Last night, Ethereum Gas skyrocketed, and a project called XEN triggered Gas War again. According to Dune data, as of the publication, XEN has consumed 1,184 ETH, accounting for 45% of the total burning volume of the entire network today. About 158,000 addresses have participated in the mining of this project.

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What is XEN?

The XEN white paper shows that the project uses Proof of PoP, Proof of Participation. XEN has no pre-mints, hidden switches, admin keys, or original (OA) wallets. Free minting, starting from zero supply, will only be minted by participating communities, and there is no maximum supply limit.

Although there is no upper limit on the supply of XEN, the difficulty of its output increases logarithmically. As the number of participants increases, its generation will become more and more difficult, and eventually it will tend to stop growing.

The project minting continuously manages token rewards through a minting-based reward time lock and total number of participants, and the number of tokens available to users follows the formula below.

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Users can freely set the mining lock time

After mining XEN, users can stake, and the APY will decrease by 1 percentage point every 90 days. The initial APY is 20%, and it will remain unchanged when it drops to 2%. The staking period can be selected in the range of 1-1000 days, once selected, the APY remains the same. 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. That is to say, the earlier the pledge is made, the longer the selected pledge period, and the higher APY can be enjoyed for a longer period of time.

XEN is led by the Fair Crypto Foundation, and as its name suggests, the organization's main goals are closely related to the notion of "fairness," which is common in the crypto community. Information on its official website shows that the Fair Crypto Foundation aims to empower individuals to navigate the ever-evolving world of cryptocurrencies. The organization hopes to create more economic freedom through research, development and community building. With this freedom, a person has the ability to direct their own economic energy without being hindered by a central control system.

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Suspicious background of the founder

The most discussed on the Internet is Jack Levin, the founder of XEN. His Twitter profile stated that he founded the cloud photo album product Imageshack, and his more dazzling resume is that he is the No. 21 employee of Google.

Odaily found that multiple public information shows that Google's No. 21 employee should be Marissa Mayer. This person worked at Google from June 1999 to July 2012. Before leaving, he served as VP and then as CEO of Yahoo.

The identity of the founder of XEN has been widely debated in the community for a while. Team Members In addition to the founders, XEN has three contributors.

In addition to the discussion of "true and fake Google employees", many people also questioned that XEN is inextricably linked to HEX, which also aroused the Fomo sentiment in the encryption community and focused on the concept of fairness.

On the XEN website, the introduction to XEN specifically explains the differences in mechanism between XEN and HEX. Meanwhile, the XEN team includes early holders who have been involved "from day one of HEX" (pictured far right above). In addition, Jack Levin has also appeared on the HEX platform.

The official website of HEX calls it a "term certificate of deposit" on the chain. Users can get HEX rewards by depositing HEX tokens. The longer users lock their positions, the more rewards they will get. The concept and mechanism are similar to XEN. The price of HEX reached US$0.48 in September 2021, and the current price is US$0.032, which has dropped 93% from the historical high, and has been "rights defended" by many investors.

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The employee number may be inaccurate, but Jack Levin is indeed an early Google employee who founded two companies, Nvenfy and ImageShack.

Nvenfy developed the Imagizer media engine, a product that accelerates image transfer, compression, and resizing, eliminating the need to store resized images and freeing up storage space for customers. ImageShack, on the other hand, is a cloud photo album product that provides a service for Twitter called YFrog. It is used as Twitter's backend infrastructure for running images and videos and presenting them to the community.

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Rumors abound in the community, investors are wary of risks

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Angel investor and serial entrepreneur Jack Levin (Image credit: crunchbase)

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Imagizer official tweet forwards encrypted KOL interview video

Here, Odaily still wants to remind users that the current market is in a deep bear market and lacks underlying innovation. At present, the so-called "decentralized" projects of a large number of projects are dominated by speculative attributes, and only rely on temporary gimmicks to attract heat.

DYOR, carefully verify the authenticity and potential risks of the information disclosed by the project party, in order to find the most correct path and discover the lost treasures in this unknown continent.