at the whim of any individual. The contracts are open source and have been audited for security, an important consideration for all Xenians.
What Is XEN Torrent?
The XEN Torrent protocol is a batch minter used to mint XEN, a cryptocurrency. It works by activating the ERC-721 contract and virtualizing Ethereum addresses into Virtual Minting Units (VMUs). When a user goes to the xen.network website to mint XEN in bulk, they can call a function to claim their user rank and execute it in parallel. The number of VMUs created will be determined by the “count” number specified by the user, which can range from 1 to a maximum set by Ethereum’s block capacity (currently around 128, although a safer threshold is 100). When the network is experiencing high traffic, the transaction may fail and incur a cost unrelated to the XENFT contract.
The advantage of the XEN Torrent protocol is that it allows for simultaneous minting of XEN with multiple VMUs without the need for multiple distinct Ethereum addresses. The contract handles all of this behind the scenes. It claims multiple ranks in one transaction and issues a Non-Fungible Token (NFT) as proof of the interaction with the contract and a key to all the VMUs it created. This means that the owner of the XENFT can return at the end of the mint term and claim XEN tokens in bulk. In this sense, the XENFT acts as a bearer asset granting rights to the holder.
Why Do We Need XENFTs And XEN Torrent.
XENFTs are digital assets that are created in the process of minting and/or burning XEN tokens. They are unique and are used in conjunction with the XEN Torrent protocol to automate the minting process. XENFTs are classified into different categories based on various properties such as term, maturity timestamp, cRank, AMP, EAA, number of VMUs, category, amount of XEN burned, and whether they have been redeemed or not.
The XEN Torrent protocol is a batch minter that is activated by calling the ERC-721 contract and is used to mint XEN tokens. It creates virtual minting units (VMUs) and allows for simultaneous minting of XEN with multiple VMUs without the need to create multiple Ethereum addresses. XENFTs are important because they allow for the instant sale of XEN tokens after they are minted, and they also serve as collectibles with the potential for use in various projects.
There are three categories of XENFTs: Apex, Limited, and Collector.
The Apex Category Of XENFTs.
The Apex category of XENFTs is the most expensive and exclusive category available. It can be obtained by burning a large amount of XEN tokens, specifically 10 billion XEN for the top-tier Xunicorn XENFT. There are a total of 10,000 Apex XENFTs available, which are divided into 5 classes depending on the amount of XEN burned and the sequence of issuance. These classes, in order of decreasing value, are: Xunicorn, Exotic, Legendary, Epic, and Rare. Each Apex XENFT features a Yin Yang symbol, representing the balance of creation and destruction, abundance and contraction, which reflects the way that XEN Crypto’s token supply is affected by the burning mechanism in XENFTs.
Obtaining an Apex XENFT requires a significant amount of XEN tokens, and the demand for these NFTs could potentially lead to a reduction in the overall XEN supply and an increase in minting activity. The burn certificate, or XENFT, that is issued upon burning a certain amount of XEN can be sold on the secondary market as a collectible or for other purposes. The buyer of the XENFT will also receive the XEN contained in the associated Virtual Minting Units (VMUs). By burning XEN, individuals are essentially reducing the overall supply of XEN and contributing to the community, similar to the concept of lost coins in Bitcoin.
Limited Category Of XENFTs.
Limited XENFTs require 250 million XEN to be burned and are only available for 365 days after launch. There is no limit to the number of Limited XENFTs that can be issued within one year, as long as the minimum number of VMUs (100) and burn of 10 million XEN are met.
Collector Category Of XENFTs.
Collector XENFTs are not obtained through burning, but rather through minting XEN in batches with the use of the XEN Torrent contract and a minimum of 1 VMU and 1 day mint term. Collector XENFTs are divided into 8 classes based on the “Power” which takes into account the number of VMUs multiplied by the time of the XEN minting term. Each time XEN is minted through the XENFT contract, the user is issued a Collector XENFT belonging to a specific class. Minting with 128 VMUs for the maximum of 550 days will place the user in the Xenturion class, giving them unbounded status.
XENFT Gamification And Art.
XENFTs not only have financial value, but also bring a gamification aspect to the XEN Crypto community. The scarcity and temporal limitations of the Apex and Limited categories, as well as the Power play of the Collector category, make XENFTs a highly sought-after collectible. The act of burning 10 billion XEN to obtain a highly coveted Xunicorn XENFT not only grants the owner powerful minting abilities, but also increases the value of other XEN tokens by reducing the overall supply. In addition, XENFTs also have an artistic element, adding to their appeal as collectibles.
How XENFTs Work.
Explanation of XENFT minting process and difficulty increase over time.
XENFTs, or XEN Crypto Non-Fungible Tokens, are unique digital assets that represent ownership of XEN tokens. They are created through a process called “minting,” which involves using the XEN Torrent protocol to virtualize Ethereum addresses into Virtual Minting Units (VMUs).
To mint XENFTs, users must first connect their wallet to the xen.network website and call the ERC-721 contract by specifying the number of VMUs they wish to create. This process consumes a certain amount of gas, which is the fee paid to the Ethereum network for executing the transaction.
The number of VMUs that can be created in a single transaction is limited by the maximum block gas limit set by Ethereum, which is currently 30 million gas. Each VMU requires 180,000 gas, so the maximum number of VMUs that can be created in a single transaction is approximately 128.
However, it is recommended to set the number of VMUs to a safer threshold, such as 100, to avoid transaction failures due to high network traffic. If the transaction fails, the user will incur a cost that is not related to the XENFT contract, but rather to the Ethereum network conditions.
The minting process also becomes more difficult over time as the difficulty factor increases. This is done to ensure a stable and consistent rate of XENFT issuance, as well as to discourage spamming of the network with low-quality XENFTs.
In the Collector category of XENFTs, the color of the NFT you receive is determined by the level you enter through minting XEN. The color spectrum mimics the spectrum of visible light, with red representing the lowest economic energy level and violet representing the highest. As you ascend through the levels, the economic energy and wavelength of your NFT increases, moving through orange, yellow, green, blue, indigo, and violet.
The highest, unbounded level is represented by a white NFT.
Anyone can progress through these levels by following the principles of the blockchain and minting free XEN. In the XENFT game theory, minting XEN is a requirement in order to earn the privilege of burning it later and receiving a special, one-of-a-kind XENFT with a beautiful color and the yin yang symbol indicating the Apex category. The Limited series is distinguished by the rabbit sign, while Collector XENFTs have different colors and symbols representing different gems.
Conclusion Of XENFTs.
The XEN Crypto smart contract allows users to mint XEN tokens by connecting their wallet to xen.network and paying the network’s gas fee. However, manually creating multiple addresses to obtain more XEN can be time-consuming, and this is where XEN Torrent comes in. It automates the process and also increases security by requiring only one private key for the entire batch.
XENFTs offer the ability to sell XEN instantly after initiating the mint, rather than having to wait for the end of the mint term. These NFTs also serve as collectibles and have different categories with varying requirements for creation and expiration dates. The XENFTs game theory aspect and artistic elements make them a desirable and unique addition to the $4.36 billion NFT market.
Overall, XENFTs provide a way to engage with the XEN Crypto smart contract and understand the principles of decentralization.
Indeed, XEN has the potential to make a significant impact on the crypto industry and become a widely-adopted cryptocurrency.