Xenon Network claims to be the world’s most advanced blockchain with the widest token distribution. Find out how it works today in our review.
What Is Xenon Network?
Xenon Network, found online at Xenon.network, is an EOS-derived blockchain built for enterprise use. The blockchain is scheduled to launch in July 2018. In September 2017, the company began distributing its native Xenon (XNN) ERC20 compatible tokens to over 400,000 active Ethereum addresses. A similar distribution event for bitcoin token holders occurred in November.
The goal of Xenon Network is to create a “a massively distributed alternative implementation of the EOS project” that avoids key limitations – like regulatory hurdles recently introduced in China and the United States. Basically, by airdropping tokens (instead of selling them through an ICO), Xenon Network aims to avoid regulatory problems that may be encountered by the original EOS project.
In any case, 30% of Xenon tokens were distributed to Ethereum addresses in early October (including all addresses containing more than 0.1 ETH). A further 20% of Xenon tokens were distributed to bitcoin holders (based on proof of holdings) in November, with another 20% of tokens to be distributed using proof of individuality mechanisms (like KYC verification) to encourage widespread token circulation. The end result is that Xenon Network wants to put its tokens in as many crypto users’ hands as possible.
In July 2018, all of these tokens will be redeemable for native tokens on the Xenon Network blockchain.
How Does the Xenon Network Work?
Xenon Network aims to improve on the shortcomings of the EOS project. The team behind Xenon Network believes that the EOS project has the right goals in mind, but is lacking certain features. That’s why Xenon Network is built as an EOS altchain.
EOS promises to provide an innovative, high-throughput enterprise-grade blockchain. It has a well-funded development team with a proven track record. However, the Xenon Network team believes the EOS project has two major shortcomings, including its ICO-derived launch (which will exclude EOS from many popular exchanges) and a limited distribution (distribution is limited to the small number of people who buy during the ICO).
Xenon Network’s solution is to airdrop tokens for an EOS altchain. The tokens are being airdropped to Ethereum and bitcoin holders, among other crypto users, based on the distribution structure mentioned above. 70% of the total supply of 1 billion tokens will be airdropped, with all airdropped tokens available for use on the EOS altchain once Xenon Network launches in July 2018.
The ultimate goal of Xenon Network is to be the primary, dominant EOS chain at the time of launch due to wider distribution, a stronger community, better developer engagement, and decreased regulatory risk (Xenon Network has lower regulatory risk because it’s not launching tokens through an ICO).
Xenon Network Conclusion
Xenon Network is an EOS altchain that’s launching its native XNN tokens through an airdrop campaign. That airdrop campaign distributed XNN tokens to bitcoin and Ethereum addresses in October and November 2017, then will airdrop more tokens to other crypto users (through a “proof of individuality” system) in December 2017. When the Xenon Network launches in July 2018, tokens will be exchangeable for use on the network.
What’s the point of Xenon Network? The creators of Xenon Network have some problems with the original EOS project and how it’s running. They see a potential regulatory headache with the EOS ICO, for example. Since Xenon Network isn’t holding an ICO, it aims to avoid those same regulatory hurdles – like the ICO crackdown in China and the United States.
Ultimately, stay tuned to see if Xenon Network’s unique airdrop campaign is successful in providing the widest possible token distribution. You can learn more about the platform by visiting online today at Xenon network.