XDC Network

What is the XDC Network (XDC)?

XDC is the native coin of the XDC Network, the world’s first hybrid blockchain technology organization. The XDC Network is a unique offshoot of both Ethereum and Quorum (ConsenSys). His EVM-compliant solution for financial services based on blockchain. It offers DeFi services using smart contracts.

Who founded the XDC network?

The founders of the XDC network are Ritesh Kakkad And Atul Hekade. Kakkad is an entrepreneur. He has founded a number of fintech organizations and has over two decades of business experience. Hekade is a computer engineer. He has worked with some of Asia’s largest banks and helped with blockchain adoption.

XDC’s goal was to offer blockchain-based financial services that were faster, more scalable, and had lower transaction costs. This aims to provide enterprise-grade solutions that bridge the gap between traditional finance and DeFi.. As a blockchain-based platform, XDC can expand into international trade.

Although the organization itself, originally known as XinFin Network, was founded in 2017, the asset behind The XDC network was launched in 2019.. Although XDC’s price at launch was extremely low and close to zero, a few days later it was $0.01. However, it remained a moderately volatile and low-valued asset for several years after its release.

In 2021, the asset began to grow significantly. By April 2021, XDC Network’s price exceeded $0.10.

In August 2021, the XDC network became first blockchain company to join the Trade Finance Distribution (TFD) Initiative. It was selected due to its ability to bridge traditional trade finance with new digital technologies. tokenization. In the same month, the price of XDC almost reached $0.20, which was a record high for the year.

In September 2021, collaboration between XDC and trade finance technology provider Tradeteq resulted in the world’s first trade finance-based non-fungible token (NFT) transaction. This online transaction set a precedent for further NFT trade finance transactions and tokenization of traditional assets.

What are the features of the XDC network?

According to the protocol, the total supply of XDC Network tokens is limited to 37,500,000,000. The asset was designed to be deflationary. Therefore, the price of the XDC network is expected to increase as its supply decreases.

Of the total supply, 40% was allocated to the community behind the project, including founders and consultants. Around 10 billion tokens have been allocated for dApp development in the ecosystem. An equal amount consists of various uses such as burning, masternode staking, and Alphaex exchange.

In addition, 6.66% of assets remain locked in case of unforeseen circumstances. Access to these coins is only possible in case of emergency. Other assets, such as community distribution, are issued annually at a set rate to ensure that the price of XDC is kept stable in proportion to its supply.

The XDC network contains a unique blockchain architecture. It was developed using a fork of Ethereum and Quorum, making it a hybrid blockchain. This ensures compatibility and interoperability with two blockchains through the use of smart contracts.

XDC coins are used for two main purposes: online financial services and network security through staking. Network services include, but are not limited to, decentralized applications, smart contracts and digital crypto wallets. While XDC itself is a layer 1 asset, the network allows users to create fungible and non-fungible layer 2 tokens.

Platforms available in the XDC ecosystem include:

• XinPay – a browser extension that makes it easier to access decentralized financial applications based on XDC;
• TradeFinex – a trade finance platform that enables tokenization and digitalization of loans and issuance of certificates;
• Remix – a browser-based platform for developers that allows you to create, deploy and execute smart contracts;
• XDC wallet is a free, open-source platform that hosts digital cryptocurrency wallets that allow all normal blockchain transactions. It can be accessed in the browser or in mobile app stores.

XDC network coins are required to pay transaction fees on the network. Thanks to its hybrid infrastructure, XDC’s price per transaction fee is low compared to the blockchains it forked from, especially Ethereum.

According to the project team, the XDC network can perform over 2,000 transactions per second (TPS), compared to 15 TPS on Ethereum. Moreover, thanks to the hybrid structure, a single transaction can be completed in just two seconds. XDC gas price is around $0.0001.

The XDC network has dual private and public states. This means that key transaction data remains completely private and some information is sent to the public network, ensuring the transaction remains immutable without compromising its privacy.

Consensus algorithm used in the XDC network crypto ecosystem: Delegated proof of stake (XDPoS). XDPoS was chosen as faster and more energy efficient. According to the network, the XDC unit consumes an average of 7,400 kWh. XDPoS uses two types of validators – masternodes and backup validators.

To become a validator, a user must stake a minimum of 10 million XDC network tokens. Masternode candidates must also provide Know your customer (KYC) documentation to verify their identity, thereby incentivizing users to perform accurate checks and ensuring accountability in the event of misconduct.

Although XDC primarily relies on XDPoS, its system also implements proof of work (PoW) as an anti-spam measure. PoW measures are applied when a new block is proposed on the network.

Being a hybrid network, XDC is constantly evolving, with researchers looking for new cutting-edge technologies and strategies to implement in the system.. These features aim to improve asset utility, network security, and mass adoption potential.