What is XPR Network?

XPR Network ($XPR) is a new public blockchain and smart contract platform to improve consumer applications and peer-to-peer payments. It provides an innovative resource model as an alternative to traditional payment systems like ACH, SWIFT, Visa, and Mastercard. XPR Network focuses on secure identity verification and constructing a financial settlement layer, allowing users to link their non-fiat accounts with real identities, access funds, purchase cryptocurrencies, and seamlessly use them within applications. It enables instant transactions, on-chain identity verification, and zero transaction fees.

Project Background

In June 2024, Proton officially announced its rebranding to XPR Network, with the token name $XPR. $XPR is its native token, and XPR Network is the integration of two projects: Lynx Wallet and Metal Pay, i.e., Lynx + Metal = XPR Network. Additionally, it supports user trading on the Metal X exchange. XPR Network has now integrated and supports use by several real-world businesses, including Workpress, Discourse, WooCommerce, WebAuth, Metal Pay, and Metal X, and continues to expand its partnerships.

Metal was founded in 2016, and its main products are Metal Vault, Metal Pay, and Crumbs. Metal Vault is a digital asset wallet, Metal Pay is a mobile payment application by Metal, and Crumbs aims to help users easily start investing in cryptocurrencies.

Metal X is an international exchange that provides a full suite of DeFi tools for users on the XPR Network chain, including swaps, farming, lending, and a feature-rich DEX. It operates with no gas, registration, or trading fees.

Core Team Members

Marshall Hayner: CEO and Co-Founder, formerly served as CMO of Block.io. Marshall Hayner developed the first Bitcoin wallet on Facebook and has collaborated with numerous cryptocurrency projects, including Stellar. He is also a board member of the Dogecoin Foundation.

Glenn Mariën: CTO and Co-Founder, in the IT industry since 2009, with 15 years of full-stack experience. He created the first online wallet for Dogecoin, Dogechain.info.

Irina Berkon: CMO and Co-Founder. As a featured executive for Forbes, Irina has held multiple senior positions and is the Managing Director of an angel investment fund focused on women founders.

Features of XPR Network

Decentralized Network

XPR Network is fully decentralized. Adopting the Delegated Proof of Stake (dPoS) consensus mechanism mitigates potential risks of adversarial attacks such as double spending, chain forks, and 51% attacks. This mechanism relies on block producers and stakers to maintain the network’s rules. XPR Network is permissionless and supports the Free and Open Source Software (FOSS) movement.

dPoS Consensus Mechanism

XPR Network employs a decentralized consensus mechanism called Delegated Proof of Stake (dPoS). This mechanism depends on a small number of active block producers elected by users who hold and stake XPR, balancing network performance and decentralization. These block producers are known as elected representatives, selected through a continuous approval voting system to validate blocks. This design ensures a balanced relationship between the network architects and the elected representatives.

XPR Network Open Source Resources

XPR Network adopts the Web2 concept, where various wallets and services pay these fees for the end users or charge them as a service. XPR Network resources purchased with $XPR will be burned as a deflationary mechanism to reduce the circulating supply. Developers can develop and create on XPR Network for free and add resource plans, each unlocking additional features. XPR Network encourages developers to actively create by providing open-source materials and tools.

Decentralized Identity

XPR Network integrates an optional KYC decentralized identity protocol, allowing XPR Network to attach offline data storage with on-chain proof data without exposing personal identity information to consumers or businesses. Users can establish their identities and link funding sources, quickly verifying access to any platform without worrying about their information being compromised.

Universal Names on XPR Network

XPR Network has created a unique human-readable naming space of up to 12 characters that can be integrated into any payment application or platform. These names resemble common screen names or email addresses, such as @irina or @marshall.xpr. By using human-readable universal names, XPR Network delivers a more user-friendly Web3 experience.

