XNET is a protocol that aims to build a decentralized mobile network on the Polygon blockchain. Unlike other DeWi projects (Helium, Pollen...), XNET intends on providing a full-service voice and data network, operating as a true MNO (Mobile Network Operator). With this choice, XNET positions itself at the intersection of legacy telecom and blockchain technology. The tokens used in the protocol are $XNET (ERC-20, earned by network builders) and $XNETD (ERC-1155, used for network utilization).
Proof of Connectivity
- $XNET is used to reward the node operators and validators who are creating and securing the network by their participation. $XNET are also the only way to create $XNETD, by burning of the former. - $XNETD is the on-chain payment/accounting system for data on the XNET network. Burning $XNETD is the only way to pay for XNET data/voice services.
For users to use the network, $XNET need to be burned to create $XNETD, which are time and region-bound token. $XNETD have among other things different value depending on the different metrics (including demand) of the region they are burned to be used in. This ensures that people will keep buying and burning $XNET over time. MNOs can also buy connectivity or data from the network in FIAT. 40% of this amount will be used to buy & burn $XNET, effectively distributing the revenue to holders.
Individuals or professionals can purchase a node or become validators and build/secure this network. The specificities of this DeWi network (full-voice service, limited purchasing to specific regions & strong centralization) allow the protocol to link itself more easily to legacy telecom operators and thereby bring in more demand for its service. Over time, the goal of the protocol is to expand the network and reach currently badly covered regions (partly through its foundation pool).
$XNET are emitted and allocated across the network to reward actors or incentivize different pools (see Deep Dive section). To each region and demand zone, XNET assigns a demand price, ie cost in $XNETD to put data on the network. This price in $XNETD is proportional to the rewards paid for connectivity mining in that zone. In short, the more demand there is, the more reward there will be for nodes; and also the more valuable the data can be for legacy MNOs to buy.
XNET receives money from legacy Mobile Network Operators wishing to purchase data/connectivity from the XNET network for themselves or their customers. In fine, XNET intends to become an MNO as well and have users pay them to use the network. $XNET are mined by node operators and validators who build and secure the network and they are distributed to different pools (see Deep Dive section). To use the network, $XNET needs to be burned, which creates deflationary pressure on the token.
|Problems & Solutions|
The protocol aims to solve the issue of centralized mobile networks differently than previous DeWi protocols which focused only on Data (eg. Helium). These previous DeWi protocols seem to struggle to bring demands to their network. The background of the team in the telecom and network industry helps them build a network easier to plug into the legacy telecoms and therefore will make them able to leverage the existing industry in developing the product.
Helium (HNT), Pollen Mobile (PCN)
... coming soon
30/01/2022 The XNET website gets registered
Online shop opened
26/09/2022 The online shop opened on XNET website, allowing people to start buying nodes to build the network
27/10/2022 Announcement of Phase X following feedback from the community to increase the rewards for early builders.
Allocation and Emission.
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