XenixCoin is a nascent cryptocurrency, a decentralized digital currency not tied to any particular sovereign nation, that can be used to pay for goods and services.
What Is XenixCoin?
XenixCoin is developed by Xenix Technologies, headquartered in Manchester, UK. Xenix Technologies was founded in October of 2016. According to UK business registration information, Xenix Technologies has one business manager and one shareholder by the name of Louis Hutchinson.
There is no information available elsewhere on Hutchinson elsewhere, save for his name being used for the website's registration as well. The address given for the business is, upon further research, a virtual office space company.
The XenixCoin digital currency is not a product in the traditional sense, as it's instead used to buy and sell goods and services over the internet.
However, Xenix Technologies is offering investors access to pre-mined XenixCoin in exchange for real world funds. At the time of this writing, XenixCoin was valued at around $0.02 bitcoin, the equivalent of approximately $4.
In addition to selling pre-mined XenixCoin to investors, Xenix Technologies is also offering an affiliate program for extra earnings potential. Depending on how much of an initial investment an affiliate makes into XenixCoin, this enables them to receive commissions up to 6 levels deep:
- Basic Affiliate – $100 buy-in, 10% on direct referrals
- Standard Affiliate – $1000 buy-in, 10% on levels 1 & 2
- Enterprise Affiliate – $3000 buy-in, 10% on levels 1 & 2, 20% on level 3
- Essentials Affiliate – $6000 buy-in, 10% on levels 1 & 2, 20% on levels 3 & 4
- Business Pro Affiliate – $12,000 buy-in, 10% on levels 1 & 2, 20% on levels 3 & 4, 25% on level 5
- Premier Affiliate – $25,000 buy-in, 10% on levels 1 & 2, 20% on levels 3 & 4, 25% on levels 5 & 6
Cryptocurrency investment can be highly rewarding, especially in the light of bitcoin's runaway success. Early investors in bitcoin are extremely wealthy – in its inception, the digital currency was worth just a few cents but is now trading at more than $1,000 for a single unit.
The potential for growth for alternative digital currencies (altcoins) is also as high, or even higher, and this has led to many other altcoins that are nipping at bitcoin's heels.
However, in the end, XenixCoin seems less like a new digital currency with hopes of becoming the next bitcoin and more like an MLM opportunity with a cryptocurrency tacked on to act as a “product” of sorts.
The fact that XenixCoin is pre-mined and then sold to investors is the antithesis of cryptocurrency, which is designed to be open source and decentralized – the idea behind digital currencies is that, in their infancy, they can be mined by anyone with a computer powerful enough to do so.
Keeping the ability to mine XenixCoin behind closed doors is a step in the wrong direction when it comes to planning on the longevity of this particular altcoin.
Finally, we come to the issue of lack of transparency with Xenix Technologies and its supposed business manager and single shareholder, Louis Hutchinson.
It seems simply impossible that no other information exists on Hutchinson throughout the entirety of the internet in a context outside of the ownership information of Xenix Technologies.
There are no social media accounts, no pictures, no listed addresses – Hutchinson isn't even mentioned or directly referenced on the XenixCoin website, strange considering he seems to be the mastermind behind the altcoin. It's likely that Hutchinson is an alias.
As we have stressed in the past, any company that is offering investment or affiliate earnings opportunities but is not completely transparent is likely hiding something. Becoming involved with such a company in any capacity carries a very high level of risk.
This goes double for the world of digital currency, as investing fiat currency or bitcoin into an untried, untested, completely new altcoin could spell disaster if the bottom falls out of the new coin's price, taking your investment with you and leaving you with a large number of worthless XenixCoin in return.
With simply too many unanswered questions and not enough information about who actually runs the company behind XenixCoin, it's recommended to give this one a pass until more comes to light.