What Is XION? Everything You Need to Know about XION
What is XION (XION)? It's a question many are asking as this innovative blockchain platform gains traction in the Web3 space. While blockchain technology has enormous promise, navigating multiple chains, managing wallets, and comprehending technical jargon can be difficult for users.
XION bridges this gap by abstracting the complexities of blockchain transactions, allowing individuals to connect with dApps without encountering technological difficulties. This guide will look at XION's core features, elaborate on its potential impact, and offer a tutorial on how you can acquire XION tokens on Bitget Wallet.
Key takeaways
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XION is a user-friendly Layer 1 blockchain that simplifies Web3 interactions and makes blockchain technology accessible to everyone, regardless of their technical expertise.
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XION removes barriers to Web3 entry, thereby allowing users to focus on what matters most: using dApps and exploring decentralized technology’s benefits.
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Burnt Banksy is the leader of Burnt, a core contributing team that built the XION token. This person is infamous for burning a Banksy painting and selling it as an NFT.
What is XION?
XION (XION) is a walletless Layer 1 blockchain developed with the user in mind, tackling the complexities and technical barriers that often prevent people from exploring the benefits of decentralized technology via the use of chain abstraction.
This technology essentially removes the complicated inner workings of blockchain, allowing users to seamlessly interact with dApps and digital assets. As a result, XION is accelerating mainstream adoption and paving the way for a truly decentralized future.
With XION listing and airdrop approaching, the project has experienced remarkable growth and adoption, with over 3.6 million users and more than 200 integrations, deployments, and partnerships.
▶Read more: XION Listing: Tokenomics, Strategy, and Claiming Guide
Key features of XION
XION boasts several key features that set it apart from other blockchains and contribute to its user-friendly approach, such as:
1. Meta Accounts
Say goodbye to complex seed phrases and confusing wallet addresses. XION offers Meta Accounts, a new account management solution that allows you to log in using familiar methods like email or biometrics, making the experience more streamlined.
This feature lowers the need for users to manage private keys, minimizing the risk of losing access to their funds. It also facilitates a smooth experience across different platforms, so you can access your account from your phone, laptop, or tablet without any hassle.
2. Gas Abstraction with USDC
Gas costs can be a major pain point for blockchain users, particularly newcomers. XION addresses this problem by eliminating gas costs and using the familiar USDC as the main transactional currency.
XION's gas abstraction also eliminates the requirement for users to obtain different gas tokens for different chains. The network handles all conversions behind the scenes, thus further fostering a consistent experience across multiple blockchains.
3. Payment Abstraction
XION streamlines the payment process by enabling users to pay fees using any supported token. This removes the hassle of switching tokens or being concerned about using the right native token for each transaction.
Additionally, XION-powered apps let users pay with debit and credit cards. This simplified payment process significantly decreases friction for new users, thereby making Web3 more appealing and accessible.
4. Abstracted Interoperability
Navigating the multi-chain world is another challenge that XION tackles through abstracted interoperability. Simply put, XION users can perform actions on any linked chain using a single Meta Account.
The approach means that you can manage your assets and interact with dApps on many chains without having to move between wallets or accounts.
How does XION work?
XION operates on the "abstraction" principle, which essentially means hiding the intricate technical intricacies of blockchain from the user. It does this via the aforementioned innovative features that work together to provide a smooth and user-friendly interface.
Meta Accounts are at the heart of XION's functioning, replacing conventional wallets and allowing users to log in using familiar ways like email or biometrics. Accessing accounts across multiple devices becomes simplified as users don’t need to manage or remember private keys.
XION also addresses the problem of gas fees with its Gas and Pricing Abstraction. Adopting USDC as the main transactional currency helps users comprehend costs and pay for transactions without the need to purchase several gas tokens.
Plus, XION's Payment Abstraction and Abstracted Interoperability further streamline the payment process and allow users to engage smoothly with different blockchains from a single Meta Account.
