GateLive AMA Recap-Arcana Network

Q1: Can you tell us how Arcana Network started and what problem it aims to solve?

Arcana Network was founded in response to the growing need for improved user experiences (UX) in the blockchain and DeFi space. We recognized that while blockchain technology holds immense potential, its adoption is hindered by complex user interfaces and onboarding processes. In Arcana we seek to address these challenges by providing user-friendly solutions that make interacting with blockchain technology as easy as using web2 apps.

Q2: What products and services does Arcana offer?

Arcana Network offers a suite of products and services designed to enhance the user experience in the Web3 ecosystem. Our flagship product is the Arcana Auth SDK, which provides developers with tools to onboard users seamlessly using social logins and passwordless authentication.

Additionally, we offer Arcana Gasless, a solution for sponsoring gas fees, and SendIt, a platform for simplified crypto payments via email addresses. More products are in the works in 2024, with the most important one being the launch of Arcana Validium.

Q3: What are Arcana’s goals and vision?

Our goal at Arcana Network is to become the leading UX-focused Validium solution in the blockchain space. By prioritizing user experience, scalability, and privacy, we aim to drive mainstream adoption of decentralized applications and DeFi protocols. Unlike traditional layer 1 solutions, the Arcana Validium will allow the storage of transaction data off-chain, reducing congestion on the main blockchain and enabling faster, more efficient transactions.

We aim to address the key pain points of existing blockchain systems, such as high transaction fees, slow confirmation times, and limited scalability. Our vision is to create a seamless UX that rivals that of web2 apps, making web3 accessible to users of all levels of technical expertise.

Q4: Can you provide some insight into the $XAR token and its tokenomics?

The $XAR token is the ERC20 native utility token of the Arcana Network ecosystem. It serves multiple purposes, including staking, incentivization, and in the future, governance as well. $XAR will be used to secure the network and validate transactions. Staking $XAR will allow holders to participate in consensus and earn rewards in return for their contribution to network security and stability. As for tokenomics, $XAR has a fixed total supply, with a portion reserved for ecosystem development, staking rewards, and community incentives.

Q5: What are Arcana Network’s plans and roadmap for 2024?

In 2024, we plan to continue expanding our product offerings and growing our ecosystem of partners and customers. Our roadmap includes the launch of Arcana Validium, and further enhancements to our existing products, such as adding new features to the Arcana Auth SDK and expanding support for additional blockchain networks. We also have plans to launch new initiatives, such as the $XAR Staking V2, aimed at enhancing the economic security within the ecosystem and increasing the utility of the $XAR token.