Block Producers

• Block Producers (BPs) are central to the XPR Network ecosystem. They not only have the technical responsibility of running nodes but also bring the following benefits:
• Daily Rewards: Block Producers receive daily rewards through the inflation of the XPR system. 1% of the annual inflation is designated as rewards for Block Producers, recognizing their efforts in maintaining optimal network performance.
• Ecosystem Development: Block Producers actively engage in developing the XPR ecosystem, fostering the rapid development of blockchain applications such as decentralized applications (dApps), decentralized exchanges (DEX), NFT markets, and more.
• Opportunities for XPR Funding and Bounty Projects: Block Producers typically have priority in paid development projects, whether through sidechain contracts or bounty projects that drive network development.

Core Functions of XPR Network

XPR Name

XPR Name is one of its core features aimed at simplifying interactions and enhancing user experience. These human-readable identifiers provide new convenience and security to the blockchain space. XPR Name is a personalized identity similar to usernames or email addresses. It is primarily used on the XPR Network to identify users and facilitate transactions, replacing complex wallet addresses with simple, memorable names. Users can see their XPR Name in their browser; for example, User A’s XPR Name might be “Anna.” Others can search for “Anna” in the browser to find A’s account or directly interact with A when transferring assets, making transactions more convenient.

Advantages of XPR Names:

• Ease of Use: XPR Names eliminate the need to copy and paste long addresses, reducing the risk of errors during transactions.
• Enhanced Security: Human-readable names make it easier to verify recipient details before completing transactions, thereby adding an extra layer of security.
• Consistency: Whether you are making payments, verifying identities, or interacting with decentralized applications (dApps), XPR Names provide a consistent way to identify users.

Ultra-fast transaction speed

XPR Network can process over 4,000 transactions per second in stress tests without encountering chain fork issues. Currently, XPR Network is one of the fastest blockchains globally, settling transactions in approximately 180 seconds. It can be accelerated through various methods, potentially achieving sub-second finality confirmation.

Additionally, XPR Network adopts a zero-fee model. In contrast to traditional high-fee thresholds, XPR Network’s zero-fee model significantly lowers users’ barriers to participating in ecosystem applications. Users benefit from zero fees and contribute to the expansion of ecosystem projects.

Open Source Code

XPR Network (XPR) supports developers and enterprises in building applications on its platform to expand its ecosystem. To encourage active development, XPR Network has released an Open SDK (Software Development Kit) along with related documentation, including the XPR Network Web SDK, XPR Network Swif (iOS), XPR Network Kotlin (Android), and XPR Network API. Additionally, demonstration decentralized applications (dApps) running on XPR Network have been created, and their source code is provided.

$XPR Token Economics

The native token $XPR utilizes a Delegated Proof-of-Stake (dPoS) consensus mechanism. Its initial total supply was 1 billion $XPR. As of June 30, 2024, the circulating supply in the market was 258.31 billion $XPR. The maximum supply of $XPR is infinite, with an annual inflation-adjusted by block producers’ votes of 4%. Initial allocations are as follows:

• Airdrop rewards: 15,000,000 $XPR
• Institutions & early supporters: 10,000,000 $XPR
• Company internal staff: 110 million $XPR (linear unlocking over 12 months)
• Project development: 865 million $XPR

$XPR, as the native token of XPR Network, is used to pay transaction fees, participate in XPR network governance, and incentivize node operations. To ensure the ongoing security of the XPR network, after the initial 10 billion $XPR is fully circulated, block producers and all stakers must continue to be rewarded for block validation and staking services. Block producers validate transactions for the network and receive block rewards, while stakers, individuals who stake $XPR, also earn rewards. $XPR primarily supports network security and scalability.

Ways To Obtain XPR Tokens

To acquire XPR tokens, you can purchase them through cryptocurrency exchanges like Gate.io, a reputable platform that supports XPR transactions. Simply create a Gate.io account, complete the KYC process, deposit funds into your account, and then you can directly buy XPR tokens.

Conclusion

XPR Network was created to bridge the gap between traditional finance (TradFi) and decentralized finance (DeFi), enabling blockchain to communicate directly with fiat currency payment messaging layers. Building upon features like instant transactions, zero fees, and on-chain identity verification, XPR Network plans to expand its capabilities further. This includes introducing smart contracts, cross-chain interoperability, and decentralized applications (dApps). These advancements position XPR Network to play a more significant role in the blockchain industry, offering users innovative solutions.