Despite its prevailing volatility, the crypto sphere has continued to enjoy increasing adoption. Today, the sphere ranks well amidst the leading spheres across the globe. Occasioned by the skyrocketing adoption, the sphere is now expanding rapidly, thereby witnessing more innovations and projects. As of today, there are over hundreds of crypto, gaming, and blockchain protocols, with each possessing native cryptocurrencies. These protocols usually harness their native cryptocurrencies to power their networks, availing their holders, in most cases, with governance rights. For instance, XPR coin, for instance is the native crypto of the Proton protocol, thereby facilitating the operations on the network.
Occasioned by the general volatility of the sphere, investors are compelled to look before leaping. Today, investors explore cryptocurrencies to achieve different purposes. However, irrespective of how investors harness cryptocurrencies, their most popular function is to serve as a medium of payment and investment, thereby relegating the traditional approaches to doing these things. Just like other forms of cryptocurrencies, the XPR coin remains one of the available crypto assets available for investors to explore within the sphere. With this article, new and existing investors will learn more about the rudiments of the crypto project, its background, protocol and its potential.
XPR Coin: General overview
As earlier asserted, the XPR coin runs as the native token of Proton. It is a proof-of-stake token, thereby allowing its holders to stake and also enjoy governance right. Notably, they are eligible to vote for block producers, and each token is equivalent to one vote. This, as reported is incorporated to avert double spending, a situation where virtual currency of the same tender is spent several times. Furthermore, the crypto serves as the instrument through which the protocol allocates resources to its community.
XPR native protocol
The native protocol of XPR Coin, identified as Proton runs as a public blockchain, developed to facilitate P2P payments. According to its site, Proton blockchain “stores identity attestations by multiple identity providers, both for individuals (KYC) and businesses (KYB).” These identity providers, as reported, can be queried with the user’s permission. With Proton, users, through their identity connect their fiat accounts with their crypto account. This thus enable them to seamlessly buy crypto, and use the purchased crypto in applications on the network. Furthermore, the protocol, according to its website, support “multiple wrapped stablecoins including USDC, PAX and TUSD.” It also allow developers to incorporate their own customized coins in a “permission-free way.”
Aside being a payment platform, Proton hosts varieties of apps, including Storex, FreeOS, SnipCoins, Slam Chain and a host of others. It allows developers to incorporate their own customized coins in a “permission-free way.”According to its whitepaper, it aims to simplify the buying, trading and usage of cryptocurrencies “anywhere and everywhere in the simplest possible way.”
In its whitepaper, the protocol laments the absence of a reliable regulatory mechanism in numerous crypto trading wallets. In addressing the challenge, Proton says it integrated a mechanism, KYC identity store. According to the whitepaper, the identity is stored in a central Payment Card Industry (PCI).
Proton XPR market
Notably, the Proton protocol posseses an NFT platform. This platform runs as open-source, allowing users to create and trade NFTs. As reported, users incur zero gas fees and near-zero minting costs using the platform. Just like other marketplaces, NFT creators tends to secure royalties on the resale of their NFTs.
Proton Loan
This runs as a decentralized lending market on the protocol. It makes it easy for users to deposit cryptocurrency in the lending pools so as to accumulate interests. More so, it enables them to access collateralized loans from the pools. The loan platform supports BTC, ETH, USDC, USDT, DOGE, XPR and others. Notably, users enjoy zero gas fees using the platform.
Features of Proton Blockchain
One of the notable features of the XPR coin and the proton blockchain is its focus on solving congestion on blockchain. Just like most modern blockchains, Proton blockchain claims it can process about 4,000 transactions per second. These claims are yet to face tangible test presently because the blockchain is just growing in popularity. Notwithstanding, the Proton team claims that it has tested the blockchain at over 40 million daily transactions. The team said the Proton blockchain can handle more traffic than most of it’s peers.
