What is Oxen?
Oxen is a privacy chain created to form a private ecosystem where all services can be accessed and used anonymously. The project provides a secure messaging service and a layer where decentralized privacy-oriented technologies can be developed.
The latter is possible with the help of the tech stack. This has enabled the creation of Session, Lokinet, and Oxen Name System (ONS). Session is a secure messaging service, Lokinet is a low-latency onion router, and ONS is a username and domain name registration service.
Besides, the platform allows building P2P network libraries, video call services, and so on.
The network has a native token that goes by the same name – OXEN. If you care to see the current OXEN price, take a look at the Oxen price chart featured above.
Use Cases of OXEN Tokens
The OXEN token, previously known as LOKI, was launched in 2018. OXEN tokens can be used for making digital transfers and purchases in an anonymous and private manner. It prevents the government, or any other authorities, from accessing/intercepting these transactions.
In addition to that, OXEN crypto assets can also be staked in exchange for rewards and used within Session, Lokinet, and ONS platforms.
Tokenomics of OXEN
There's no max supply set for OXEN tokens. New tokens are issued through block rewards for service nodes. As of writing this, nodes receive 16,5 OXEN tokens per block. Since new blocks are created every two minutes, a total of 11,800 tokens are released each day. Of course, these numbers will probably change with time.
Due to the lack of a hard cap on supply and a huge amount of new tokens issued daily, the OXEN token has an inflationary nature. However, to keep the OXEN price from falling, the project employs token burning and lockup. In terms of burning, a huge amount of OXEN is burned through transaction fees, ONS name registration fees, and other types of fees. Considering token lockup, almost half of the supply needs to be staked in order to run ONS.
You can check the current OXEN price on the previously mentioned Oxen price chart.
Founders of Oxen
Chainflip and Coinstop are the co-founders of OXEN. Though these are merely pseudonyms of the founders since they chose to remain anonymous. While Chainflip is the COO, Coinstop is the marketing head of Session and Oxen.