What is XTech
Last updated
Last updated
XTech is an X Multiplayer Universe, where all X users keep the same social experience but are enhanced with new on-chain experiences.
Recognizing that users of X currently lack diverse experiences while using X, they need a platform where all their Decentralized, Finance, and Social needs can be met while utilizing X. Therefore, XTech was created to provide a platform where users of X can engage in multiplayer experiences with Social Quests, Social Games, and Social Finance right while scrolling through Twitter (formerly X).
The limitation in convenience for Web 3 users on X partly stems from developers encountering significant difficulties in accessing X users and lacking support tools to build projects conveniently.
XTech addresses current challenges in the X market by offering a platform for X users to enjoy multiplayer experiences with Social Quests, Games, and Finance on Twitter. Providing on-chain tools like X Wallet, XNS, and Xtech enhances user experience and tackles technical hurdles, empowering developers with an Assimilation Matrix Hub (AMH) for convenient project building.
Users on the XTech platform engage with various features such as Social Quests, Capturing X Citizens, Assimilation Matrix Hub (AMH), and Trading X Name Service. By owning XNS (X Name Service) and actively participating in these functionalities, users unlock rewards including X tokens, ETH, FAME, and other enticing incentives. Social Quests offer collaborative and engaging experiences, encouraging users to complete tasks and interact with others.
Read more about Assimilation Matrix Hub (AMH) here
Capturing X Citizens involves scanning Twitter feeds for opportunities to capture digital characters, earning rewards based on the captured characters' levels. Assimilation Matrix Hub (AMH) empowers developers with tools to overcome technical constraints and enhance user accessibility.
Trading X Name Service allows users to trade and mint unique digital names, adding value to their digital assets. Through these activities, users not only earn rewards but also contribute to the growth and sustainability of the XTech ecosystem. The platform incentivizes active participation and fosters a vibrant community where users can explore decentralized finance and social interactions seamlessly.
The XNS (X Name Service) is the centerpiece of the entire XTech economy, where each XNS is unique and can be minted through a Mint Pass. To mint XNS, one needs to own a Mint Pass with an equivalent number of characters.
For example: If you want to mint an XNS with 2 character, you need to have a Mint Pass with 2 character. The quantity of XNS for each character type is fixed, and the fewer characters, the rarer it becomes.
With each Mint Pass purchase, ETH will be deposited into a swap pool (This swap pool functions as a liquidity pool between Mint Pass and ETH). Users can burn their Mint Pass back to ETH in a decentralized manner at any time. However, once a Mint Pass is minted into XNS, it will permanently disappear from circulation. As demand for XNS increases, the number of Mint Passes being burned to mint XNS also increases, which will lead to scarcity in the amount of Mint Pass in the Mint Pass/ETH pool. This scarcity will result in users needing to use more ETH to exchange for Mint Passes in the pool.
For each buy/burn order of Mint Pass into the ETH/Mint Pass swap pool, users will receive a certain amount of X reward.
The Architecture flowchart below will specifically describe how XTech work technically
First, users deposit funds from the source chain and the funds will be transferred to the Liquidity pool. Here, if the user deposits 100ETH, it will be exchanged for 100 Mint Pass, and if the user makes a "buy" order, the ETH used for this process will lose a 3% fee - of which 2% is transferred to Ecosystem Fund and the remaining 1% to Treasury with the purpose of developing the XTech ecosystem. When the user completes the order, the corresponding amount of Mint Pass will be returned to the wallet and an additional amount of X Reward equivalent to the 3% fee will be awarded to the user. Users can choose to convert this X Reward number to ETH or X tokens at the rate announced in the X Reward section
The project features another crucial mechanism called "Burn" - this action is performed when the user wants to burn (permanently destroy) their Mint Pass number, either immediately after purchasing it or even at a later time when they know the number of characters in that Mint Pass. After burning the Mint Pass, the user will receive ETH equivalent to the value of the Mint Pass/ETH at the time the Burn transaction is executed. When the user completes the order, the corresponding amount of ETH will be returned to the wallet and an additional amount of X Reward equivalent to the 3% fee will be awarded to the user. Users can choose to convert this X Reward number to ETH or X tokens at the rate announced in the X Reward section
To better understand the mechanism of XTech's Decentralized Exchange, we have given a simple demonstration in the picture that when James has 100 $USD and makes a purchase, he will lose 3% in fees. His $ETH goes into the Liquidity Pool and he will be paid back the amount of Mint Pass equivalent to the amount he put into the Pool which is 97 $USD (after deducting the 3% fee) and at the same time he also receives to his wallet an amount of X Reward equivalent to the fee he spent (3 $USD)
Mint Pass in ERC20 format after a user makes a purchase is transferred to the Decentralized Oracle Network (DON) to encrypt and automatically randomize the number of characters for each Mint Pass. Through this step, Mint Pass will have their technical standard changed to ERC 1155 and carry on it the number of characters used. Users can now set a domain name based on a random number of characters. At that time, the user's request will be sent to the Duplicate Data Reporting System (DDRS) and this system will perform a thorough check to indicate whether the domain name is registered or not. When duplication does not occur, users can claim Mint their XTech domain name and become part of the X Name Service (XNS). Here, users own their XNS in both forms including NFT and Web3 Name Service. Their NFT is in technical standard ERC 721 and has an exclusive profile picture, with Web3 domain, users can use the domain name of their to access the internet and own their own site
Duplicate Data Reporting System (DDRS)
Duplicate Data Reporting System (DDRS) is used to control domain name requests and check domain duplicates based on Reporting technology that automatically distributes from DDMC and responds to the request
Data Domain Management Centre (DDMC)
Data Domain Management Centre (DDMC) is a high-level data program brought by XTech to store data about Web3 Name Service of users as well as perform security with super encryption measures based on extremely high dispersion and reliability.
DON (Decentralized Oracle Network)
The Decentralized Oracle Network, or DON for short, combines multiple independent oracle node operators and multiple reliable data sources to establish end-to-end decentralization. DON performs the data normalization process and randomly the Mintpass permission becomes Mintpass with the number of characters displayed
