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XEN Torrent enables easier management and faster execution of multiple minting addresses. The handling of multiple addresses is more secure since multiple cRank claims can be stored in one address connected to one hardware wallet.
XEN Torrent enables unlocking of the waiting economic energy and makes it instantly tradable through the XENFT.
XEN Torrent brings utility for the XEN token and fosters adoption for the XEN project.
As illustrated in the diagram above the classic way to mint XEN is through claiming cRank through the ERC-20 protocol.
XEN Torrent gives the user the ability to bulk mint multiple cRanks at once. The protocol introduces VMU - virtual minting units. It's a virtual wallet created by the XEN-torrent smart contract.
Each VMU is like a container for a claimed cRank from XEN’s base ERC-20 protocol. The VMU's are controlled by the user through the same smart contract. No one has the keys to these virtual wallets. Access to them is controlled by the XENFT that you receive.
When you mint a XENFT you choose the number of VMUs you want to make. The number of VMUs you can make is anything from 1 to N, where n is limited by the networks gas block limit.
The user also chooses the mint term which will be the same for all VMUs holding cRanks.
The XENFT is the key to the bulk mint. XENFT will acts like a key that unlocks the ERC20 tokens (XEN) later.
XENTorrent(ERC721) is like a minting factory - which creates multiple XENFT records each with access to multiple VMUS continuing cRanks.
Since XEN Torrent tokens adhere to ERC-721 NFT standard, they are transferrable. This means that one user can transfer a XENFT owned by the user to another user .
User can go to Opensea or any NFT marketplace directly and sell it to someone. So the buyer can come straight from the NFT world and take part of the 1st principles of crypto with one transaction. You will then transfer the future mint rights to that person, since they are held though the XENFT.
XEN Torrent XENFT serves as an access token to claim rights to the bulk XEN minting. It’s a classic bearer token, which means that whoever owns (presents) XEN Torrent Token can claim the proceeds of XEN ERC-20 mint.
A user can (either through a wallet address or a smart contract) own an unlimited number of XENFTs.
For the issuance of some XENFTs user is also required to burn XEN
The diagram above illustrates how the protocol actually interacts for that action. The burn happens in the XEN torrent contract. You give permission to the XEN torrent contract to burn your XEN and then it calls the proof of burn function native to the XEN protocol. Technically your XEN will then be sent to a null address where it cannot be sent out from.
The amount of XEN you want that the user burns needs to be in the users wallet for the transaction to successfully go through.
At maturity date user can claim the mint of XEN, with the XENFT, at xen.network.
User then perform a bulk ClaimMintReward with the XEN Torrent contract.
The VMU, virtual minting units self-destruct, and in turn performs a claimMintReward to XEN protocol, just like a users would have normally with the classic method.
XEN protocol then then mints the Xen tokens and transfers them to you address (which could be your original address or any other address in the network).
The output of the transaction is XEN in users wallet and a redeemed XENFT.
XEN minting operation initiated via XEN Torrent smart contract is run by XEN Crypto ERC-20 smart contract; whereby the same rules of claiming rank and claiming mint rewards apply. XEN minting initiated via XEN Torrent has no special treatment, it shares the same Global Rank counter as direct operations via XEN Crypto. Same is true for mint claim/withdrawal penalties; after 7 days you claimable reward is down to 1%. Users are encouraged to be mindful of the maturity date and the 7 day withdrawal time window.
The XENFT will store properties, where some are related to the XEN (ERC20) minting and others specific to XEN Torrent.
All the properties captured in the XENFT are immutable, which means they cannot be changed, except for the ‘Redeemed’ property, which is a boolean value and is set to ‘false’ upon XENFT minting.
Once the user has performed the second phase and claimed the minted XEN ERC20 tokens, XENFT is said to be redeemed and the ‘redeemed’ property is set too 'True'.
XEN Torrent XENFTs come in 3 different categories: Apex, Limited and Collector. Apex and Collector are also divided into different classes.
Each categorie with its class is bound to different conditions in order for its issuance.
The value of the XENFT will be determined by both its utility and its rarity (category and class) properties.
Metadata art is a very important manifestation of the XENFT value, therefore all token categories and classes will bear distinct art capturing various aspects of the XENFT value.
