Xeno is a decentralized marketplace and ecosystem for creating and trading non-fungible tokens (NFTs). The whitepaper states Xeno is based on blockchain technologies like smart contracts, DApps, and server technologies that aim to increase the value of digital asset trade and ownership. Xeno ecosystem has a specialized protocol and blockchain that aims to provide high efficiency and avoid unnecessary baggage with smart contract chains like Ethereum.
Xeno also executes cross-chain transactions like exchanging tokens and messages through Polkadot and other cross-chain bridges. Xeno seeks to give limited fee exposure to the users, which means a massive chunk of fees get waived for the users, and the only fee they pay is a trade execution fee, NFT creation fee, NFT auction fee, and network fee for XNO transfers. This is made possible with relay server architecture and off-chain worker execution environments.
Xeno’s on-chain governance seeks to allow stakeholders to revise the base protocol and alter the main system parameters depending upon the ever-changing needs of the community and the ecosystem. Also, the Xeno platform is partnering up with traditional businesses who want to shift to the digital platform with their existing products, new products, or advanced NFT projects.
Lastly, the Xeno platform aims to reward contributors with various incentives and reward programs to support developers and traders. Also, since Xeno itself is a blockchain, the platform rewards those who decide to become validators of the network.
XNO is the native ERC-20 token of the XENO platform, which is both an application token and a protocol token. XNO is the primary currency of the Xeno network used for trading and to pay the transaction fee and is staked by the validators to support the network. XNO is also used for governance on the network and enables the token holder to cast their votes during policy-making decisions.
All trading fees, listing fees, and auction fees are paid with XNO tokens, and all rewards are also paid with this token. The token also seeks to allow holders to receive special privileges like paying reduced application fees, participating in special auctions, and increasing listing exposure.
