What is Chain (XCN)?

Chain is a cloud blockchain infrastructure solution that enables organizations to build better financial services from the ground up. Chain has identified two core problems in the financial and blockchain industry that it aims to tackle through its ecosystem of products: Legacy Financial Systems & Public Blockchain Infrastructure.

These problems could be addressed if asset ownership were recorded on a single shared ledger. But a combination of practical and technological constraints has made such ledgers difficult to adopt. Such a shared ledger would tend to require trust in a single party. That party would need to have the technical capacity to process every transaction in real time. Additionally, to support reversible, atomic, or complex transactions, the ledger would need to support more sophisticated logic than simple ownership changes. Chain took these features into account and created the decentralized Chain cloud platform.

Chain Cloud is a decentralized and distributed infrastructure protocol designed for developers to access blockchain networks on demand. In addition, clients can utilize various services within Chain Cloud to meet their blockchain and web3 product needs. 

Also, Chainʼs Web3 strategy is designed to unlock the capabilities of public blockchain networks and smart contracts at the infrastructure level through Chain Cloud. This capability empowers developers to focus on their applications and users, dedicating fewer resources to maintain the nodes running their applications. Chain addresses the needs of the permissioned blockchain space by giving companies the tools they need to deploy a private ledger with seamless development using Sequence.

Chainʼs mission in building on the Web3 strategy begins with its free Standard RPC API for several public blockchain networks. The Chain Cloud Standard RPC API is designed to give accessibility to several public networks to the community for free. This service enables reliable and fast API endpoints for developers globally to build on existing public blockchains. 

Chain Cloudʼs RPC layer is based on a globally distributed network of nodes and participants, creating a fully decentralized RPC API designed with fail-safe architecture. The underlying technology operates on multiple nodes across several data centers and home networks. The protocol utilizes an internet monitoring system to ensure that the architecture is highly available and scalable. This ensures that all RPC API endpoints are constantly in sync with the underlying nodes. Chain Protocol routes the network traffic to ensure optimized routing and speed are available for developers.

Cloud Nodes are a multi-cloud, multi-geo infrastructure platform for blockchain nodes, and we bring this capability to each network we support. Clients can deploy their nodes in any supported region globally through the interactive dashboard. Chain Cloud utilizes multiple cloud platforms and bare metal providers across many geographic regions and networks. 

XCN is the native governance token of the Chain Protocol which hosts the Chain DAO and can be utilized for snapshot polling, on-chain voting of protocol improvements, voting for community events and grants, and for staking to secure the network. 

XCN was upgraded and re-denominated in March 2022 to enable native governance features inherent in the token smart contract. Chain’s decentralized applications utilize XCN as the governance token that enables XCN stakers to participate in the Chain DAO to vote on Chain Improvement Proposals (CIPs), earn XCN rewards for securing the protocol, and votes for grants provided by the DAO treasury.


Who are the founders of Chain (XCN)?

Adam Ludwin was the founder of Chain. He earned his Bachelor’s degree from UC Berkeley and an MBA from Harvard Business School. Ludwin began his career as a consultant with The Boston Consulting Group and then worked in the venture capital space, specializing in “Fintech” organizations at RRE Ventures.  

He was credited with investments in prominent companies, including Vine, Slack, Kik, and Paperless Post.  In 2018, Chain was acquired by Lightyear Corp., the commercial arm of the Stellar Development Foundation, the organization behind the Lumens cryptocurrency, which formed Interstellar. 


What is Chain (XCN) used for?

Payment and discounts 

XCN can also be used for discounts, premium access, and to pay for commercial fees on Sequence, a ledger as a service, designed for enterprises, as well as other Chain products. Chain (XCN) is an Ethereum token that powers Chain Pay, a network designed to enable users to pay for goods and services with digital assets while receiving cashback rewards. 

Transaction 

With the decentralized Wormhole Bridge, users can transfer XCN to the Binance Smart Chain by locking up their Ethereum XCN.

Staking

Chain Staking comprises staking and depositing your XCN into the non-custodial staking smart contract deployed on the Ethereum blockchain. By staking XCN you are securing the network by ensuring proper governance and risk controls are set to avoid malicious actors from attacking the protocol.

