Xronos is a cryptocurrency aggregator that aims to solve crucial problems in the world of payment platforms and cryptocurrencies. Here’s our Xronos review.
What Is Xronos?
Xronos, found online at Xronos.space, is an aggregator for cryptocurrencies and blockchain technologies.
The goal of Xronos is to create the world’s first truly stable cryptocurrency. That cryptocurrency would function as a decentralized, stable, and massively-applied payment instrument. It would accelerate the transformation of the economy from fiat currencies to digital currencies.
Obviously, one of the biggest problems with cryptocurrency today is volatility. Volatility makes it difficult for merchants to accept and hold onto cryptocurrencies as a method of payment. Merchants might accept 1 BTC for a certain product or service, assuming they received the equivalent of $4,000 USD. However, by the time they go to spend it, BTC might have dropped to $2500 or risen to $6500.
The Xronos ICO is taking place throughout October and November.
What Problems Does Xronos Seek To Solve?
Xronos’s developers have outlined for main problems with the world of cryptocurrencies today, including:
Instability and Volatility: Speculation, volatility, and price fluctuations are a huge problem that could prevent the widespread adoption of cryptocurrencies.
Preservation of Capital: Xronos’s whitepaper claims that all financial instruments are under the influence of different kinds of risks – whether you own shares, hold money in a bank, or own cryptocurrencies, there’s always an element of that investment that’s outside your control. Instruments are always connected to legal, political, and geographic concerns.
Cryptocurrencies Are Difficult for an Average Person to Understand: Xronos claims the cryptocurrency market is fenced off for certain users. It’s not the most beginner-friendly industry. It’s growing more complicated daily, as there are 800+ cryptocurrencies available on major exchanges.
Limited Interaction With the Real World: Xronos claims there are “no crypto-gates to the real world”. They mean to say that there’s no real economy behind cryptocurrency, and there isn’t a single stable coin. This increases the risk of a speculative bubble based on limited “hard” data.
How Does Xronos Work?
Xronos aims to solve all of these problems using a cryptocurrency aggregator and a truly stable coin. The Xronos Aggregator consists of three core projects, including a wallet, a blockchain, and an exchange rate stabilization system (XRSS). The projects will progress through four “stabilization stages”, including two pre-sales and two ICOs. The price of XPO tokens will possibly rise at every stage.
Another key goal of Xronos is to connect cryptocurrency to the real world. To do that, the developers are creating a geolocational game that combines the real world with cryptocurrencies. They claim to be considering 3 to 4 game studios as candidates at the moment. The eventual game will be connected to traveling and receiving real money in exchange for in-game activity.
Overall, the goal of the Xronos project is to create a stable cryptocurrency. To generate that stability, Xronos will connect the value of its XPO token to economies around the world, including industrial stocks, commodities, gold, and more. By hedging bets across all areas, Xronos can “guarantee the value of a digital coin.”
Some of the key features of Xronos include:
Blockchain Technology: Xronos uses blockchain to provide a secure, transparent basis for their crypto-economy.
XRONOS Wallet: This wallet stores XPO tokens.
Exchange Rate Stabilization System (XRSS): This system automatically balances the price of XPO tokens in fiat currency. To do that, Xronos uses bots that constantly measure the value of XPO in relation to Global Average Rage, “GAW”, which is the standard of cost worldwide. GAW is calculated from data provided by the Organization for Economic Cooperation and Development (OECD).
GAW is recalculated once a year. The Xronos bots will maintain gold and currency reserves in digital form through platforms like the Guarantee Xronobot (XBG), while bots like the Emission XronoBot (XBE) will emit Xronos at a rate designed to keep the currency stable.
There’s also a “self-optimizing currency basket” that contains a wide range of popular digital currencies (51% bitcoin, 20% Ethereum, and the rest being altcoins). Further details about how the stabilization system works can be found in the Xronos whitepaper.
Motivational Services: These services aim to teach new users the basics of crypto-economics while also attracting them to the technology in general.
Smart Contracts: Xronos users can use smart contracts “to execute operations with goods and services with the help of secure and fast cryptocurrency tools,” explains the whitepaper.
Workspace: Xronos’s Workspace is a social network featuring P2P economic tools.
The Xronos ICO
Xronos is holding a presale from September 21 to October 21, 2017. The rate will be 1 XPO = $2.15 USD. 80% of funds raised during the pre-sale will go to creating the cryptocurrency basket. The remaining 20% will be used to develop the project.
The ICO, meanwhile, is scheduled for November 21 to December 21, 2017.
There will also be a second pre-sale taking place after the ICO. This pre-sale will be held in spring 2018. The price of 1 XPO will not be lower than $10.75 during this pre-sale. Part of the funds raised from this pre-sale will go towards the development of Globula, the Xronos game we mentioned above.
Finally, there will be a second ICO. This will be called the Globula ICO. It will take place in summer 2018. The price of 1 XPO will not be lower than $16.15 during this ICO.
In total, 21 million XPO tokens will be sold throughout these four token sales (two pre-sales and two ICOs). The XRSS will receive at least 98% of the received funds.
Who’s Behind Xronos?
Xronos is in development by a Russian team of developers. However, the Xronos whitepaper doesn’t feature any team details, and no further information is available on the Xronos.space website. The company appears to have launched online in June 2017.
Creating a stable currency is no easy talk. The Xronos developers believe they can create a truly stable cryptocurrency, however, with a stabilization mechanism. That stabilization mechanism includes a basket of cryptocurrencies and real world assets from diverse locations around the world. It’s an interesting concept.
You can witness the stabilizer in action today by visiting Xronos.space. The pre-ICO for XPO tokens is taking place throughout October, with an ICO scheduled for November and December (another pre-sale and ICO for the Xronos Globula game are scheduled for 2018).