solXEN

solXEN is a fairly distributed 1st principles community token earned through PoW mining on the Solana blockchain. Mining for 420 hashes involves sending a transaction using the SolXen miner script. If the priority fee is high enough the Solana leader as well as the rest of the validator cluster will then run the 420miner script. The script leverages the cryptographic hashing algorithm Keccak256 to find a hash containing a string with 420/42069 in it. Upon successfully finding the correct hash the miner is rewarded with solXEN, as well as becoming eligible for X1 Blockchain’s TGE. Mining has now ended. Minting of solXEN can still be done, but only from previously mined hashes. If all miners choose to convert their hashes to solXEN, the maximum supply will not exceed 66,975,795,738. solXEN is the second PoW mining project on the Solana blockchain, second to Ore. Unlike Ore, where a miner uses own hardware with solXEN mining you're simply sending a transaction to the validator to mine for you. Once a successful hash is found a minting operation will mint the tokens from the found hash. This separation of mining and minting made it possible to circumvent Solana's parallelism and global fee markets. Mining has now ended - however during the mining cycle solXEN mining occupied 10-35% of Solana's entire block-space, continuously. How could 1 project occupy 10-35% of the entire block-space? This is due to the fact that Solana has a fixed base fee of 5,000 lamports, no matter how much computational resource (CU) a transaction consumes. Where a solXEN mining transaction was intentionally set very high, thus consuming a lot of block-space, while not paying much for it. In effect - acting as a spam filter - removing all the underpriced bad-MEV transactions on the Solana blockchain. The purpose of the solXEN mining project was to practically test how we efficiently could exploit the weakness in Solana's economic model - of not taking into account a transactions computational resource. Insights has been shared with the Solana foundation and Anatoly Yakovenko. The Fair Crypto Foundation, the team behind XEN crypto and solXEN, is now building a new Layer-1 Blockchain forking the Solana SVM codebase - called X1. X1 will use an economic model called congestion reflective dynamic base fees - where a transactions computation resource is taken into account in the calculation of the base fee. solXEN miners hashes will be eligible for the X1 TGE. The solXEN token itself will live on on Solana blockhain as a community token, and potentially be given more utility by the Fair Crypto Foundation and/or the community.