What is X1 Blockchain? Uniting $XEN Communities Across 10 Chains
Overall, the X1 blockchain has the potential to revolutionize the existing blockchain space with its advanced technology, fast transaction speed, and integration of XEN communities across multiple chains, here’s why…….
X1 is a Layer 1 chain that will unite the XEN communities of all 10 chains, with a launch date planned for the first quarter of 2024.
The X1 blockchain will put Ethereum and other chains on a Layer 2 level, making the XEN chain a Layer 1 for parallel transaction execution and 1-second block speed.
Before the mainnet launch, XEN token holders can burn XEN to get the X1 token for testing on the testnet, which will then become the X1 mainnet’s coin.
The X1 chain will use Polygon Edge’s open-source zero-knowledge proofs technology to achieve scalability and lower transaction fees.
X1's transaction speed is 1000 times faster than on Ethereum, with a block time of one second and parallel processing, making it the fastest blockchain to date.
XEN holders will receive an X1 testnet token airdrop if they minted Apex or Limited XENFT, burned XEN for NEX or FENIX tokens, or minted Staking XENFTs.
X1 holders will be able to earn fees from delegating their tokens to the validators and earn passive income and they will also be able to run a validator node themselves.
X1's initial supply is 1 billion X coins, with 50% to be burned over time, making the coin deflationary. The other 50% of the supply will be distributed between venture capitals, the community, and the team.
X1's distribution model will follow the NEX reflection token auction model, lasting 36 months with monthly rounds.
X1 will start as Ethereum’s testnet, where users will need to burn XEN tokens to get X1 testnet tokens. When the testing ends, the testnet will become the mainnet.
X1's smart contract for burning XEN was initially meant to be deployed on all 10 chains, but Mr. Levin's team is looking at token distribution to decide which chains should be honored.