About Chain (XCN)

Chain describes itself as a “Web3 blockchain infrastructure for developers to build powerful applications.”

Per the project’s whitepaper, Chain is focused on bringing scalability, security and accessibility to the Web3 space. Its two core service offerings, Chain Cloud and Sequence, offer streamlined tools designed to help developers launch nodes across independent blockchain ecosystems or manage their own permissioned ledger.

Chain has a native token, XCN, used to provide payment and confer voting rights. Token holders can also utilize XCN to receive discounts and premium access to the protocol.

 Sequence is a ledger as a service offering that works as a system or record for managing balances. It’s a cloud-based, security-focused solution leveraged by Citigroup, Visa and Nasdaq, one that’s tailored towards the development of permissioned ledgers. According to documentation, Sequence’s infrastructure can be utilized by cryptocurrency exchanges, ride sharing apps, lending platforms and mobile wallet providers. Sequence also offers an end-to-end solution for the design, development and sale of non-fungible tokens (NFTs). 

Chain Cloud is a “decentralized infrastructure protocol designed for developers to access blockchain networks on-demand.” The platform features various API endpoints allowing application builders to launch automated nodes, and license them to run dApps across an array of EVM-compatible chains/layer-2s, including Ethereum, BNB Chain, Arbitrum and Polkadot.

By streamlining the process of deploying nodes, and by building bespoke ledgers, Chain seeks to foster an environment in which developers are focused on building the best product possible rather than maintaining complex infrastructure components, the protocol’s whitepaper explained.

Governance on the protocol is controlled by the Chain DAO. Token holders stake XCN to vote on various on-chain proposals, such as ones relating to levels of transaction fees and rewards.

When was XCN created and how much was it worth?

An early player within the Web3/scalability space, Chain was created back in 2014 by Harvard MBA Adam Ludwin. Roughly four years later in 2018, the project was acquired by Lightyear Corp, the commercial arm of Stellar – developers of the Lumen (XLM) token – in a reported $500 million dollar deal.

In 2020, Chain was re-acquired by private backers and is led by CEO Deepak Thapliyal. Since the launch of the protocol, the privately held company has managed to raise roughly $40 million in fund from a series of Fortune 500 backers including Visa, Capital One, Citigroup and Nasdaq.

Chain’s former native token, CHT, was rebranded to XCN in March of 2022.

Pricing data from CoinGecko shows that XCN generally outperformed the broader digital asset market in the months following its March 2022 launch.

After recognizing a sustained rise over the month of April, XCN went near parabolic in May, doubling its value to an all-time high of $0.18 within a three-day span. XCN’s price has since faltered amidst an uncertain macro environment and unhealthy market conditions.   

How is the price of XCN determined?

XCN is a deflationary asset with a hard cap of 53.47 billion tokens. Per the project’s whitepaper, 15 billion XCN tokens – about 28% of supply – currently reside with Chain’s parent entity, while an additional 5 billion tokens were earmarked for various benefactors including the protocol’s founder, community managers and core development team. Some 10 billion tokens currently reside in the Chain DAO treasury.

All remaining tokens – 23.47 billion – are currently in circulation.

Why does XCN have value?

Chain’s value owes to its Web3-based infrastructure that fosters an environment in which “teams can focus on shipping and scaling their product rather than building and maintaining infrastructure,” as the protocol has explained.

Is XCN secure?

According to Chain’s whitepaper, “Chain Cloudʼs RPC layer is based on a globally distributed network of nodes and participants, creating a fully decentralized RPC API designed with fail-safe architecture.”

Likewise, Sequence, the project’s ledger as a service solution, utilizes a “cloud + key” model to ensure transactions are signed only by the relevant parties.

Chain’s current security measures are trusted by Citigroup, Visa and Nasdaq to maintain sensitive data.

What are the main benefits of XCN?

• By utilizing Chain “teams can focus on shipping and scaling their product rather than building and maintaining ledger infrastructure.”
• Sequence, Chain’s ledger as a service solution, is currently leveraged by Citigroup, Visa and Nasdaq,
• Chain Cloud features various API end points allowing developers to configure nodes and run applications across an array of EVM-compatible chains/layer-2 solutions.
• Chain’s native token, XCN, can be used to make payments, vote on on-chain proposals, receive discounts and gain premium access to the protocol.

What do the critics say about XCN?

The current trend is bearish, Coinforecast said in mid-July. “The price could still fall,” the website added.