First bitcoin trades
Satoshi Nakamoto created Bitcoin as a peer-to-peer cash system, and he created it to get rid of the middlemen. The thing is that when bitcoin started to be traded on the exchanges like Mt. Gox, Bitomat, and later on Bitfinex, etc., first hacks started to appear, and up to this day, cryptocurrency suffers from these errors of the past. When Satoshi exchanged his first bitcoin transaction with Hal Finney, it had no fiat value.
The first time bitcoin has been exchanged for something of value was when Laszlo Haynecz decided to buy two pizzas for 10.000 BTC. On October 5, 2009, bitcoin was listed for the first time on the New Liberty Standard exchange with a value ratio of 1.309,03 BTC for $1. It was believed that that was the energy cost of mining Bitcoin.
Where to buy XEN
Similarly to bitcoin, you can’t buy XEN straight away as its done with many preminted tokens. XEN supply starts from zero and there’s no initial price when first mint happens. XEN can be minted into existence just like bitcoin can be generated only by mining it. XEN can’t be bought on any centralised or decentralised exchange when smart contract launches. The moment the first XEN mint terms end, and people want to give a monetary value to the token, they will list XEN on a decenetralized exchange. Uniswap and Sushiswap will be the most likely places you’ll be able to buy XEN when it starts trading.
Buying XEN on Uniswap
Similarly to bitcoin, you can’t buy XEN at launch because its supply starts from zero. XEN can be minted into existence just like bitcoin can be generated only by mining it. XEN can’t be bought on any centralised or decentralised exchange.
The moment the first XEN mint terms end, and people want to give a monetary value to the token, they will list XEN on a decenetralized exchange. Uniswap and Sushiswap will be the most likely place you’ll be able to buy XEN when it starts trading
How to mint XEN
Just like bitcoin, XEN Crypto is not tied to user identity, so anyone can mint as many coins as he/she pleases. However, this means that bots can also mint XEN.
When the smart contract gets deployed to the Ethereum blockchain, you will be able to obtain XEN only by connecting your Ethereum wallet to the dashboard of the XEN dapp, and claiming your cRank. There’s no need to buy XEN or to stake other tokens to get it. What you need is some ETH to pay for the gas fees. cRank indicates your spot in the number of total interactions with the contract.
Once you indicate the time you’re willing to wait for your tokens, the contract will start counting the participants that joined after you adjusted for the inflation rate. When your waiting period ends, you can connect your wallet again and mint all your XEN tokens.
One thing to know is that there are penalties applied for every delay in minting XEN after your waiting period has ended.
The penalties are applicable as follows:
0 = 0%
1 = 1%
2 = 3%
3 = 8%
4 = 17%
5 = 35%
6 = 72%
7 = 99%
“When you mint your own coins, you create something out of nothing. The amount of effort it takes to do it, plus community, is what drives the coin’s value higher. BTC has done it, XEN does it, XEN will do it” says Jack Levin.
