XION price 

XION

What is XION? XION is a blockchain built for everyone, everywhere through chain abstraction. Utilizing its Generalized Abstraction, XION distinguishes itself by integrating complex blockchain functionalities, such as accounts, signatures, and interoperability, directly at the protocol level. This approach allows for engagement with blockchain applications without needing to understand the underlying technologies.

XION is the native utility token that is used for: - Network Usage Fees: Transactions on the XION network incur platform fees, which are used innovatively to offset the minting of new tokens. This mechanism ensures that as network usage increases, the accrual of fees could lead to a deflationary token model.

• Proof of Stake Security: XION operates on a proof-of-stake mechanism, where validators play a crucial role in maintaining the network's integrity. $XION token holders can either delegate their tokens to validators or stake their tokens to run their own validator nodes. This not only secures the network but also ensures that validators are incentivized through rewards while malicious actors face slashing of their staked tokens.

• Governance: $XION token holders wield governance power, enabling them to vote on proposals that shape the future of the XION network. This decentralized governance model ensures that the network operates in the best interest of the community. A comprehensive roadmap for progressive decentralization will be crafted, incorporating feedback from both XION Core Contributors and the wider community. This joint endeavor aims to make the journey towards decentralization clear, participatory, and reflective of the community's perspectives and requirements.

• Medium of Exchange & Collateral: The $XION token facilitates peer-to-peer transactions across the Layer 1 applications and accounts within the XION ecosystem, eliminating the need for trusted third parties in payment processes. $XION can also be used as native asset liquidity or collateral to applications built on XION.

What makes XION unique? Generalized Abstraction Layer: XION's foundational feature is its Generalized Abstraction layer, designed to simplify blockchain technology's complexities. This innovation aims to address the primary challenges that have prevented widespread blockchain adoption, providing a comprehensive solution for users and developers. Meta Accounts: A distinctive element of XION, Meta Accounts, abstracts the traditional key model, enabling varied authentication methods. This feature facilitates a user-friendly transition from traditional web experiences to blockchain-based applications. Signature and Device Abstraction: Through a signature-agnostic approach, XION accommodates transactions authenticated via common methods like email and biometrics. This inclusivity extends to device usage, ensuring seamless interactions across multiple platforms, thereby boosting security and user accessibility. Parameterized Fee Layer: XION introduces a parameterized fee system that abstracts transaction fees, enhancing user convenience. Furthermore, this system supports transactions denominated in stablecoins, such as USDC, simplifying the financial transactions for users. Abstracted Interoperability: Focusing on interoperability, XION ensures that its Meta Accounts are compatible across diverse blockchain ecosystems. This feature enhances the user experience by facilitating effortless cross-chain interactions.

Who are the founders of XION? Burnt is the research and development company that first began contributing to XION blockchain.

Burnt Banksy, the founder and CEO, purchased a painting by the internationally famous artist Bansky, incinerated it, and then created an authenticated 1 of 1 NFT representation, selling it for more than the original physical artwork. His actions demonstrated the concept of digital scarcity on the world stage, making NFT community history and receiving universal acclaim in the process. The story was covered by leading publications including Bloomberg, CoinDesk, GQ, CoinTelegraph, BBC, CBS, HYPEBEAST, Art.Net, TechCrunch, and many others. He is often cited as one of the catalysts for NFTs as well as being cited in the wikipedia for the word NFT.

How many XION are in circulation? The XION token has not yet launched.

How is XION secured? XION operates on a Tendermint-based proof-of-stake (PoS) consensus mechanism. Prominent validators help to secure the network while making it more decentralized as well.