XION

XION is a blockchain platform designed to be accessible to anyone, anywhere, thanks to its chain abstraction capabilities. By incorporating its Generalized Abstraction layer, XION sets itself apart by embedding advanced blockchain features—like accounts, signatures, and interoperability—right into the protocol itself. This setup enables users to engage with blockchain applications without needing to grasp the complexities of the technology behind them.

The XION token serves as the native utility token and is used for several purposes:

* Network Usage Fees: On the XION network, transactions come with fees that help counterbalance the creation of new tokens. This innovative model suggests that as network activity grows, fee offsets may contribute to a deflationary token system.
* Proof of Stake Security: As a proof-of-stake network, XION relies on validators for its security. Holders of $XION tokens can delegate their tokens to validators or stake them to run their own validator nodes. Instead of basing inflation on all tokens, the XION network calculates it only on staked tokens, significantly reducing overall inflation and fostering a more sustainable economic model.
* Governance: Those holding $XION tokens can engage in the network's governance by putting forward proposals and voting on them.
* Medium of Exchange & Collateral: Within the ecosystem, $XION can be used as a native liquidity source and collateral. It also enables peer-to-peer transactions across various applications and accounts in the XION ecosystem.

* Generalized Abstraction Layer: A key aspect of XION is its Generalized Abstraction layer, developed to make blockchain technology less daunting. This innovation tackles the main obstacles hindering widespread blockchain adoption, offering a complete solution for both users and developers.

* Meta Accounts: XION features Meta Accounts which simplify the traditional key model, allowing for different methods of authentication. This makes it easier for users to transition from conventional web experiences to applications built on blockchain.

* Signature and Device Abstraction: By adopting a signature-agnostic strategy, XION supports transactions authenticated through familiar methods like emails and biometrics. This approach also extends to various device usages, promoting smooth interactions across different platforms while enhancing security and accessibility.

* Parameterized Fee Layer: XION's parameterized fee system abstracts transaction fees, making it more user-friendly. Moreover, this system accommodates transactions using stablecoins like USDC, offering stable and familiar pricing.

* Abstracted Interoperability: By focusing on interoperability, XION ensures that its Meta Accounts can function across various blockchain networks. This enhances the user experience by enabling easy cross-chain interactions through chain abstraction.

Burnt is the research and development entity responsible for initially contributing to the XION blockchain.

Burnt Banksy, the founder, famously purchased a painting by renowned artist Banksy, which he then burned to create a unique NFT that sold for more than the original piece. This act not only highlighted the concept of digital scarcity but also made waves in the NFT community, garnering praise worldwide. The story captured attention from top media outlets including Bloomberg, CoinDesk, GQ, CoinTelegraph, BBC, CBS, HYPEBEAST, Art.Net, TechCrunch, and many others. Burnt Banksy is often recognized as a key influencer in the NFT space and is even mentioned in the Wikipedia entry for NFTs.

XION is secured through a Tendermint-based proof-of-stake (PoS) consensus mechanism. It benefits from the support of prominent validators, which bolsters network security and decentralization.

The project 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 others.