1. What is XELIS Cryptocurrency?
Overview:
XELIS is a cryptocurrency that prioritizes user privacy and security. As privacy becomes a significant issue in the cryptocurrency market, XELIS has emerged as a standout in this area. By addressing the limitations of existing blockchain technologies and offering enhanced anonymity and security, XELIS is gaining popularity among users who prioritize these features.
Historical Background:
XELIS was launched in 2023 in response to the growing importance of privacy and security in the cryptocurrency market. Inspired by privacy-focused cryptocurrencies like Monero, XELIS quickly gained attention and has been growing rapidly since its inception.
The key members of the XELIS development team are from France. When investing in cryptocurrencies, it is crucial to consider the nationality of the founders and core developers. Coins launched by founders from India or Southeast Asia are often perceived as having a higher risk of being scams or “rug pulls.” Although this may be a stereotype, coins developed by U.S.-based teams are often seen as more transparent and focused on long-term goals.
Basic Information about XELIS Coin:
- Name: XELIS
- Ticker Symbol: XEL
- Launch Date: June 2024
- Founder/Development Team: XELIS Development Team (Primarily French)
- Market Capitalization: $5 Million (as of August 14, 2024)
- Circulating Supply: 897,748
- Max Supply: 18,400,000
- Exchange Listings: XEGGEX
- Consensus Algorithm: XELISV2
- Official Website: https://xelis.io
2. The Core Algorithm and Concept of XELIS Cryptocurrency
Technical Foundation:
XELIS integrates various technologies to maximize privacy protection while maintaining the advantages of blockchain technology. For instance, it employs Ring Signature and Stealth Address technologies to ensure that personal identities remain hidden during transactions and that transaction details remain completely private.
Consensus Algorithm:
XELIS uses an energy-efficient and eco-friendly Proof of Stake (PoS) algorithm. In PoS, the right to validate blocks is based on the amount of XELIS tokens held by network participants, resulting in lower power consumption and faster transaction processing.
Network Structure:
XELIS enhances security and resists censorship through a decentralized network structure. This design allows the XELIS network to operate stably even with high transaction volumes, providing a secure environment for users to conduct transactions with confidence.
3. Features of XELIS Cryptocurrency
Key Features and Characteristics:
XELIS focuses on anonymity and security, offering users several unique features:
- Anonymity: XELIS rigorously protects user identities and transaction details. With Ring Signature and Stealth Address technologies, only the parties involved in a transaction can know its details.
- Security: XELIS safeguards transactions with advanced encryption technologies, protecting the network from external attacks and ensuring user data is thoroughly protected.
- User-Friendliness: XELIS is available on intuitive wallet applications and various trading platforms. Users can easily conduct transactions without complex procedures, and XELIS is already listed on several major exchanges.
Security:
In addition to basic blockchain security, XELIS uses additional security mechanisms to guarantee user anonymity. These mechanisms make the XELIS network more secure, minimizing the risk of hacking or data breaches.
User-Friendliness:
XELIS is accessible through user-friendly wallets and trading platforms, allowing anyone to use it easily. With a simple interface for transactions and listing on multiple major exchanges, XELIS offers excellent accessibility.
Outstanding Design:
The XELIS desktop wallet features a sleek interface, setting it apart from other coins’ QT wallets. The homepage and explorer are also well-designed, akin to those of established corporations, enhancing trust. The XELIS wallet reveals only essential information, making it intuitive and easy to use.
Personally, what impressed me most about the XELIS wallet was that the command for sending XELIS coins is labeled “Broadcast” rather than “Send.” This subtle detail suggests the developers’ intention to develop XELIS beyond just a cryptocurrency, emphasizing its potential for limitless expansion.
4. Scalability and Application of XELIS Cryptocurrency
Practical Use Cases:
XELIS is gaining popularity among users who value privacy and security, and it is being applied in various fields. For example, XELIS is useful in the following scenarios:
- Anonymous Transactions: XELIS protects the identities of transaction parties. It allows for secure transactions while maintaining anonymity, making it highly valuable for users who prioritize privacy.
