XPLA

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Discover XPLA's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is XPLA?

XPLA (XPLA) is a governance token for the XPLA Chain, a Tendermint-based Layer 1 blockchain designed to support a vibrant ecosystem of decentralized applications (dApps) and top-tier developer tools. It aims to become a digital media platform hosting various cultural content. The token allows holders to participate in ecosystem governance through voting and can be staked to earn rewards. XPLA is built for flexibility, scalability, and stability, supporting both the COSMOS ecosystem and Ethereum Virtual Machine (EVM) compatibility.

How is XPLA used?

XPLA is the native staking token of the XPLA Chain, a proof-of-stake blockchain. It serves multiple purposes within the ecosystem:

  1. Governance: XPLA holders can exercise their rights on operational matters through a distributed network voting system, allowing them to participate in the governance of the XPLA Chain.

  2. Staking: Users can stake XPLA to validators, earning staking rewards in return. This process helps secure the blockchain and ensures its accuracy. Validators with larger stakes are chosen more often to propose new blocks and earn proportionally more rewards.

  3. Delegation: Delegators can stake their XPLA to validators, adding to the validator’s weight and receiving a portion of transaction fees as staking rewards. Staked XPLA remains in the possession of the delegator and can be unbonded after a 21-day process.

  1. Medium of Exchange: XPLA functions as a medium that links diverse activities within the platform, facilitating transactions and interactions within the ecosystem.

  2. Payment for Gas Fees: XPLA is used to pay for gas fees when performing transactions, such as token swaps, on the XPLA Chain.

Overall, XPLA plays a central role in maintaining the security, governance, and functionality of the XPLA Chain, while also providing incentives for users to participate in the network.

How do I store XPLA?

To store XPLA tokens securely, you have several options:

  1. Exchanges' Wallets: You can store your XPLA on exchanges like Binance Wallet. However, these wallets are "hot wallets" and are always online, which makes them more vulnerable to hacking risks.

  2. Crypto Wallets: You can store your XPLA in crypto wallets like Trust Wallet. These wallets offer more security than exchange wallets but are still online and thus carry some risk.

  3. Cold Wallets: For long-term storage and maximum security, use cold wallets. There are two types of cold wallets:

  • Paper Wallets: Generate a public and private key offline and print them on paper. Store the paper securely. You can scan the QR codes for transactions.
  • Hardware Cold Wallets: Physical devices like USB drives where you can store your cryptocurrency. These are highly secure and preferred for storing large amounts of coins or tokens.

It is essential to choose a storage method that balances convenience and security based on your needs and risk tolerance.

How to buy XPLA?

To buy XPLA (XPLA) tokens, follow these steps:

  1. Create an Account:

    • Open a free account on a cryptocurrency exchange that supports XPLA, such as MEXC, Bitget, Bithumb, Cofinex, CoinEx, or Crypto.com.
    • Complete the necessary identity verification steps, including KYC (Know Your Customer) and two-step verification for security.
  2. Choose a Funding Method:

    • Select a payment method that suits you, such as credit/debit cards, bank transfers, peer-to-peer trading, or third-party payment services like Simplex, Banxa, or Mercuryo.
  3. Buy a Stablecoin (Optional):

  • If you cannot buy XPLA directly with fiat, purchase a stablecoin like USDT first, which can be easily bought with fiat. Then, use the stablecoin to buy XPLA on the spot market.
  1. Buy XPLA:

    • Navigate to the exchange's "Buy Crypto" or "Buy & Sell" section and select XPLA as the cryptocurrency you want to buy.
    • Choose the desired trading pair, such as XPLA/USDT, and execute the trade.
  2. Transfer and Store XPLA:

    • Once you have bought XPLA, you can hold it in your exchange account or transfer it to a personal cryptocurrency wallet for additional security and flexibility.

Remember to research the exchange's reputation, fees, and security before making a purchase.

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History of XPLA

The history of XPLA (XPLA) is documented through its core changes and network changelogs. The current XPLA Chain Mainnet is dimension_37-1. XPLA Chain is a decentralized public blockchain governed by community members, with a focus on hosting decentralized applications (dApps) and providing top-tier developer tools. It is based on Tendermint, a popular blockchain engine that uses Byzantine Fault Tolerant (BFT) consensus, ensuring robustness against double-spend attacks and tolerance for up to 1/3 of faulty nodes.

XPLA Chain is designed to be easily connected with other chains through IBC and COSMOS SDK, making it a developer-friendly chain. It uses proof-of-stake consensus and supports Ethereum Virtual Machine (EVM) compatibility, which allows for extensive experiences in De-Fi, Play to Own (P2O) gaming, and the adoption of Web 2 users to Web 3 space. The native staking token, XPLA, is used for governance and staking, with staking rewards earned by validators and delegators.

