Xelis

Xelis Overview

• Xelis is a cryptocurrency L1 built from scratch, featuring BlockDAG, Homomorphic Encryption, and Zero-Knowledge Proofs

• It offers fast 15-second block times and aims to provide privacy, speed, and scalability

• Xelis uses a unique smooth emissions reduction strategy for its mining rewards

What is Xelis?

Xelis (XEL) is a cryptocurrency designed to address the challenges faced by many existing blockchain networks. It combines technologies to create a fast, secure, and privacy-focused digital currency. The primary goal of Xelis is to provide a scalable and flexible platform for financial transactions, with plans to support smart contract capabilities in the future.

By tackling issues like scalability, privacy, and speed head-on, Xelis aims to position itself as a next-generation solution in the evolving landscape of digital currencies.

Just like Kaspa, Xelis is trying to find a way to tackle the blockchain trilemma.

How does Xelis Work?

Xelis employs a BlockDAG architecture to enhance scalability and security. Unlike traditional blockchain structures, BlockDAG allows multiple chains to merge during soft forks, preventing network splits and ensuring continuous operation.

The platform uses Homomorphic Encryption with ElGamal to protect transaction privacy, supporting operations on encrypted data. Zero-Knowledge Proofs, implemented through Bulletproofs, verify the validity of encrypted transactions efficiently, ensuring data integrity without exposing sensitive information.

Tokenomics of Xelis

• Total Supply: 18.4 million XELIS coins.

• Emissions Schedule: Incremental reduction in rewards with no sudden halving, ensuring a stable and secure network.

Utility of the Token

XELIS serves as the native currency for transaction fees and network security. It also supports future smart contracts and decentralized applications, adding to its functionality and value within the Xelis ecosystem.

Summary

Xelis is a cryptocurrency designed to be fast, secure, and private. It uses advanced tech like BlockDAG for scalability, Homomorphic Encryption to keep transactions private, and Zero-Knowledge Proofs to verify transactions without revealing details.

Xelis uses a gradual emissions reduction approach to provide steady rewards for miners and maintain a robust network, with mining supported on both CPUs and GPUs. Overall, Xelis is working to offer a better, more flexible digital currency experience.

FAQ about Xelis

What is Xelis?

Xelis is a Layer 1 cryptocurrency featuring BlockDAG, Homomorphic Encryption, and Zero-Knowledge Proofs, designed to provide speed, privacy, and scalability.

How does Xelis ensure privacy?

Xelis uses Homomorphic Encryption with ElGamal to protect transaction details and Zero-Knowledge Proofs to verify encrypted transactions without revealing sensitive information.

How can I mine Xelis?

Xelis is mined using GPUs. Efficient mining software includes Rigel Miner for Nvidia and SRB Miner for AMD. Various mining pools are available, such as Vipor, K1Pool, and Herominers.

Where should I store my Xelis?

Use approved wallets for storing Xelis, including the CLI Wallet, Genesix Desktop Wallet, or the Android Mobile Wallet. Avoid keeping Xelis on exchanges.