Transaction Settlement Time
Payments moving across the XKN Ledger settle in 5 seconds.
XKN Ledger consistently handles 1,000 transactions per second, 24×7.
Run by a decentralized network of validators globally elected through an on-chain voting mechanism.
What Is XKN
XKN is a digital asset built for payments. It is the native digital asset on the Krona Ledger—an open-source, permissionless and decentralized blockchain technology that can settle transactions in 5 seconds.
XKN can be sent directly without needing a central intermediary, making it a convenient peer-to-peer payment network.
How Does the XKN Ledger Work?
The ledger is maintained by independent participants of a global XKN Community.
Independent validator nodes come to an agreement on the order and validity of XKN transactions. This agreement, called consensus, serves as final and irreversible settlement. The ledger reaches consensus on all outstanding transactions every 5 seconds, at which point a new ledger is issued. Anyone can be a validator through an on-chain election mechanism.
Interested in running a validator? Learn how to get started here.
The easiest way to transact at a very low cost
Krona Paymet Network At A Glance
Delegated Byzantine Fault Tolerant
Krona Payment Network runs on a state-of-the-art Delegated Byzantine Fault Tolerant consensus algorithm. Transactions are settled in seconds and ready to be spent by the receiver.
The network nodes can be divided in four main groups: Consensus Nodes, Validator Candidate Nodes, Watch Only Nodes and Stand-by Nodes.
The network protocol has a validator election mechanism built in so anyone can become one if the network so chooses.
Consensus Nodes work together to verify and settle transactions through a dBFT (Delegated Byzantine Fault Tolerant) algorithm which assures super fast transaction times and one-block-finality. Once a transaction is put into a block, this transaction is considered confirmed and irreversible.
Anyone can apply as a Validator Candidate by paying an entry fee to the network and a decentralized election mechanism defines the next set of Consensus Nodes, in real time.
Consensus Nodes have the power to decide on the network transaction fees, maximum transaction per block and other variables. However, they can not change the election rules or the Validator Candidate entry fee for example.
Anyone can vote into a specific or set of Validator Candidates of their choice by allocating kronas to them, and the vote weight is proportional to the amount of kronas in the voter’s wallet.
Funds never leaves your wallet when you vote, but spending the kronas you used to vote with removes your vote on the Validator Candidates by a proportional amount of kronas being spent.
The election mechanism runs in real time, per block, assuring that the list of Consensus Nodes is always changing based on the network choice. This guarantee competitiveness among Consensus Nodes to provide the best user experience possible and punishes the ones with bad reputation.
Choose Your Own Fees
Low Cost Transactions
There is no fee to receive kronas, and you control how large of a fee to pay when spending.
Transaction fees are completely optional, and higher fees can encourage faster confirmation of your transactions.
Fees are unrelated to the amount transferred, so it’s possible to send 100,000 kronas for the same fee it costs to send 1 krona.
Krona can be used to develop innovative dispute mediation services using multiple signatures and smart contracts. Such services could make it possible for a third party to approve or reject a transaction in case of disagreement between the other parties without having control of their money.
Krona Smart Contracts aren’t as flexible as other platforms like Ethereum, and that is by design. Our focus is to provide some degree of scriptability while maintaining the network running as fast as possible for krona payments. This means developers won’t be able to issue new tokens (like ERC20 or NEP5) using our blockchain, but they can develop interesting rules for krona transactions.
Krona is a very secure and inexpensive way to handle payments.