XION is the first L1 purpose-built for mainstream adoption. **What is XION?** XION is a blockchain built for everyone, everywhere through chain abstraction. Utilizing its Generalized Abstraction layer, 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 fees, which are used innovatively to offset the minting of new tokens. This mechanism means that as network usage increases, the offsetting of fees could lead to a deflationary token model. - Proof of Stake Security: As a proof-of-stake network, XION relies on validators to maintain its integrity. $XION token holders can delegate their tokens to validators or stake their tokens to run their own validator nodes. In addition, instead of calculating inflation against all tokens, the XION network calculates against only staked tokens. This vastly reduces the token’s overall inflation, leading to much more sustainable economics of the network. - Governance: $XION token holders can actively participate in network governance by proposing and voting on proposals. - Medium of Exchange & Collateral: $XION can be utilized as native liquidity and collateral within the ecosystem. It can also facilitate peer-to-peer transactions across applications and accounts within the XION ecosystem. **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 fees, enhancing user convenience. Furthermore, this system supports transactions denominated in stablecoins, such as USDC, enabling familiar pricing and stability. 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 through chain abstraction. **Who are the founders of XION?** Burnt is the research and development company that first began contributing to XION blockchain. Burnt Banksy, the founder, purchased a painting by the internationally famous artist Banksy, 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 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. XION is backed by industry leaders such as Animoca, Circle, Multicoin, Arrington, Spartan, Draper Dragon, Hashkey, GoldenTree, Mechanism, Morningstar Ventures, Figment, Play Ventures, Valor, Sfermion, Kucoin Ventures, MH Ventures, Laser Digital (Nomura) and more.

A Xion wallet is a digital or physical tool that stores your public and private keys. These keys are needed to access and control your crypto assets. The wallet doesn't store the actual coins but lets you interact with the blockchain. It’s the gateway to sending, receiving, and safeguarding your Xion.

Open your Xion wallet and select “Send.” Paste or scan the recipient’s wallet address, enter the amount of XION, and confirm the transaction. Once confirmed, the recipient sees the funds in their wallet.

Go to the “Receive” section in your Xion wallet. Copy your wallet address or use the QR code. Share it with the sender. After the transaction is broadcast and confirmed on the blockchain, your wallet shows the updated balance of XION.

It’s a unique string of letters and numbers linked to your wallet’s public key. Others use this address to send you XION. Think of it like your crypto account number; it tells the network where to send the funds, but it doesn’t give access to your private key.

To securely store your Xion, consider using a hardware wallet like Cypherock X1. It splits your private key into five cryptographic parts across secure components, ensuring your funds stay safe even if you lose one, two, or even three parts.

Yes, modern hardware wallets like Cypherock X1 support thousands of coins and tokens, including Xion. You can manage your entire crypto portfolio across multiple wallets and blockchains seamlessly.

With Cypherock X1, your private key is split into five secure parts. As long as you have two parts of the hardware components (an X1 Card or the X1 Vault), you can recover your Xion even if the other three parts are lost.

Look for tamper-proof smartcards, EAL6+ certification, offline verification, and decentralized key storage. Cypherock X1 offers all of these, ensuring bank-grade security for your Xion.