Excelon announces XLON Blockchain to further enhance its Fintech Ecosystem
London April 28, 2021, Excelon Financial Services (https://excelon.io) announces the upcoming release of its XLON Chain (https://xlon.org) to further enhance its digital payments platform and advance blockchain technology into the global financial services ecosystem.
The XLON Chain is based on the Ethereum Blockchain with some significant enhancements that improve its scaling, speed, cost, carbon footprint, governance and offer regulatory compliance and set the ground for the upcoming CBDC (Central Bank Digital Currencies) adoption.
The XLON Chain will be operated and controlled by “XLON Foundation” which will be managed by a board of directors, with diverse experience and proven record in the financial, technology, legal, regulatory andacademic sectors, to ensure prudent strategy execution and transparency.
Apart from its focus on the continued blockchain technology improvement, XLON Foundation will focus on growing its partnerships, user community and enhance the mass adoption of decentralized transactions and applications.
The key features of the XLON Chain are:
1. POA CONCENSUS: The block concensus is based on Proof of Authority (POA) to provide full security and trust, while minimizing computing power needs and electricity consumption.
2. POS BLOCK REWARDS: Authorized validators will be awarded XLON coins, based on Proof of Stake (POS), thus awarding block rewards proportionally to the the Validators Staked XLON Coins.
3. CARBON NEUTRAL: The XLON Chain, due to its POA concensus, drastically reduces the energy consumed from the network of validators. Part of the block rewards will be directed to carbon neutral offset investments, as part of our continued dedication to a zero carbon emission policy.
4. FAST and CHEAP: Unlike Bitcoin, Ethereum and other POS blockchains, XLON Chain can handle significantly larger amount of transactions per second with very low fees, without compromising security.
5. SMART CONTRACT SUPPORT: The XLON Chain embraces the powerful Ethereum Virtual Machine(EVM) as the undelying engine for smart contracts execution for decentralized apps (DApps)
6. SUPPORT OF ALL TYPES OF TOKENS:
· ERC-20: The standard API used for fungible tokens, including transfer and balance tracking functionalities.
· ERC-223: To protects users from accidental contract transfers.
· ERC-721: The popular API for non-fungible token (NFT), to represent ownership over digital or physical assets. NFTs can be owned and transacted by individuals as well as consigned to third-parties.
· ERC-809: For renting non-fungible (NFT) tokens.
· ERC-1238: Covering non-transferable tokens (or ‘badges’).
7. BLOCKCHAIN ORACLES: XLON Chain oracles will connect our deterministic blockchain with off-chain/ real world data, acting as middleware by bridging the two worlds.
8. GOVERNANCE: As part of our vision on digital currencies adoption, dynamic and transaprent governance is a key feature that will be in the heart of the XLON Chain to apply cryptonomic policies.
9. REGULATORY COMPLIANCE: Blockchains are designed to offer security, speed and anonymity and this should continue be their main characteristic. Nevertheless, applying regulatory compliance such as KYC and AML policies can be a significant feature for the ones who need them as part of their regulatory compliance requirements (i.e funds, banks, high net worth investors, enterprise customers, public authorities etc).
George Koronias, Excelon’s Chairman stated: “We are excited to announce the upcoming release of XLON Chain which will enlarge our fintech ecosystem by adding decentralized payments, driven by the utility XLON Coin, and advancing the use of Blockchain technology into the decentralized — regulatory compliant — payments era. Digital currencies regulation is already progressing, and Central Banks are embracing CBDCs, as the next nature of monetary instruments”.
For more info visit: https://xlon.org
Established in 2018, London-based Excelon Financial Services Ltd offers next-generation banking experience that bridges traditional and digital currencies. Excelon provides digital wallet for FIAT and cryptocurrencies with a MasterCard/ Visa, IBAN accounts along with a powerful FIAT/ Crypto exchange and wallet service. Additional services, such as business accounts, crypto Earn Deposits and Credit together with native staking, cryptocash and cryptospend features, add an enormous value to Excelon’s Ecosystem. Finally, the addition of XLON Chain and the XLON coin, acting as a native utility coin for all types of transactions, offer unlimited of opportunities for users who are entering the decentralized finance era.