What is Eternal Token (XET)? Where did it come from? And how has it grown so much so fast?
When a coin makes gains of 42% in a 24-hour period, it piques your interest. It doesn’t matter if it doesn’t sit within the cryptocurrency top ten, such massive gains in such a short period of time warrants investigation. So what exactly is Eternal Token (XET)?
Let’s find out.
Eternal Token is new. Very new. It was created in June of this year and began listing on Coinmarketcap.com in August. It currently ranks as the 50th top coin in the world.
At its birth, it was valued at $0.072 per coin, however, in the last week, something very exciting has happened with this coin. In general, the token has gained more than 640% in a 4-day period, and now, XET will cost you $2.38 per coin.
But let’s take a look at the technicals first. What is Eternal Token?
- Eternal Token (XET) is a proxy token that can be exchanged with Eternal Coin (XEC).
- Eternal Coin (XEC) is a digital currency, but it is controlled by Japanese Atom Solutions at a ratio of 1:10.
- Therefore, XEC is not a decentralized coin alá Bitcoin or Ethereum but rather is centralized.
- XET, when exchanged with XEC, can then be exchanged with regular cryptocurrencies.
- XEC can’t be acquired via any unauthorized exchanges throughout the world.
- To solve this, XET has been developed to be listed and tradable with various currencies on global exchanges.
So, in layman’s terms, Eternal Token was developed to solve the disadvantage of XEC being centralized and allow it to be exchanged with other cryptocurrencies.
Where Eternal Token gets very interesting is the fact that the Eternal Coin is a necessary feature of Eternal Wallet.
This wallet allows fiat-to-fiat currency exchanges with the touch of a button.
A user can convert their local fiat currency to the fiat currency used by a receiving user through Eternal Coin, sending money in the desired currency instantly.
The token aims to solve cross-border payments while being backed by a centralized company ensuring security.
Eternal Token Growth
So looking back to the exponential growth of this coin. What are the reasons for it? A recent signing with blockchain-based company Eternal Wallet PH Holdings in the Phillippines may be the catalyst. This partnership will allow Eternal Token to acquire a virtual currency exchange license in that country.
Such gains may cause skepticism for some. Only time will tell whether this token will prove its mettle.
Featured Image: Depositphotos/© uroszunic
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