XDC Network (XDC) is a blockchain technology company built on XinFin(exchange infinite). The XDC Network is a worldwide open-source, delegated proof of stake consensus network (XDPoS) that supports hybrid relay bridges and instant block finality.
It is a hybrid (public /private) blockchain platform that combines the openness of the public blockchain with the speed and security of the private network to offer its users streamlined financial services by utilizing blockchain technology and cutting-edge infrastructure.
The network, developed by XinFin, combines a permissioned smart contract system with an open blockchain architecture, easing regulatory concerns among big financial institutions while still utilizing the best aspects of multiple networks. Utilizing blockchain technology to lessen inefficiencies in the trade finance sector is the project’s ultimate goal. The protocol’s open-source software makes use of a delegated Proof-of-Stake (XDPoS) consensus method to promote quick transactions, interoperability, and cybersecurity.
The XDC Network offers a scalable infrastructure for businesses and independent community contributors with interoperable smart contracts, 2,000 transactions per second, and Ethereum Virtual Machine compatibility, which enables developers to build smart contracts and decentralized applications using familiar programming languages like Solidity. The XDC Network also supports cross-chain interoperability, which means that it can communicate and transfer value with other blockchain networks.
XDC Network’s native token is called XDC, an ERC-20 token, which means that it is compatible with the Ethereum blockchain and can be stored in any wallet that supports ERC-20 tokens. XDC is used to pay transaction fees on the network, staking and voting on the network, and used for governance on the network.
In general, the XDC Network is built to offer businesses and other organizations a quick, secure, and adaptable infrastructure for developing and deploying blockchain-based solutions. Businesses wishing to employ blockchain technology for a variety of use cases may find it to be an appealing option due to its combination of PoS consensus, interoperability, and smart contract capabilities.
Who are the founders of XDC Network (XDC)?
The platform’s three co-founders have a long history of involvement in the blockchain community. Atul Khekade, Ritesh Kakkad, and Karan Bhardwaj are those people. Khekade, a seasoned software developer, is credited with launching several other Internet companies and providing finance for the Blockdegree education platform powered by XDC.
The team has been collaborating on blockchain projects since 2017 and has a thorough understanding of the benefits and difficulties that this new technology presents. They established XinFin intending to build a blockchain infrastructure that can serve enterprise clients and serve as a platform for a variety of use cases, such as trade finance, supply chain management, and decentralized finance.
What is XDC Network (XDC) used for?
Major institutions can conduct decentralized activities on the network thanks to its regulatory-approved and KYC-integrated network. The community has had ample opportunity to examine the platform’s smart contract code because the network is free and open-source.
Users may quickly finalize blocks and settle trade transactions thanks to XinFin. XinFin was measured at an amazing 2,000 transactions per second (TPS) by developers.
The XDC Network strategy improves scalability and uses less energy than prior proof of stake (PoS) and proof of work (PoW) networks, which require miners to compete against one another in terms of pure computational power. Energy use is driven by this necessity. Instead, the hybrid blockchain network is protected by XinFin stakers and validators, which use less energy. Because of this, XinFin only needs a fraction of the energy needed to secure Ethereum-based PoW mining operations.
Also, as mentioned above, the XDC token is used to pay transaction fees on the network. Users must pay a charge in XDC to the validators who handle those transactions if they want to transfer XDC tokens or carry out smart contracts on the XDC Network. The XDC Network is an affordable choice for corporations and other high-volume users because these fees are typically far cheaper than those on other blockchain networks.
Staking and voting on the network is also one of the token use cases. To join the network, validators must stake a specified quantity of XDC tokens as collateral. In exchange for their efforts, validators receive block rewards and transaction fees. Owners of XDC tokens can vote for validators with their tokens and stake their tokens, which contributes to the integrity and security of the network.
On the network, XDC is utilized for governance. Owners of XDC tokens can suggest and vote on changes to the network protocol, such as adjustments to the consensus algorithm or adjustments to the functionality of smart contracts. The network will develop according to community values and in a way that benefits all stakeholders, thanks to this democratic approach.
How is XDC Network (XDC) unique?
The XDC Network is an easy platform for developers and financial institutions to build apps on because it is an EVM-compliant, layer 1 blockchain that is compatible with the international payment messaging standard, ISO 20022. The platform also introduced the XDCPay app, a web extension with compatibility with a few well-known browsers that promises to make it easier for investors and companies to utilize.
The system is a hybrid open-source blockchain for international trade and banking. XDC communicates with both public and private blockchains as a result of its hybrid design. The hybrid relay bridges that the system offers to retransmit transactions into the open network.
Additionally, the platform allows smart contracts, allowing programmers to create protocols and applications on the blockchain.
Through Origin, it enables the deployment of layer 2 digital assets and uses sharding to execute transactions at a rate of over 2000 transactions per second.
How many XDC Network (XDC) coins are in circulation?
As of April 2023, there were 13,828,679,553 coins in circulation and a total supply of 37,705,012,699 coins for XDC. Following is the breakdown of the token distribution: awards for network users (32.5%)
team (25%)
ecosystem (15%)
hedge pool (10%)
pre-placement and token offering (10%)
charity (5%), and
reserves (2.5%).
How is XDC Network (XDC) secured?
The XinFin delegated Proof-of-Stake (XDPoS), a highly effective and environmentally friendly dPoS consensus algorithm, secures the XDC Network (XDC). As it makes better use of the node mechanism and generates blocks more quickly than other algorithms, it is more sophisticated and safe. The algorithm also has a self-KYC feature, and the nodes have KYC implementation.
How do I buy XDC Network (XDC)?
The XDC Network (XDC) token can be used for a wide range of purposes, like staking and payments.
XDC Network (XDC) tokens can be easily purchased with the following steps.
* Open an account with the crypto trading platform of your choice.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and buy XDC Network (XDC) through your trading account.
Which Cryptocurrency Wallet Supports XDC Network (XDC)?
The PTPWallet platform supports many cryptocurrencies, with XDC soon to be included. Because of its vast use case, PTPWallet has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. The platform offers a simple user interface, is supported by both Android and iOS devices, and comes with its own mobile wallet app.
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