What is Chain (XCN)?
XCN is the native token of Chain, which is an enterprise-grade blockchain infrastructure provider that uses cloud technology to facilitate the business sector's widespread adoption. It provides a selection of tools, such as a decentralized cloud network that allows for instant access to blockchain capabilities and NFTs (non-fungible tokens) on demand.
Take a look at the Chain price chart featured above. It features the current and the previous XCN price.
Any user of Chain can issue assets by creating issuance programs. Then there are also control programs used for managing issued assets. These programs are written in a powerful programming language that is Turing-Complete. Besides, note that a network of block signers protects each network and, as long as the protocol is followed by a majority of block signers, the system is resistant to forks.
The core products of the Chain network are the Chain Core and Sequence. Chain Core is a permissioned blockchain that can be used to launch blockchain networks or connect to already existing ones. Sequence, on the other hand, is a ledger-as-a-service that is used to track and transfer balances in a token format securely.
Overall, Chain strives to reduce the confusion that new users often face in the market. To make onboarding easier, they have created a protocol with click deployment which eliminates any technical barriers. Additionally, Chain offers professional assistance to businesses that need help launching their blockchain products. Furthermore, businesses may struggle to understand how to best use the NFT technology, thus, the platform offers a comprehensive development framework that assists during all phases of the NFT launch, from offering advice on compliance and fiat conversion integration, to providing other valuable insights.
Use Cases of XCN
The XCN coin is the main utility token of the network that is required to access its services and functions. Additionally, XCN can be used for international transactions. The token is accessible on a variety of prominent DEXs and CEXs.
It is possible for anyone to earn XCN crypto tokens through a variety of means. The protocol allows users to stake their tokens and receive consistent passive income. Staking is an attractive option since it provides steady returns without risking any initial investment.
Moreover, the XCN token is used to access the Chain Cloud Computing service. It is a top-notch product that provides users with maximum security and enhanced performance at more affordable prices than other leading services. This decentralized cloud service provides people with fully encrypted, uncensored solutions. Companies can quickly incorporate blockchain protocols using Chain Cloud's user-friendly interface by holding and paying for this service with XCN coins.
Furthermore, recall that one of the platform’s primary objectives is to make sure that NFT holders can get the most out of their investments. Using the XCN token, the protocol offers a comprehensive set of tools and services for creating, managing, and trading NFTs. These digital collectibles can be used as tickets, artworks, music files, and much more. Plus, creators have access to Chain's knowledgeable staff who are always available to answer questions or provide advice on how to best utilize their products.
Also, Sequence is a significant addition to the Chain network, which helps to create dApps in a much easier way. However, dApp creators need to hold XCN crypto in their wallets to create and deploy their applications.
Lastly, XCN is also used as a governance token, which allows holders to take part in the Chain DAO. Through this, they can vote on Chain Improvement Proposals (CIPs), earn XCN rewards for maintaining the network's security, and cast votes for grants from the DAO treasury.
Planning to buy Chain coins? Make sure to make a thorough XCN price analysis before doing that. Use the Chain price chart.
Who Founded Chain?
Adam Ludwin founded Chain in 2014. Before that, he attended UC Berkeley and his first job was working as a consultant for The Boston Consulting Group and IDEO. Afterward, he got an MBA from Harvard Business School and did investments in the fintech area at RRE Ventures. Some of those companies were Vine, Slack, Kik, and Paperless Post.
The Chain crypto project has gathered over $40 million in investments from Khosla Ventures, RRE Ventures, and a range of strategic partners including Capital One, Citigroup, Fiserv, Nasdaq, Orange, and Visa. It has already established blockchain networks for companies such as Visa, Nasdaq, State Street, and Citibank. Deepak Thapliyal currently serves as the CEO and Chairman of Chain's Board. Before his current role at Chain, he was involved in domain investing in the private sector along with creating arbitrage trading systems.
In 2018, Chain was purchased by Lightyear Corp., the business arm of the Stellar Development Foundation, which is responsible for Lumens cryptocurrency. However, in 2021, Chain became a privately owned corporation again with a new board of directors, executives and shareholders.
XCN Tokenomics
The XCN token was officially released in November 2021 after passing an audit by CertiK, a trusted smart contract security company. The maximum supply of the XCN is over 53 billion, and at launch, 50% of it was given to Sequence users. All Sequence customers from countries not on the OFAC list were able to get these tokens through their registered Ethereum address with a retroactive distribution.
Any Chain token that was not claimed by transferring it to a digital asset wallet before March 1, 2022, was destroyed and the claiming system was shut down. This caused around 30% of all Chain tokens to be eliminated. Following this, each token was divided into 1000 parts, thus re-denominating them.