Also, the Proton blockchain is capable of supporting numerous wrapped stablecoins. Currently, the blockchain supports wrapped stablecoins like USDC, TUSD, and PAX. The blockchain gives developers the freedom to add their tokens in a permission-free way. This feature has also helped the XPR coin for more utility cases. Notably, a distinctive feature of the Proton blockchain is that it doesn’t charge users transaction fees. Users process transactions for free or at a low-tiered cost.
The Proton blockchain allows in-wallet payment as it allows Applications to interact with the blockchain through this feature. Therefore, banishing the need for chrome plugins, dApps, and other solutions. The Proton blockchain supports KYC and KYB initiatives for individuals and businesses. It stores identity attestation by numerous identity providers for private and public uses. Businesses and individuals can send and receive money using unique readable human names.
Features of XPR coin
XPR coin is the native coin of the Proton ecosystem. It shouldn’t be mistaken for Ripple’s XRP. The crypto can be utilized in numerous ways, contributing to some of its distinctive features. XPR coin serves three significant functions, which are the governance of the proton blockchain, allocating network resources, and staking rewards for long-term holders.
With XPR coin, holders are eligible to vote for Block Producers who verify the integrity of the chain and vote on protocol changes. It allows Apps to rent resources from the chain itself. Inflation rewards help fund protocol development. Via the staking option, XPR coin rewards short-term and long-term coin holders who vote for block producers.
XPR coin intends to offer a secure, verified identity account that is incorporated with a financial settlements layer. This layer aids users to connect their identity with fiat accounts, withdraw funds and purchase digital assets. The XPR coin also allows users to use the acquired digital asset in dApps without stress. While discharging these duties, XPR coin and it’s protocol doesn’t comprise by sharing sensitive information about users.
Consequently, it helps users to retain their private keys while authorizing institutions who intend to verify the user to check with reliable institutions via public keys. The authentication from the trusted institution will then verify the user’s identity without disclosing the user’s associated private key.
Proton’s Team
According to findings, Proton, the native protocol of XPR coin was founded by Marshall Hayner and Glenn Mariën. The former also founded two other blockchain projects, identified as QuickCoin and Block.io. Today, Hayner is the CEO of Proton. The latter, on the other hand, is the creator of Dogechain.info, Dogecoin’s online wallet. Currently, he is the CTO of the protocol.
Another notable member of the team is Irina Berkon. Berken, according to the website, remains a Forbes featured finance executive. She posseses about 15 progressive experience in corporate finance. Berken currently serves as the CFO of Proton. Also, the protocol’s head of regulatory compliance is Özgür Baykara. He is a lawyer and lecturer in law with extensive experience in regulatory sphere and crypto compliance. Other members of the team include Carson Holoien, Syed Jafri, Carson Holoien, Joey Harward, Karen McHenry, Hiroki Hori and many others.
Shortcomings and the future of the XPR coin
Like most native token, the XPR coin is currently struggling for relevance. Without a doubt, the token will rely on its protocol to aid its utility case. The future of the XPR coin is subjected to the prosperity of the Proton blockchain. However, the distinctive of the blockchain could prove decisive in improving the current state of the XPR crypto.At the moment, the value of XPR crypto is at a low state which is below a US dollar. The token isn’t immune to the volatility of the general cryptocurrency space. Over time, it has reacted to market situations either positively or negatively.
At the moment, XPR coin is feeling the harsh situation of the market. There are promising signs about the future of the token. The Proton protocol is gradually growing and attracting more users due to the variety of the services it offers. This growth will aid the growth of the XPR crypto by aiding more utility for it.
As part of its plans for the future, The Proton network is planning to launch as Decentralized Exchange (Dex). According to the protocol’s roadmap, it will help bring Proton closer to the decentralized future the team hopes for. The decentralized exchange will aid Proton users in trading cryptocurrency, eliminating the need for a centralized third party to facilitate the transaction. The DEX will as well boost the popularity of XPR coin and create opportunities for more adoption of the token.
Pointers
It’s easy to conclude that the future is bright for XPR crypto. Nonetheless, the token has shown that it’s not immune to the volatility of the crypto space. Investors must be wary of pumping funds into the token as investment.
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