For bitcoin without a central entity to continue to operate, the following three decentralized entities are required. The miners are in charge of building blocks and were able to earn astronomical sums of money by becoming a sole recipient of 100% of bitcoin emissions every 10 minutes, but network node operators and software developers who maintain the transaction records are not receiving any incentives, therefore, leaving the network, and are moving to new coins. This is a massive problem for bitcoin because the network centralization this curtails, contrary to the original intension of decentralized finance, is taking shape since miners who have been solely making money started to locate the operators and developers and pay them, thus gaining increasingly more control.
Bitcoin’s Sustainability Problem
To solve bitcoin's sustainability problem, the Xank project was started to improve upon the issues of the current cryptocurrency below.
First, if the current price fluctuations cannot be contained, there will be investment value, but the exchange value, which is bitcoin's original intent, will not materialize.
Second, all cryptocurrencies, including bitcoin, are currently operating in the form of auctions based on network frequency to protect against external attacks, therefore the transaction fee rate is uneven. In addition, since an equal fee is used regardless of the amount, it'll be more advantageous when the amount increases. E.g. to pay $5 for coffee, the transaction will be difficult if it requires paying a $10 transaction fee when the network is busy.
Third, since Bitcoin's transaction details are open to the public, it cannot be used for sensitive purposes such as payroll payments. Therefore, a system is needed that discloses the transaction details to only some, that is, the government or certain financial institutions and not the general public.
Fourth, there is no central entity in decentralized finance, so a good decentralized decision-making system that enables votes by network participants is sorely needed.
No matter how good a coin is, it is useless if no one knows about it and actually uses it, so we are developing a marketing system for Xank in the following way. The B2C method is a modification of the already known cashback business model, and it is a model that pays 200% of the cashback obtained when consumers shop through the Xank Wallet at the ratio of Bitcoin 2 : Xank 8. This way, consumers who shop from the 150 shopping malls currently affiliated with Xank will get twice as many coins as the total amount in cashback for essentially free of charge. The current price of Xank is about $0.06, so the market cap is about $60 million based on the total issuance of 1 billion. Consumers can exchange for KRW and USDT at ProBit, one of the world's 100 largest exchanges.
Xank B2C Business Model
The B2B method for Xank is utilizing the total debt of around $300 billion, issued as mileage or loyalty points worldwide, and a domestic airline alone exceeds $3 billion in mileage related liability. The cost of getting rid of $10 million in loyalty related debt is less than 50% with Xank, including VAT and corporate tax using our exchange program. Holders of mileages or points can at any time exchange for Xank in Xank Wallet and exchange them for Xank for cash again at the local crypto exchange. This way, it is good for consumers to exchange the mileages or loyalty points for cash. It is good for issuers to reduce the accumulated mileage or loyalty point-related debt. As the number of users of Xank increases, the coin price can be expected to rise over time.
Xank B2B Business Model