XNS
XNS (X Name Service)
XNS is a domain naming system that provides domain registration services to create a readable domain and leads to a certain wallet address. XNS can also be used for social network functions and many other applications in the XTech ecosystem. XNS is open, distributed and scalable based on the Ethereum & Base blockchain.
Mint Pass (ERC1001)
A Mint Pass is a token in the form of ERC 1001 that represents the right to mint an XNS domain name. For each XNS domain minted, one Mint Pass will be permanently burned and removed from circulation.
ERC-1001 is a hybrid technology between ERC20 and ERC1155, which enhances liquidity and decentralization for Web3 Domains. ERC1001 is made up of a high-level processing system including DON, Router and DDRS to exploit core ERC20 technology and data combined with ERC1155 conversion process.
Mint Pass will have 15 types. Mystery Mint Pass and Mint Pass with the number of characters ranging from 2 to 15. The number of characters in the Mint Pass name represents the number of characters you must set for your XNS when using that Mint Pass to mint XNS. The fewer characters a Mint Pass has, the lower its supply and the rarer it is.
The original Mint Pass only had a total supply of 1M Mint Pass. Equivalent to the original XNS number of only 1M. The following is the initial XNS allocation table:
Mystery Mint Pass:
Whenever you execute a buy order in the ETH/Mint Pass Pool Swap, you will receive a Mystery Mint Pass. After being used, the Mystery Mint Pass will reveal a Mint Pass with a random number of characters (this random action is performed by the VRF technology of an on-chain oracle).
Trading System
This trading system includes the ability to buy Mystery Mint Passes, burn Mystery Mint Passes/revealed Mint Passes to receive ETH. Within this trading system, there is a trading fee system, rewards for each trade order, and referrals.
Fee
The trading fee for the trading system will be fixed at 3%. The ETH collected from the trading fee will be used to reserve rewards for X Reward.
X Reward
Each time you execute a trade order, you will receive an equivalent $ amount in your X Reward.
Under normal circumstances, you will only receive 93% of the X Reward from trading. However, if you enter someone's Inviter Code, you will receive 100% of the X Reward you earn from trading.
You have two options to receive the X Reward:
Receive the reward in the form of X tokens. If you convert your rewards to X tokens, you will be able to claim the entire reward amount.
If you choose to burn your earned X Reward, you will only receive a portion of $ETH at a less attractive rate compared to converting X Reward to $X tokens. The $ETH you receive will be taken directly from the trading fee mentioned in the Fee section.
Referrals
On the XTech platform, when you invite someone to join, you will receive certain benefits. For each friend you invite, if they receive X Reward from buying or burning Mint Passes, you will receive 10% of their X Reward amount.
You need to own at least 1 XNS to get referral rewards from your friend's trading activity.
In addition to referral rewards from your friends' trading activities, you can also receive rewards from the XNS renewals of the people you invited. For every friend you invite renewing their XNS, you will receive 5% of the amount that person paid.
XNS Renewals
After the initial minting, XNS will have a usage period of 1 year. After the first year of use, you will need to renew your XNS. You have the option to renew immediately after minting or renew after the first year of use.
The fees collected from renewals will be distributed according to the following structure:
5% will be distributed to the person who invited you to the platform.
5% will be collected as a platform fee to help the platform continue operating.
The remaining 90% will be transferred to the XTech Treasury.
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