XZEN, found online at XZEN.io, wants to make cryptocurrencies more accessible to everyone using a cheap, user-friendly wallet. Here’s our review.
What is XZEN?
XZEN is a cryptocurrency wallet developer that, according to the official website, wants “to make cryptocurrencies affordable for the maximum number of people and to accelerate their distribution in all spheres of our life.”
XZEN’s ecosystem consists of the XZEN app along with the XZEN wallet and band. The app lets you complete NFC payments for goods at 36 million locations worldwide. The wallet and band, meanwhile, are designed for secure, long-term cryptocurrency storage.
In other words, XZEN’s app is what you use on a daily basis to make payments, while XZEN’s wallet and band are used to securely store cryptocurrencies long-term.
How Does XZEN Work?
XZEN consists of three core components, including:
XZEN App: The app allows you to make NFC payments at retailers worldwide (you can spend money at any retailer that accepts contactless payments). The app also allows for simple money transfers by name instead of difficult public keys, as well as fingerprint recognition for easy transaction confirmation. Basically, you can use the XZEN app to spend money securely from your crypto account.
XZEN Wallet: The XZEN wallet is a wallet-sized device with a front display. That display shows your current balance. It can also display your recent transactions. The device is enclosed in steel and has IP67 protection (dust and moisture proof, but not quite fully waterproof). You access the wallet by scanning your fingerprint.
XZEN Band: The XZEN band functions like the wallet. It holds your keys in cold storage. You access your funds using a fingerprint scanner.
Across all three devices, XZEN uses machine learning technology to help identify users. Devices also have multi-factor identification systems – including PINs and fingerprints – to provide maximum security. Your keys are kept in cold storage when using the wallet and band, or available for easy payments when using the app. Wherever you keep your cryptocurrencies in the XZEN ecosystem, you retain hold of your private keys at all times.
The XZEN wallet is scheduled to launch on Ethereum in Q4 2017, with the hardware wallet launching in Q2 2018.
XZEN emphasizes all of the following overall features:
Multiple Currencies: You can store various types of cryptocurrencies and fiat currencies.
Prompt and Favorable Exchange: Exchange any cryptocurrency at the market exchange rate from within the wallet.
NFC Payments: Use the NFC chip on your phone or XZEN wallet to pay for goods and services anywhere contactless cards are accepted.
Purchase Tokens: You can purchase ERC20 tokens from within the wallet.
Loans: Receive and provide loans for additional income.
Easy Money Transfers: Transfer money by name instead of by private key.
Layered Encryption: XZEN uses AES, Twofish, and Serpent encryption layers.
XZEN Tech Specs
Here are the tech specs for the XZEN wallet (the physical wallet-sized device with a display and fingerprint sensor):
Battery: 1100 m/h (works in standby mode up to two weeks)
Scanner 3.0: XZEN has a third generation fingerprint scanner.
Material: The XZEN case is made of steel and high-quality plastic.
Protection: XZEN has IP67 dust and moisture protection.
Display: LCD display with a 960×640 resolution.
Processor: CPU with internal encryption.
Bluetooth 3.0 USB: XZEN connects via USB-C and Bluetooth 3.0.
NFC Chip: NFC chip for payments.
Who’s Behind XZEN?
XZEN is led by Rustem Zubairov (CEO) and Dmitriy Laptev (CFO). Zubairov is an entrepreneur with 5+ years of consulting experience, and has been a major participant in the development of cryptocurrency regulation in Kazakhstan. Laptev, meanwhile, has 10+ years of banking experience and is described as a blockchain enthusiast and investor.
The team behind XZEN first formed in Q4 2016. The concept was developed throughout 2017.XZEN Review – XZN ICO Cyber Security Cryptocurrency Wallet App & Band?
The XZEN ICO
XZEN ICO begins with a pre-ICO from November 13 to November 30, 2017, followed by a general ICO from January to February 2018.
The pre-ICO has a hard cap of $500,000 and a soft cap of $200,000. 6% of the total supply of tokens will be available during the pre-ICO (50 million pieces). You can pay using ETH, with tokens set at a price of $0.01 ETH per token (an 80% discount from the ICO price).
The main ICO, meanwhile, is scheduled for January-February 2018 (specific dates have not yet been released). The ICO has a hard cap of $16,750,000 with a total emission of 390,000,000 (50% of the total supply of 786 million pieces). The price per token is set at $0.05, with discounts of up to 30% available during the early days of the ICO.
Of the total supply of tokens, 50% is reserved for the ICO, 6% is reserved for the pre-ICO, 25% for future bounties, 15% for the team, 3% to advisors and partners, and 1% for a bounty campaign.
XZEN tokens – also called “pieces” or XZN – are utility tokens that give owners unique advantages on the platform. If you invest in more than $1,000 worth of XZEN tokens, then you’ll get an XZEN wallet. You also get discounts on transaction commissions of up to 50% on the platform, and you’ll have the opportunity to pay transaction commissions using XZN tokens.
During the pre-ICO, participants can exchange 3,000 XZEN tokens for 1 wallet.
XZEN is an upcoming cryptocurrency wallet ecosystem. The XZEN mobile app (which functions as a mobile wallet) will launch before the end of 2017, with the physical XZEN wallet (a wallet-sized cold storage device with an LCD display) launching in Q2 2018.
The ICO for XZEN tokens is underway from November to January. You can learn more about the platform online today at XZEN.io.