Jack Levin, the founder of XEN Crypto, announced on January 23 that the X1 blockchain is going to unite the XEN communities on all EVM-compatible chains. This move is going to put Ethereum and others on a Layer 2 level relative to X1, making the XEN chain a Layer 1 for parallel transaction execution and 1 second block speed. The former Google engineer initially created a mechanism where anyone burning XEN received an XN token for testing on the testnets, to later receive the XN coin on the mainnet. The exact tokenomics, however, is to be determined.
When is the X1 chain launch
Mr. Levin plans to roll out the X1 blockchain in 2024. The first tests started in January 2023. The first iteration of the testnet was Devnet, which was launched on the Polygon SDK codebase. Fastnet was the second iteration, and it was based on Fantom Opera. It was further called the X1 testnet. In search of the fastest execution and better technology, the tests were lately extended to Xolana, built on Solana’s codebase. There is also the Xenblocks chain, which is the Proof of Work part of X1. Testnets are available on the official X1 blockchain website.
The road to X1 involves burning the XEN tokens to get XN; however, the exact allocation and specifics are still unknown. The community is awaiting the release of the official GitBook.
What is the X1 blockchain
X1 is a Layer 1 EVM-compatible, general purpose network powered by the Fantom Lachesis consensus algorithm. X1 is a hybrid PoW/PoS blockchain based on the Argon2ID hashing algorithm, conferring quantum resistance and energy efficiency compared to other PoW chains.
All the users who have burned XEN tokens on other chains will be allocated the native X1 coin. Jack Levin described today’s Web3 space as “dinosaur age” technology that is difficult to use and build on. This is why he decided to initially use Polygon Edge’s open source zero-knowledge proofs technology to achieve scalability and lower transaction fees and has now pivoted towards more scalable and faster solutions like Fantom Opera and Solana.
Run a node on the X1 testnet.
Join the validators group
X1 decentralization
The current private testnet run by Mr. Levin’s team is centralized, and the public testnet is also going to be centralized to ensure that potential bugs are being fixed promptly and the development is swift without the need for a burdensome governance process. As more validators join the network, the chain is going to become decentralized over time where anyone will be able to run a node.
The 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.
Conclusion
X1 chain is built to be at the technological forefront of the existing blockchain space. It will be not only the biggest consumer of the XEN token on all 10 chains but, thanks to the VCs involvement, will ensure a thriving environment for the developers. The XEN minters who have burned or who will choose to burn XEN are going to receive the biggest allocation of the X1 coin. Mr. Levin’s 30 year experience in open source software development and scaling solutions creation for his ImageShack, yFrog, and Imagizer companies, as well as for Google, constitutes the right kind of pedigree for the founder of a chain like X1.
A draft of the X1 Litepaper was released and you can view in the video below the entire mechanics of the X1 chain and the larger ecosystem.
