In March 2022, Chain rebranded its token from CHN to XCN and saw widespread success. The shared, multi-asset, cryptographic ledger has seen considerable market attention and increased in value by almost 50% in the first few months post-launch.
Then, after implementing upgrades that included the likes of Chain Decentralised Autonomous Organisation (DAO), the beta release of the Chain Cloud product, XCN staking, as well as listing on several crypto exchanges, Chain (XCN) reached its a new all-time high price. An honorable feat for the Chain ecosystem considering that the greater crypto market was in a decline.
What Is Chain?
Chain is a cloud blockchain infrastructure that allows companies to create and provide improved financial service solutions through their unique closed-ended blockchain network. This gives them the opportunity to upgrade to blockchain technology without carrying the risks linked to bigger public networks. The platform then allows them to issue, store and transfer digital assets on the company's private independent networks through several Chain ecosystem products.
According to the platform's whitepaper, the Chain protocol defines that it "allows participants to issue and control assets programmatically using digital signatures and custom rules."
Designed to improve on the current downfalls within the financial settlements industry, the Chain protocol offers improved solutions for everything from transfer fees to transparency to settlement delays, as well as security issues and the reversibility of transactions.
Other Chain ecosystem products include a standard and premium option of both an RPC/API (Remote Procedure Call API) product and a ledger-as-a-service option known as Sequence.
The standard RCP/API provides users access to various services within the Chain Cloud that allows them to develop products on public blockchains. The premium access options provide added solutions and the opportunity to build on private networks. This option charges an annual fixed amount charged in XCN.
Sequence provides users access to Chain's cloud blockchain accounting service where they can manage balances in a tokenized format. Again, there is a standard option or a premium access option with added benefits, payable in XCN.
The protocol also offers users end-to-end solutions covering the “design, development, compliance, sale and utilization” of NFTs through its Sequence NFT product.
The Chain Decentralized Autonomous Organization (DAO) runs the whole Chain Protocol, which is governed by XCN token holders. To participate in the Chain DAO and governance of the Chain, XCN holders must stake their tokens.
Who created Chain?
The Chain blockchain network was founded in 2014 by Adam Ludwin providing a solution to modern financial systems. The developers launched Chain Core after raising over $40 million through funding and strategic partnerships from the likes of Nasdaq, Orange, Capital One, and Citigroup.
In 2018 the platform was sold to Lightyear Corp., a division within the Stellar Development Foundation, but as of 2021, the company is now operating as a privately held corporation with new offices, shareholders, and a new board of directors.
How does the Chain protocol work?
Chain allows for multiple, independent blockchain networks to exist and work together, even if they're operated by different firms. Using the principle of least authority keeps control over assets separate from control over ledger synchronization so that everyone stays safe.
The Chain cloud protocol allows any network participant to define and issue assets by creating their own "issuance programs." After they've been issued, units of an asset are kept in custody by "control programs," which are written in a flexible and Turing-complete programming language that may be used to create sophisticated smart contracts for blockchain networks.
A group of "block signers" secure each network. The system is protected against forks as long as a majority of the block signers follow the protocol. To make things more efficient, the protocol delegates block creation to a single "block generator." Any node on the network can validate blocks and submit transactions too.
The Chain Core software is an enterprise solution that uses the Chain Protocol. An open-source developer edition of Chain Core is available for download, and Chain operates a freely accessible testnet to manage the Chain blockchain network.
What are XCN tokens?
XCN is the native token to the Chain ecosystem and acts as both a utility token and a governance token. Holders are allowed to vote on community programs and protocol improvement plans through the Chain DAO. The cryptocurrency also provides discounts on premium plans, a payment method for Chain Cloud and Sequence fees, and node deployment.
Alongside the rebranding of CHN to XCN, Chain also launched its new Chain Token smart contract on the Ethereum blockchain. Holders of CHN were given XCN tokens at a 1:1,000 ratio. Chain (XCN) has a maximum supply of 53.47 billion.
How can I buy the XCN token?
For those looking to incorporate Chain into their crypto portfolios, things just got a lot easier. The Tap app has recently added XCN to the list of supported currencies, allowing anyone with a Tap account to easily and conveniently access the Chain market.
Users can buy /sell XCN by using balances in either their crypto or fiat wallets or can buy the cryptocurrency with traditional payment options like bank transfers. Through the integrated wallets on the platform, users can also store and manage their XCN holdings easily and conveniently.
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