Ethereum and Bitcoin are the two most popular cryptocurrencies traded worldwide. Ethereum is a programmable and decentralized blockchain that allows users to develop applications, smart contracts, and organizations in a secure way from anywhere around the world.
In contrast, Bitcoin is a virtual or digital currency that neglects the involvement of third parties during transactions. Yet, exchanging assets between these chains necessitates intermediaries. On January 23, 2023, Jack Levin, a former Google Engineer, announced that he is developing a new Layer 1 blockchain X1 to solve this issue.
I will explain how XEN and X1 benefit Ethereum and blockchain holders in this article.
Exploring XEN Crypto?
Fair Crypto Foundation designed XEN crypto (an ERC-20 token), which Jack Levin leads. The aim behind the development of this coin was to solve the issues of cryptocurrencies and create a community of like-minded crypto enthusiasts.
The XEN lite paper states that popular tokens are overbought, and the other tokens are less noticed by the investors, facing pre-mining and whale accumulation. The launch of XEN crypto solves this issue.
Furthermore, it plays a pivotal role within the X1 ecosystem, offering individuals validation, delegation, and equitable token distribution opportunities. Notable, XEN crypto is classified as PoP (Proof-of-Participation) currency, and its mechanism is quite different from PoW (Proof-of-Work) and PoS (Proof-of-Stake) tokens.
A distinctive feature is that XEN crypto can be traded in 10 different blockchains, such as Binance Smart Chain, Ethereum, Polygon, Solana, Fantom, Harmony, OKExChain, Solana, Avalanche, and Heco.
Advantages of XEN Crypto
XEN cryptocurrency does not require any fee from the participants for mining XEN crypto.
XEN smart contracts distribute new tokens equally and avoid any type of pre-allocation.
XEN crypto tokenomics remains disinflationary because of no cap and limited mining of XEN because of the naturally sloping adoption curve.
What is X1 Blockchain?
X1 is the first layer1-blockchain that provides solutions and fills the gap between the EVM ecosystem and Bitcoin by implementing vital components such as Polygon Edge and VMPX bridge token.
Moreover, Jack Levin recently updated the launch of the X1 blockchain will be in the first quarter of 2024, and the $XEN chain will be known as the X1 Chain. According to Jack Levin, the max supply of X1 tokens will be 1B, and 50 percent of the tokens will be burned periodically.
Additionally, $XN is the native token of the X1 blockchain. It will also be used as gas for transactions, community participation, and reaching a common agreement.
Advantages of X1 Blockchain
One of the pros of the X1 blockchain and token is that it will also add value to the XEN cryptocurrency.
Unlike other platforms, users on this blockchain can trade, generate, and transfer their XENFTS faster and with low fees. They will also be able to gain entry to XENFTS without crawling from one chain to another.
Jack Levin claims that X1 will have a block time of one second and 1000 times faster than the Ethereum blockchain.
The holders of BRC token-20 will be able to swap it with the ERC-20 token by leveraging the VMPX bridge token.
The Bottom Line
X1 is an innovative blockchain, providing a layer-1 solution for digital assets for crypto users. The X1 blockchain will also connect the chains of XEN and provide them with a fast, secure, and reliable environment for trading NFTs.
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