Apex is the top tier of the XEN Torrent hierarchy. The issuance is limited to 10,000 in total, divided into 5 different rarity classes.
Conditions:
Total Supply of issued Apex XEN Torrent XENFTs is less or equal to 10,000,
Count of VMUs in the bulk XEN mint is 100 or more,
User is in possession and is willing to burn XEN tokens for the privilege to mint one of the Apex XENFTs
Amount of XEN tokens to be burned for the Apex XENFT determines the rarity class (inside the Apex category), each of which has its own limits of issued tokens:
The burn amount required will be different for each network XEN torrent is deployed on.
Note the token IDs here. For each XENFT user will see this ID number and can then easily verify what class it belongs to. With Apex user have to weigh the value of burning XEN, however much is required, in relation to the value of the rarity and potential future utility of the Apex XENFT.
Limited category, unlike the Apex category, is not limited by the number of tokens issued but rather is limited by time.
Conditions:
Time of Limited XENFT issuance is 365 days (31,536,000 seconds) since the moment of XEN Torrent smart contract deployment (which is captured by the `genesisTs` immutable variable),
Count of VMUs in the bulk XEN mint is 100 or more, for the Ethereum network
User is in possession and is willing to burn XEN tokens for the privilege to mint one of the Limited XENFTs.
Token IDs for Limited XENFTs share the same counter with Collector XENFTs (token IDs start at 10,001).
With a limited XENFT user have to weigh the value of time rarity, due to the fact that you can only mint them for 365 days, after which it will be impossible. This in addition to the burning of users XEN as well.
There is no limit to how many Limited XENFTs each user can hold and you can hold multiple per wallet address.
XENFTs of this category can be minted free by anyone, at any time, any number of times.
There is no burning required for the collector XENFTs and user can choose as low as 1 VMU.
In order to make Collector XENFTs ‘less common’ and introduce additional game theory spirit for all XENFTs owners, XEN Torrent Common tokens are also divided into classes. In this case the qualifying parameter is XENFT’s `power` which is computed as: number of VMUs times XEN minting term expressed in days.
𝙿𝚘𝚠𝚎𝚛= |𝚅𝙼𝚄| * 𝚝𝚎𝚛𝚖
Classes of Collector XENFTs are defined as:
𝙲𝚒= ⌊𝙿𝚘𝚠𝚎𝚛/𝟽𝟻𝟶𝟶⌋
The table below breaks down the 8 different Collector classes with their individual names and power intervals.
XEN Torrent is run by an ERC721 compatible smart contract that interacts with XEN protocols ERC20 smart contract, by virtue of bulk minting XEN as well as implementation of the Proof of Burn function native to the ERC20 contract. XEN torrent issues non fungible tokens, XENFTs, which contain user encapsulated cRanks, with the same maturity date.
XEN Torrent protocol is an immutable contract, with no admin keys and 100% transparent and open-source. The protocol is audited and audit report is shared with the XEN community prior to launch. There will be no pre-mint of XENFTs, as well as no founder or team allocations, whitelists, blacklists or sacrifices.
XEN Protocol related | XEN Torrent specific |
---|---|
Class | Name | Amount | Token IDs | XEN burn required |
---|---|---|---|---|
Class | Name | Power |
---|---|---|
Comparison | XEN Protocol | XEN Torrent protocol |
---|---|---|
Term (days)
Count of VMUs
Maturity timestamp
Category
cRank (first VMU)
Amount XEN burned
AMP (first VMU)
Redeemed (or not)
EAA (first VMU)
1
Xunicorn
100
1...100
tba
2
Exotic
900
101…1,000
tba
3
Legendary
2,000
1,001…3,000
tba
4
Epic
3,000
3,001…6,000
tba
5
Rare
4,000
6,001…10,000
tba
Total
10,000
0
Ruby
1…7,500
1
Opal
7,501…15,000
2
Topaz
15,001…22,500
3
Emerald
22,501…30,000
4
Aquamarine
30,001…37,500
5
Sapphire
37,501…45,000
6
Amethyst
45,001…52,500
7
Xenturion
52,501…
Standard
ERC-20
ERC-721
Issuance
XEN (fungible token)
XENFT (non-fungible token)
Main purpose
Medium of exchange
Bulk mint XEN, makes economic energy tradable