What Is Chain (XCN)? How It Works & Where To Buy It

Chain (XCN) is a blockchain project that has been around for several years. The project essentially aims to optimize enterprises’ financial services through an array of unique digital products.

The Chain price (XCN) has seen significant volatility over the years but has recently improved significantly after the news of VISA and NASDAQ funding the project.

XCN is currently the 33rd largest cryptocurrency by market cap.

 

How Chain Crypto (XCN) Works

Chain is a Web3 infrastructure provider that provides a suite of solutions that make it much simpler to construct and operate a blockchain network. These solutions may be purchased individually or as a bundle. Chain Cloud and Sequence are two of the most important services that they provide.

Chain was first introduced in 2014 and focuses on scalability inside Web3 as well as accessibility for the creation of smart contracts. Chain has the goal of making it easier for developers to have access to blockchain infrastructure supplies and spending less time doing so, which will hasten the paradigm shift toward Web3.

Chain protocol aims to address issues that plague the current infrastructure. Both the existing public blockchain infrastructure and the current banking system are very ineffective, and the existing blockchain infrastructure isn’t optimized for developers.

When traditional financial institutions upgrade existing systems with blockchain technology, there will be a need for increased levels of security and compliance, which Chain has also noted. To achieve these goals, Chain, has made it possible to create a private ledger (for more information, see the paragraph under the heading “Sequence”).

Chain’s main vision is to empower the Web3 economy through the provision of a cloud-based infrastructure solution. Through its products and services, Chain seeks to free developers from focusing on their application’s infrastructure, choosing to instead dedicate focus to their own users and the applications themselves.

Chain Core is a DAO, (decentralized autonomous organization), and as such, the DAO controls the Chain Protocol. Like other DAOs, people that hold its native token, XCN, are in charge of what happens to the future of its network through on-chain proposals and governance as well as the maintenance of the Chain DAO Treasury. When the team launched Chain Core, they envisioned a fair and democratic protocol where users could participate by staking XCN, as is the case with most protocols.

This is frequently referred to as community protocol governance and is essentially a version of community-driven programs but the Chain protocol defines itself as a DAO. Various community-driven programs help establish a particular ethos within the project and help lead to protocol improvements.

Chain Cloud is a decentralized cloud blockchain infrastructure protocol developed by Chain that provides users with increased access to blockchain networks. Users that have the Chain Cloud Standard RPC API can obtain the product in their immediate possession. And thanks to this, developers are able to create and expand on already established chains by utilizing an API endpoint.

Chain Cloud’s technology also functions on several nodes, which allows it to be decentralized and trustworthy. These nodes may be found in a variety of data centers and on home networks.

Sequence

Sequence is Chain’s Ledger-as-a-Service, which enables people to control balances in apps like wallets, markets, and lending protocols. It’s cloud-based, which makes it very easy for users, and it takes advantage of the functionality of a crypto coins data format.

It’s immutable and safe, and it includes shared analytics, additional transaction processes, balance categories, and organizations, as well as the option for users to run their apps on it. Sequence frees up teams to concentrate on their real product by automating the construction and operation of ledger infrastructure.

 

What Is Chain Crypto (XCN) Used For?

XCN, which is Chain’s governance as well as utility coin, serves as more than just a store of wealth. XCN is utilized to vote on protocol upgrades and community-driven projects since Chain is a DAO.

XCN may also be used for “node deployment, discounts, premium access, and a payment mechanism for payments on Chain Cloud and Sequence,” according to Chain’s whitepaper.

You may participate in DAO proposals and general governance by staking XCN. Aside from that, customers may use XCN to pay for network fees and features such as node deployment and VIP access to Chain’s goods.

Chain is also utilized for its services that are more affordable than standard commercial fees, and the Chain ecosystem products are also deemed to be superior. Chain isn’t a project offering individuals better financial services, it simply aims to provide solutions to existing issues in cloud infrastructure. Other chain ecosystem products are being explored and the team is likely to make announcements in the near future.

Furthermore, some people choose to day trade or swing trade XCN tokens. They want to take advantage of market movements that will enable them to benefit. This may be rewarding, but it is also quite risky.