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How XPLA works

XPLA is a cryptocurrency built on the Tendermint blockchain consensus protocol, which is known for its stability, flexibility, and scalability. This protocol allows for Byzantine Fault Tolerant (BFT) capabilities, ensuring the network can tolerate malicious activity and maintain its integrity. The Tendermint protocol is also used in other prominent blockchain mainnets like Cosmos.

Key Components
  • Tendermint Core: This is the foundation of the XPLA blockchain, providing the core functionality for the network.
  • Application Layer: This layer supports the development and execution of decentralized applications (dApps) on the XPLA network.
  • Service Layer: This layer enables the integration of various services and tools, enhancing the overall functionality of the network.
Consensus Mechanism

XPLA uses a Proof of Stake (PoS) consensus mechanism, which allows holders of the XPLA token to participate in the block verification process. This mechanism ensures the security and stability of the network. Here's how it works:

  1. Proposer Selection: A validator is chosen to propose a new block of transactions.
  2. Voting: Validators vote in two rounds to accept or reject the proposed block. If rejected, a new proposer is selected.
  3. Block Addition: If accepted, the block is signed and added to the chain.
  4. Reward Distribution: Block transaction fees are distributed among validators and delegates as staking rewards.
Ecosystem and Tools
  • XPLA Explorer & Finder: These tools allow users to search and track on-chain information, including transactions and account balances.
  • XPLA Vault Wallet: This is the standard wallet for managing XPLA tokens and other tokens on the XPLA blockchain.
  • C2X Vault: This wallet is designed for the C2X gaming platform, which will migrate to the XPLA network.
Gaming and Web3 Integration

XPLA aims to be a universal gaming and entertainment hub, supporting both the Cosmos ecosystem and Ethereum Virtual Machine (EVM) compatibility. This allows developers to easily connect with other blockchains and accelerate development. The platform also supports Play-to-Own (P2O) gaming experiences and encourages the adoption of Web2 users to the Web3 space.

Token and Staking

The XPLA token is the native staking token of the XPLA Chain. It is used for governance and staking, allowing holders to participate in the network's operation and earn rewards. Users can purchase XPLA from centralized or decentralized exchanges and manage it through specific wallets.

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XPLA's strengths

The token XPLA (XPLA) has several strengths that contribute to its robustness and potential for growth:

  1. Layer 1 Blockchain Infrastructure: XPLA is built on a Tendermint-based Layer 1 blockchain, which provides a strong foundation for security and scalability. This infrastructure supports a wide range of digital media content, including Web3 games, blockchain gaming platforms, NFT marketplaces, and metaverse applications.

  2. Developer-Friendly Environment: XPLA offers a developer-friendly ecosystem with tools like the Cosmos SDK, EVM compatibility, and middleware that supports diverse decentralized applications. This enables developers to easily build and integrate their projects with the XPLA blockchain.

  3. Proof-of-Stake Consensus: XPLA uses a Proof-of-Stake (PoS) consensus model, which is more energy-efficient compared to traditional Proof-of-Work models. This model incentivizes validators and delegators through staking rewards, ensuring the network's continuous growth and reliability.

  1. Staking and Governance: The staking mechanism allows users to participate in the validation process and earn rewards. This not only secures the network but also provides a means for users to contribute to governance and decision-making within the ecosystem.

  2. Interoperability: XPLA's use of Cosmos SDK and IBC (Inter-Blockchain Communication) enables seamless communication and interaction with other blockchain ecosystems, expanding its reach and potential for collaboration.

  3. Diverse Applications: XPLA has already onboarded several successful Web3 games and applications, such as The Walking Dead: All-Stars, Summoners War: Chronicles, and MiniGame Party, showcasing its capabilities in the gaming and digital content space.

  1. Strong Security: The Tendermint consensus protocol, based on Byzantine Fault Tolerance (BFT), ensures robust security against double-spend attacks and other malicious activities, providing a reliable platform for users and developers.

  2. Community Engagement: XPLA fosters a supportive community through its native token, governance structure, and NFT integration, encouraging active participation and collaboration to sustain and expand its operations.

These strengths collectively position XPLA as a robust and versatile blockchain platform, well-suited to support a wide range of digital media content and applications.

XPLA's risks

XPLA (XPLA) is a high-risk investment due to its significant volatility. It should only be considered by investors who have a high tolerance for risk, are in a strong financial position, and can afford potential losses. The cryptocurrency market is inherently unpredictable, and XPLA's price performance can be affected by various factors such as market conditions, project updates, and user adoption.

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Did XPLA raise funds?

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XPLA’s team

  • Paul Kim: Team lead of XPLA, focusing on turning XPLA into the ultimate web3 gaming platform, prioritizing trust, transparency, and compliance.
  • Yun Alfred: Part of the XPLA team, contributing to the development and growth of the blockchain gaming platform.
  • Yunsoo Kim: Member of the XPLA team, involved in the project's operations and strategic partnerships.
  • Ramandeep Singh Sardar: Employee at XPLA, working on the blockchain's infrastructure and gaming ecosystem.

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The fundamental analysis assistant for crypto value investors.

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