The Team and Vision behind XION
Who created this user-friendly blockchain platform, and what are their long-term goals? Let's dive into the team and vision that are shaping XION's development and driving its mission to make Web3 accessible to all.
XION Team
XION was founded by Burnt, a core team led by Burnt Banksy. This enigmatic figure gained notoriety by burning a Banksy artwork and selling its NFT representation for a significant profit. This act, while controversial, highlighted the potential of blockchain technology and the concept of digital scarcity.
Nevertheless, Burnt Banksy also recognized the difficulties that ordinary users encounter during their blockchain journeys. This realization fueled the creation of XION, with the goal of making blockchain technology accessible to everyone, regardless of their technical expertise.
The artwork was destroyed during a livestreamed video from a park in New York.
Souce: BBC
XION Vision
XION's vision is to democratize Web3 access by simplifying blockchain interactions and making decentralized technologies more accessible to everyone. XION envisions a future in which blockchain technology is as widespread and simple to use as web2 apps.
This vision is not only about simplifying technology. The project also aims to foster a more inclusive and accessible Web3 environment where everyone can benefit from the advantages of decentralization.
Why does XION stand out?
While many projects aim to improve specific aspects of blockchain interaction, XION takes a holistic approach by abstracting away complexities at the protocol level. The following section explains what makes XION a unique initiative:
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Unwavering commitment to user experience:
XION's principle is "universal abstraction," which means simplifying every aspect of the user experience, including account management, gas fees, and cross-chain interactions. -
Focus on real-world applications:
The project focuses on enabling the development of dApps with real-world utility. This is reflected in the diverse range of applications being built on the platform, spanning various sectors like gaming, social media, advertising, and more. -
Bridging the gap between Web2 and Web3:
XION aims to make interacting with blockchain as seamless and intuitive as using web2 applications. Consequently, XION bridges the gap between the two worlds, paving the way for mass adoption of Web3 technologies. -
Building an inclusive ecosystem:
XION also possesses an inclusive ecosystem, housing over 200 applications and attracting 4 million users across 150 nations. A prime example is EarnOS, which has secured over $12 million in committed spend and collaborates with over 40 major brands and agencies.
XION price prediction for 2024-2025
XION is now trading at roughly $5 on pre-market platforms, with forecasts that it will reach $10 to $20 upon its official listing. Several factors contribute to this optimistic price prediction:
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Strong fundamentals:
The initiative’s novel approach to chain abstraction, user experience, and interoperability sets it apart from other blockchain platforms, providing a solid base for potential price appreciation. -
Growing ecosystem:
XION is already fostering a thriving ecosystem with over 200 applications and integrations. The growing adoption and usage can further drive demand for the XION token and contribute to its value. -
Supportive community:
XION has garnered a strong and passionate community that believes in its vision. This community support can play a crucial role in driving adoption and promoting the platform's growth.
How to buy XION on Bitget Wallet?
Having successfully decoded the query "What is XION?" it is now time to learn how to acquire XION tokens on Bitget Wallet. Start by adhering to the step-by-step guide provided below:
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Download Bitget Wallet:
Start by downloading the Bitget Wallet app on your mobile device or the Chrome extension on your PC. It's available on both Google Play and the Apple Store. -
Create a XION Wallet:
Once you have Bitget Wallet installed, create a new wallet and select a mainnet that supports XION. This will generate a Web3 wallet specifically for your XION tokens. -
Buy XION with fiat:
Bitget Wallet allows you to easily purchase XION using fiat currency through its OTC service. You can use various payment methods like Visa, Apple Pay, and Google Pay to buy USDT or USDC, which can then be used to acquire XION.
Bitget Wallet provides more than simply a safe location to keep your XION. It has a complete set of features intended to improve your Web3 experience. Bitget Wallet, with its user-friendly design and broad features, as well as compatibility for numerous chains and dApps, allows you to confidently traverse the decentralized world.
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