XANK
Xank
$0.0₃3648
0.00%
Xank
XANK
$0.0₃3648
0.00%
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About Xank
Xank (XANK) is a decentralised cryptocurrency that integrates free-floating market dynamics with stable transaction functionality. Unlike traditional stablecoins, Xank does not maintain a fixed peg but allows users to engage in stable transactions via its “Stable Pay” feature. This mechanism dynamically adjusts the amount of XANK sent or received to ensure price stability at settlement. The Xank Reserve funds this stability by calibrating transactions against the IMF Special Drawing Rights (SDR). Xank operates on a blockchain derived from Dash, utilising masternodes for governance and security. It employs a meritocratic governance system where voting power is based on reputation rather than token holdings. The Xank Treasury, funded through block rewards, supports network development and ecosystem growth.
On August 17, 2021, Xank announced the temporary shutdown of the Xank.app shopping service due to compliance with South Korea’s Specific Financial Transaction Information Act, which came into effect on September 24, 2021. Users with eligible accounts were instructed to apply for withdrawals by August 31, 2021. Despite the shutdown, Xank token transactions remain available through other ERC20-compatible wallets such as Trust Wallet. The Xank team stated that this decision was necessary to comply with domestic regulations and assured users of future improvements to the service.
Xank (XANK) is a decentralised cryptocurrency that combines free-floating price dynamics with stable transaction functionality. It is designed to act as both a medium of exchange and an investment asset. Unlike traditional stablecoins, Xank does not maintain a fixed peg to a fiat currency. Instead, it provides price stability on a per-transaction basis through its "Stable Pay" mechanism, which adjusts the amount of XANK sent or received to ensure the recipient gets a fixed fiat-equivalent value at the time of settlement.
Xank operates on its own blockchain, which is derived from Dash, incorporating masternodes for transaction validation, governance, and funding mechanisms. A portion of block rewards funds the Xank Reserve, which enables Stable Pay transactions by dynamically calibrating the value of XANK against the IMF Special Drawing Rights (SDR) or other fiat equivalents.
Xank serves multiple use cases within the digital economy:
- Stable Payments: Users can opt to utilise Stable Pay to send or receive funds at a fixed value, mitigating price volatility during transactions.
- Peer-to-Peer Transactions: Xank can be used for remittances, microtransactions, and everyday purchases.
- Investment Asset: As a free-floating cryptocurrency, Xank can appreciate or depreciate based on market demand and supply.
- Masternodes & Staking: Users who stake 1,000 XDR worth of XANK can operate masternodes, earning rewards while contributing to network security.
- Decentralised Governance: Masternode operators participate in a meritocratic governance model that influences network decisions and treasury allocations.
- Treasury Funding: The Xank Treasury finances community-driven projects, infrastructure improvements, and ecosystem expansion.
Stable Pay is an optional feature that allows users to execute price-stable transactions. When enabled, the system dynamically adjusts the number of XANK coins sent based on real-time exchange rates to maintain a fixed fiat-equivalent value.
- Price Increase: If Alice sends 10 XANK worth $100 and the price of XANK doubles, the recipient, Bob, retains $100 worth of XANK while the excess amount is withdrawn into the Xank Reserve.
- Price Decrease: If Alice sends 10 XANK worth $100 and the price drops by 50%, the Xank Reserve adds additional XANK to Bob’s wallet to ensure he still holds $100 worth of XANK.
This mechanism allows transactions to maintain a soft peg without requiring full collateralisation.
Xank was founded by Kim Ryu Hyun, who serves as the Chief Executive Officer. The team includes:
- Andrew Leong – Chief Technology Officer
- Sung Kim – Chief Financial Officer
- Ellie Kim – Chief Security Officer
- Lee Sun Jae – IR Asia/Pacific
- Hwang Yong Seung – Head of Partnerships
Advisors include legal, financial, and blockchain industry experts such as Faisal Khan and Lee Hang Bok.
Xank implements a governance model based on meritocratic principles, inspired by Ray Dalio’s idea meritocracy. Unlike democratic voting systems, where influence is often tied to token holdings, Xank’s governance assigns weighted voting power based on reputation and contributions to the network. Masternodes participate in decision-making, voting on funding proposals and protocol upgrades.
Masternode eligibility requires staking 1,000 XDR worth of XANK. Governance participants build reputation scores over time, influencing their voting power in treasury allocation decisions.
