DUBAI, United Arab Emirates, Sept. 17, 2024 (GLOBE NEWSWIRE) -- The landscape of blockchain technology continues to evolve, and decentralized storage solutions are at the forefront of this transformation. With the market for asset tokenization expected to reach $16 trillion by 2030, the need for secure, reliable, and long-term data storage has never been more critical. In response to this growing demand, Xenea is proud to announce its launch, offering a groundbreaking Layer 1 blockchain specifically designed to address the challenges of decentralized data storage.
Xenea is setting a new standard in the blockchain industry, combining innovation with sustainability to ensure that critical data remains intact and accessible over time. In an era where the value of digital assets, particularly NFTs, is intrinsically tied to the data they represent, Xenea provides a secure, scalable, and future-proof platform for managing both static and dynamic data.
Xenea: A New Era in Decentralized Storage
At its core, Xenea is a Layer 1 blockchain platform that integrates decentralized storage solutions, offering unparalleled security and reliability. The project aims to address the limitations of current decentralized storage systems, such as IPFS and Arweave, which primarily focus on static data retrieval and are limited by the lifespan of current storage media. Xenea's solution goes beyond these constraints by offering a secure, long-term storage infrastructure built for the future.
EVM Compatibility
Xenea is fully compatible with the Ethereum Virtual Machine (EVM), making it easy for developers to build and expand applications using familiar tools from other EVM-compatible networks. This cross-compatibility opens up a world of possibilities for developers, enabling them to leverage Xenea's cutting-edge storage capabilities while maintaining a seamless development experience.
Backed by extensive research and rigorous testing, Xenea's architecture has been endorsed by leading computer science researchers, including experts at the Institute of Electrical and Electronics Engineers (IEEE), ensuring the platform's robustness and reliability.
Key Features of Xenea
Decentralized Autonomous Content Storage (DACS)
Xenea’s flagship feature, DACS, is a decentralized storage system built specifically for blockchain environments. Unlike other decentralized storage solutions, DACS is integrated directly into the Xenea blockchain, ensuring secure and sustainable data storage. Initially compatible with IPFS, DACS is set to expand its support to include other file systems, making it a versatile and powerful tool for managing data.
At the heart of DACS is the Sustainable Generation Manager (SGM), a technology designed to prevent data loss and ensure long-term data retention. SGM tracks the time and storage status of data, replicating it across DACS nodes to ensure efficient distribution and protection against loss. This system guarantees that data remains secure and accessible for generations to come.
Another key component of DACS is the Fast Track Contents Delivery Manager (FASTD), which prioritizes the storage of critical content, ensuring reliable access to important data. With DACS, NFT data is managed through tokens, eliminating the risk of centralized control and providing a robust solution for permanent data storage.
Proof of Democracy (PoD) Consensus Algorithm
Xenea introduces a revolutionary consensus algorithm known as Proof of Democracy (PoD), which ensures the secure transfer of assets without the need for collateral. Unlike traditional Proof of Stake (PoS) systems, PoD relies on a combination of Voting and Escrow nodes, achieving greater decentralization and security.
This innovative consensus mechanism allows users to participate in mining Xenea’s native token, XENE, by simply installing the XENEA Wallet on their mobile devices. PoD's decentralized structure ensures the integrity of the network, safeguarding both assets and transactions.
XENEA Wallet
The XENEA Wallet is a user-friendly, secure crypto wallet designed specifically for the Xenea ecosystem. It not only allows for the storage of cryptocurrencies but also simplifies participation in the network’s PoD consensus. Xenea’s patented technology eliminates the need for private key management, using advanced secret sharing techniques to protect users' assets from unauthorized access.
The wallet is set to undergo significant development in 2024 and beyond, with plans to introduce a wide range of features, including support for EVM-based transactions, social login integration, and general payment functions similar to mainstream payment methods like Apple Pay.
XENEA Wallet Development Roadmap
- Stage 1: Rewards App Launch (September - December 2024)
XENEA Wallet will debut as a rewards app, allowing users to earn points, known as "gems," by completing tasks through apps like Zealy and Galxe. This stage will also include a viral campaign across 15 countries, offering Bitcoin rewards and priority access to the Initial Node Offering (INO). - Stage 2: Wallet Enhancement (December 2024 - January 2025)
In this stage, Xenea will expand the wallet’s functionality, adding crypto wallet features and launching the INO. The wallet will support EVM-based transactions, and users will benefit from Xenea’s patented technology for secure, keyless crypto storage. - Stage 3: 2025 Roadmap
Xenea aims to introduce payment functions, enabling users to utilize their crypto assets for everyday transactions. Strategic partnerships with local payment service providers will facilitate this integration, making crypto payments as easy as using a credit card.
Xenea Tokenomics
The Xenea (XENE) token serves as the backbone of the Xenea network, functioning as the primary currency and playing a role in governance, block rewards, and collateral for DACS. The total supply is capped at 1.83 billion tokens, with approximately 65.6% already created at the network's launch. Xenea also plans to implement a deflationary mechanism by burning a portion of gas fees, which could further enhance the token’s value over time.
About Xenea
Xenea is an innovative Layer 1 blockchain platform designed to revolutionize decentralized data storage. By integrating cutting-edge technologies and offering a secure, scalable solution, Xenea aims to set a new global standard for data storage infrastructure. The platform’s focus on sustainability, security, and accessibility makes it a leader in the decentralized storage space.
For more information, visit Xenea's official website at https://xenea.io.
Media Contact:
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Contact:
Tokuro Uhara
info@xenea.io
Disclaimer: This content is provided by Xenea. The statements, views and opinions expressed in this column are solely those of the content provider.The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.
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