 

Where To Buy Chain Crypto (XCN)

Chain (XCN) is a blockchain project that provides lucrative solutions to issues that thousands of people are facing. The smart contract platform lets organizations optimize their processes and claims to be more efficient than existing modern financial systems.

Chain (XCN) is available for purchase on most centralized cryptocurrency exchanges. However, you must first deposit currency into an exchange before you can buy XCN tokens on a centralized exchange. Your XCN digital wallet on the exchange will then be credited with XCN tokens.

You can purchase, trade, and store tokens at the crypto exchanges listed below:

1. Binance (US Customers use Binance.US)
2. Gate.io
3. Coinbase
4. KuCoin
5. Bitfinex

Before purchasing any tokens on a controlled exchange, users must be aware of the risks. When a user stores tokens on an exchange, it effectively implies that their private keys are no longer theirs, since their tokens may be lost if the exchange is hacked.

Most people keep their tokens in a digital or hardware wallet. There are many XCN token wallets available on the market – MetaMask is a popular decentralized digital wallet.

 

FAQs About Chain Crypto (XCN)

How long has Chain Crypto (XCN) existed?

Chain was initially conceptualized in 2014 and was released to the market. The native token of the project was initially trading under the CHN ticket but rebranded to XCN in 2022.

The project has managed to grow considerably since its launch and many individuals are familiar with the project. Chain has managed to onboard some phenomenal strategic partners including Nasdaq and VISA.

What’s controversial about Chain Crypto (XCN)?

The cryptocurrency industry has a charm to both individual and institutional investors. The industry is growing, and new discoveries and advancements are being made on a daily basis, but the market is also vulnerable to being exploited. Over the past few years, some of these scams have resulted in losses to customers totaling millions of dollars.

When doing research on projects, people should continually evaluate both the facts and what is rational about the data. You should educate yourself as much as possible about crypto companies before you invest any money in them.

Let’s take a look at the biggest controversy surrounding Chain (XCN).

• Circulating supply – The supply of XCN is already much higher than most crypto projects, which has had a negative impact on investment. An additional issue is that the project’s circulating supply is troublesome. Currently, only 40% of the total supply is in circulation.

  People in the crypto space consider this to be a significant risk because it could very well lead to a major dump in the price of XCN. This would occur when a number of XCN tokens enter circulation. But if there isn’t enough demand for them, this will lead to negative price action.

How many Chain Crypto (XCN) tokens are there?

At the time of writing, Chain (XCN) has a circulating supply of 21.47B XCN (40% of the total supply).

The total supply of Chain (XCN) is 53,470,523,779.

The max supply of Chain (XCN) is 53,474,611,831.

Can Chain (XCN) be mined?

Chain (XCN) can’t be mined. Users can however earn rewards on their XCN tokens by utilizing various decentralized platforms or by staking their XCN tokens. When staking their XCN tokens, they will also receive unique voting rights.

What is the market cap of Chain Crypto (XCN)?

The market cap of Chain (XCN) is the total amount of coins in circulation multiplied by the current XCN price.

Chain (XCN) Market Cap = 21.47B XCN x $0.09 = $2 billion (33rd largest market cap).

The market cap fluctuates according to circulating supply and market price.

 

Biggest Competitors Of Chain Crypto (XCN)

Several projects are positioned in the distributed ledger space. Many of these projects have been around for several years and have managed to amass significant communities and market caps.

The biggest competitors of Chain (XCN) are:

• Stellar
• Ripple

 

What Are The Future Plans For Chain Crypto (XCN)?

Chain has recently undergone a rebranding, and this comes off the back of an extremely successful $40m funding round. Some of the biggest partners supporting the project include VISA and NASDAQ.

Going forward the project will look to expand its user base, and cement itself as a dominant project in the crypto space.

 

Pros And Cons Of Chain Crypto (XCN)

Pros

• Ledger-as-a-service – Chain assists businesses in transitioning and optimizing their existing financial services.
• Major partnerships – Chain has partnerships with the likes of VISA and NASDAQ.

Cons

• Competition – Chain is up against the likes of giants such as Ripple and Stellar.