- Secure Payment Systems: Protecting personal information in online payments is crucial. XELIS provides superior security in these payment systems.
Future Scalability:
XELIS has significant potential in blockchain-based services like DeFi (Decentralized Finance), NFTs (Non-Fungible Tokens), and smart contracts. For instance:
- DeFi Integration: XELIS can play a crucial role in enhancing privacy protection on DeFi platforms.
- NFT Transactions: XELIS can securely protect the personal information of buyers and sellers in NFT transactions.
- Smart Contracts: XELIS’s technology offers significant advantages in smart contracts where privacy protection is essential.
What sets XELIS apart from other emerging coins is its commitment to a decentralized system, the cornerstone of cryptocurrency. By building a system that allows everyone to mine XELIS coins using their existing graphics cards and CPUs, XELIS is expected to grow into the most promising GPU-mined coin following Ethereum’s transition to PoS.
5. XELIS Cryptocurrency Mining
Overview of Mining:
XELIS is designed to allow anyone to participate in mining easily. Through mining, new blocks are created, and miners are rewarded in the process. XELIS is particularly resistant to ASICs (Application-Specific Integrated Circuits) and completed an algorithm change in July 2024 to enhance ASIC resistance.
ASIC Resistance and Algorithm Change:
XELIS uses an algorithm designed to prevent ASIC miners from dominating the network. Currently, XELIS employs a RandomX-based hash algorithm, which is memory-intensive, making it difficult for ASIC devices to operate efficiently. As a result, GPU and CPU miners are the primary operators of the XELIS network.
On July 11, 2024, XELIS successfully completed an algorithm change to address the risk of FPGA and ASIC miners. The algorithm was updated to XELISV2, balancing the mining hashrate between GPUs and CPUs, which was previously skewed toward GPUs.
Currently, most GPU-based mining yields negative profits after electricity costs are deducted. However, XELIS ranks first in mining profitability for most GPU models. With the current XELIS price at $5.5, if it rises to $7.0, mining profitability is expected to turn positive.
6. XELIS Cryptocurrency Price Trends
Market Capitalization and Price Fluctuations:
XELIS’s market capitalization and price have fluctuated over time. Since its initial issuance, XELIS has steadily grown due to increasing demand driven by tighter regulations on privacy protection. Notably, after being listed on major exchanges, trading volumes surged, leading to a significant increase in price.
Market Reaction:
XELIS has received positive responses among investors who prioritize anonymity and security. Price fluctuations in response to major news or policy changes indicate that XELIS is becoming a significant asset in the market.
Volatility and Trading Volume:
XELIS maintains relatively stable trading volumes and volatility, ensuring sufficient liquidity in the market. This stability provides investors with a secure trading environment and enhances its potential as a long-term investment.
7. Investment Analysis of XELIS Cryptocurrency
XELIS is in its very early stages, with only 4.83% of the total supply of 18.4 million coins mined. There was no pre-mine, and after the lock-up period, some coins will be distributed to developers and the operating team.
Moreover, the total supply of XELIS is limited to 18.4 million coins, which is relatively low compared to other cryptocurrencies. Since Ethereum’s transition to PoS, there are virtually no GPU-based coins left. ASIC-based mining coins, led by Kaspa, currently dominate the market. However, ASIC mining allows a few capital-rich companies to control the network, which is not truly decentralized.
Given the strong support from GPU and CPU miners and the continued price increase of XELIS, along with smooth development in areas like smart contracts, XELIS has the potential to become the next Ethereum.
In the past, the price of XELIS exceeded $30 but has since dropped to $5. Although it is difficult to predict the lowest price for a coin with an unknown floor, now appears to be a suitable time to invest a portion of available funds in XELIS. Additionally, if you own GPU mining rigs, consistently mining XELIS could yield substantial profits in 1 to 2 years.
