DXG meaning in Cryptocurrency ?

tuteeHUB earn credit +10 pts

Answer:

We are in the process of building our own network, the Smart Dexio Network (SDN). Why? Having our own network is critical to our strategy to become a major player in the crypto space. By having our own network; we will be able to pair other tokens with DEXI (please see whitepaper for more understanding of this concept), minimize gas fees, increase the speed of transactions, manage governance, and implement the changes we will undoubtedly need to make as we continually adapt to the rapidly changing environment that is crypto. We are already working on a comprehensive set of cross-chain features as well as streamlining some of the better aspects of the networks that are already in existence like VeChain, Ethereum, Binance, and others. Like any network, the SDN will have the ability to pair other tokens with DEXI, stake DEXI (in order to become a validator and to “mine” DEXIGAS), and participate in governance by holding DEXI. In other words, DEXI will be a vital component of the network. We have had many conversations internally, as well as with industry partners, community, and team members, that have helped us in our continuing understanding of how we want all of this to work to its greatest potential. Because of that there has been some confusion about the role of DEXI in this new epoch of Dexioprotocol. Let us assure you that DEXI will be the native token of the Smart Dexio Network, playing an absolutely essential role. DEXIGAS will be our in-game currency. Dexioprotocol is developing three games currently (The Dexi Hunter App, Legends of the Dexiverse, and Dexi Hero) and we have every intention of developing many more games. DEXIGAS has been created to be the utility token within the gaming ecosystem. But why? Because we want to have the flexibility that an in-game currency allows us as we expand our network and gaming ecosystem. For now, DEXI and DEXIGAS will remain on the Binance Smart Chain Network (BSC) as BEP20 tokens. The reason why we are launching now on BSC before we migrate to the SDN is so that we can figure out exactly what works and what does not work for us before we make the migration. When we migrate to the SDN we will be able to move from DEXI (V1) and DEXIGAS (V1) to DEXI (V2) and DEXIGAS (V2). This migration is going to give us the opportunity to take advantage of developments within the crypto space, especially as they relate to networks and cross-chain functions, as well as implement any features (or remove any) that we decide work better for our long term goals. DEXIGAS- The in-game currency: 1- When an item is collected in the games, such as an NFT, DEXIGAS will be burned. 2- To obtain new skins, avatars, and other in-game upgrades, DEXIGAS will be burned. 3- DEXIGAS will be rewarded to people who stake their DEXI in the DEXI Wallet. 4- DEXIGAS will auto-convert to DEXI on our network for network transactions. 4- DEXIGAS is mint-able so we can control the supply of it through staking, minting, and burning.

reference

Report

Posted on 01 May 2022, this text provides information on Miscellaneous in Cryptocurrency related to Cryptocurrency. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.

Take Quiz To Earn Credits!

Turn Your Knowledge into Earnings.

tuteehub_quiz

Write Your Comments or Explanations to Help Others



webstory list tuteehub
Miscellaneous in Cryptocurrency
webstory list tuteehub
Miscellaneous in Cryptocurrency


Ever curious about what that abbreviation stands for? fullforms has got them all listed out for you to explore. Simply,Choose a subject/topic and get started on a self-paced learning journey in a world of fullforms.

Important Cryptocurrency Links

open app imageOPEN APP