Rewards

Chain Rewards are distributed from the Chain Distribution smart contract that has been re-purposed since Cip-2

The allocation available each month is 100,000,000 XCN while the reward

program is in effect.

Vote

Users can delegate their vote weight to a delegate address which is a member(s) of the community who will use the vote weight to vote in proposals.


How is Chain (XCN) unique?

Chain has raised over $40 million in funding from Khosla Ventures, Pantera Capital, Capital One, Citigroup, Fiserv, Nasdaq, Orange, and Visa. Chain has previously partnered and worked to build blockchain networks for Visa, Nasdaq, State Street, Citibank, and more. Chain is the bridge between many businesses and the Web3 world. 

Business owners can gain access to premium blockchain infrastructure solutions with 24/7 support teams, secure ledger management, NFT consulting, and more. Their systems are built to meet the demands of every client’s business. They are a one-stop solution for all elements of the blockchain’s infrastructure, allowing businesses to plan and expand, without spending too much time worrying about the underlying technology of your platform.

Chain inspires brands ranging from retail and banking to sports and entertainment to kickstart their entrance into Web3. With a suite of end-to-end products, they have delivered blockchain solutions tailored to our client’s needs. With their services reaching business entities across the globe, they have established their mission of creating a smarter and more connected economy.


How many Chain (XCN) tokens are in circulation?

Chain Token was originally launched in November 2021 through a successful audit from CertiK, a reputable smart contract security firm, with a total supply of 100,000,000. As specified in the original distribution documentation, 50% of the supply was allocated to Sequence users. A retroactive distribution was made to all Sequence users, excluding users from the United States of America and other OFAC-restricted regions, who were able to access these tokens through their assigned registered Ethereum address. 

Any Chain Token that was not claimed by transferring CHN to their digital asset wallet will be by March 1, 2022, was subsequently burned and the claim system deprecated. This resulted in over a 30% burn of the total supply of Chain tokens.

Thereafter a re-denomination of Chain tokens occurred, which split the token into 1,000 Chain tokens per burn. The new Chain Token ticker became XCN.

 The total unlocked and freely circulating XCN available in the market is 23,470,523,779 XCN.


How is the Chain network secured?

Chain’s nodes are constantly monitored through comprehensive tools. These data points and metrics are measured so that clients can view bandwidth, memory, disk space, and CPU load-on-demand. These alerting modules are working in real-time so that the platform can auto-scale when necessary to prevent any errors before their occurrence, including block heights, to ensure nodes are constantly in sync with the public networks. 

Also, Chain Cloud nodes exclusively belong to the client to run enterprise services or connect to the Chain Protocol. Clients enjoy the benefit of a dedicated node without the complexity of server management. Each node has a unique address and its own set of authentication keys. When protocol updates are developed and implemented, the updates demonstrate no disruption visible to the customer. Maintenance or upgrades to the nodes are automated based on node monitoring to constantly uphold the highest standards of network health, which you can track on-demand with monitoring reports.


How do I buy Chain (XCN)?

The XCN token can be used for a wide range of uses, like staking and governance.

XCN tokens can be easily purchased by following the following steps. 

Open an account with the crypto trading platform.

* Transfer the specific amount of your fiat currency to your account.

* Wait for your deposit to be confirmed and buy XCN through your trading account by exchanging with BTC, ETH, or USDT.


Which Cryptocurrency Wallet Supports Chain (XCN)?

The PTPWallet platform supports many cryptocurrencies with Chain soon to be included. Because of its vast use case, PTPWallet has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. The platform offers a simple user interface, supported by both Android and iOS devices, and comes with its own mobile wallet app.

Facebook
Twitter
LinkedIn
WhatsApp
Telegram
Reddit

More to explore

Arena

What is Arena Play (APC)?

In 2021, the total value of the global game market reached US$214.7 billion, up 110.7% year-on-year, of which the consumption of virtual

ApeSwap crypto token

What is ApeSwap (BANANA)?

ApeSwap is a decentralized Financial (DeFi) exchange platform on the Binance Smart Chain (BSC), Ethereum, and Polygon. It is a DeFi platform

Get on the VIP list!

Get company and PTPWallet updates and news sent straight to your inbox. No spam. Unsubscribe at any time. 


Get on the VIP list!

Get company and PTPWallet updates and news sent straight to your inbox. No spam. Unsubscribe at any time.