The XET token is designed to reward Xfinite users and creators through tokenizing engagement and creating a circular economy. Blockchain technology enables new opportunities for creators and their fans to interact with each other through creating fan tokens, brand tokenization, and decentralized social governance. By leveraging the scalability and throughput of the Algorand blockchain, Xfinite is seeking to create a new way for creators and fans to have a richer online experience and more financially rewarding relationships.
Xfinite’s native asset, XET token, was listed yesterday, 15th of September 2021, on the controlled market MEXC. This collaboration implies that over 6 million active MEXC Exchange platform users from the United States to Australia will be able to acquire XET tokens through MEXC.
In this article we are going to go over the use cases and token utility of the XET token; the cryptocurrency token powering the Xfinite blockchain ecosystem.
Xfinite and Algorand formed a partnership, where the Xfinite Entertainment Token (XET) is built on Algorand’s blockchain. The Algorand blockchain uses a pure proof-of-stake (POS) consensus protocol to solve some of the issues plaguing other proof-of-work (PoW) blockchains; such as Ethereum’s high gas fees and scalability issues. POS allows the Algorand blockchain to have attractive security, scalability, and decentralization features that lead to the ability for Algorand users to efficiently make microtransactions while remaining energy-efficient and carbon negative.
At scale, Algorand is cost-effective, making it ideal for microtransactions. Per transaction, the average cost is less than 0.001 USD. Algorand has a TPS (transactions per second) of 1,000, which is faster than on larger payment and banking networks. Algorand also breaks through blockchain’s technological hurdles, resolving the trilemma of security, scalability, and decentralization.
By choosing Algorand to create the XET token it allows a large number of transactions to occur at a low cost compared to Ethereum (at the time of writing). This made the most sense for XET because tokenizing engagement requires transactions to occur for each engagement that occurs. The low cost of transactions also allows users and creators to benefit from microtransactions, and also experiment with different types of content and engagement styles.
The XET token was created to build an inclusive economy for its users by offering a fair and transparent rewards economy with real-world value. Users are rewarded in XET token for their engagement with the content, as well as socially and with brands on the platform. Xfinite treats users as partners by including them in the economic and ecosystem success of the platform by rewarding them for their most valuable resource, their time. By doing so, Xfinite improves the relationship between the platform and users. The token also serves a rewarding purpose on Xfinite’s first dApp on their network, Mzaalo. As a streaming service that offers +50,000 hours of content, Mzaalo is powered by XET. The platform provides free access to premium content, user rewards, and a range of interactive features.
Thanks to these cutting edge features, Xfinite bridges the digital and the real world, allowing users to understand that their time is a valuable asset and that they can earn real-world rewards of intrinsic value just by spending time doing what they love — Having fun.
Brands and influencers using the XET token are able to purchase advertising space and create interactive advertising services. They can also stake their XET tokens to create their own digital goods and non-fungible tokens (NFT’s) for their fans; increasing monetization and engagement levels for content creators.
Creators can create their own branded e-stores by staking XET tokens that their fans make purchases from using the XET token creating a full-circle economy for all XET stakeholders. Content creators can also spend their XET tokens to create digital certificates to set the digital ownership rights of their creations.
Fan Tokens are made by brands, influencers, and content creators using XET tokens. They are a form of NFT made to reward and offer special perks to fans for consuming and engaging with brands, influencers, or creators content on the Xfinite platform. Users can also use their Fan Tokens to vote on what content they want to see from their favourite creators. Fan tokens are made to offer users and creators a more meaningful way to engage with each other compared to traditional platforms limited to only likes, dislikes, and comments.
Details for Xfinite Entertainment Token
Asset Class: Utility Token
Token Type: Algorand Standard Asset (“ASA”)
Token Sold: 1,000,000,000
Total Supply: 4,000,000,000
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