What Is XDC Network? Everything You Need to Know About $XDC

Since then, Rebecah embarked on a transformative journey into Web3 and not looked back. XDCScan provides a user-friendly, detailed and perfection-oriented user interface for XDC Network block explorer. From a user perspective, XDCScan brings XDCChain’s transparency to users because all block, transaction, finality, smart contracts, dApp and token information are read from XDC Network and shown to users.

What major problems does XDC Network address?

XRC20 Is the technical standard for fungible tokens and is used for token implementation in the majority of smart contracts on the XDC Network. XRC20 tokens can digitally represent virtually anything and are widely accepted by wallets and exchanges. A recently published whitepaper showcases the XDC Network’s proposed upgrade to its decentralized consensus engine (XDPoS 2.0). This protocol upgrade forecasts a network with forensics capabilities, accountability and attributability, creating the ability to identify malicious actors with cryptographic integrity directly from blockchain records. Through XDC, creators, financial innovators and developers can access an inclusive, accessible and decentralized world, benefitting from both the network technology and network of participants. This is the network of networks — where the entrepreneurial savvy can interact with new partners, reach new markets and serve new customers.

Non-fungible Tokens (NFTs) have gained popularity in the collectables, art, gaming, and music industry to show ownership of unique items. XRC721 is the standard used to build NFTs on the XDC Network and it defines the minimum requirements a smart contract must meet for NFTs to be owned, managed, and traded. Unlike some competing platforms, XinFin ensures even basic consumer-grade computer hardware can easily run a masternode — making it highly accessible and maximizing decentralization.

The XDC Network supports Ethereum Virtual Machine compatibility, allowing for the migration of Ethereum-based tokens and projects such as ERC-20 and ERC-721 to the network. It has developed a highly secure, permissioned, and scalable commercial grade architecture. With a hybrid architecture, XDC Network fixes the loopholes in global financing and trade.

XDC Network is a hybrid blockchain designed to facilitate global trade and finance sectors. XDC hosts several decentralized applications (dapps) that offer solutions for trade finance, payments, and supply chain management. An EVM-compatible chain with smart contract capabilities, it is uniquely suited to revolutionize, decentralize, and liquify the trade finance industry through the tokenization of real-world assets and financial instruments.

Decentralized Smart Contracts Platform

It and subsequent iterations of the XDC Network protocol will further enhance the security of the consensus mechanism and incorporate a novel “judiciary branch” into the consensus mechanism. The XDC Network is an enterprise-grade, open-source and EVM-compatible Layer 1 blockchain. Geared to accommodate any EVM tool set, developers can carry their skills from other chains onto the XDC Network. Discover a low cost, fast and reliable blockchain built for everyone — a network of possibilities. Blockchain technology has also enabled businesses to create new revenue streams by developing new products and services.

Projects Built on XDC Network

XDC Network is its own blockchain that was created from a hard fork of the Ethereum blockchain. To further scale our infrastructure, we have presented our sharding proposal for uniquely integrating sharding into our current architecture and consensus. Impel, an ISO20022 messaging platform built on the XDC Network, offers simple API integration and faster payment/instant settlement (w/ optional collateral) – providing a cost-effective alternative to SWIFT and SEPA.

The key question is whether XinFin’s technical advantages, such as low costs and fast transaction speeds, will outweigh its lower decentralization in the eyes of potential clients. The remaining tokens are gradually released through block rewards to masternodes and their delegators. A portion of transaction fees is burned, creating deflationary pressure that could counterbalance the inflationary effect of block rewards. XDC Network was developed in 2017 by XinFin, which cryptocurrency exchange web application for a blockchain company stands for Exchange Infinite. XinFin is a Singapore-based blockchain technology company that specializes in international trade and finance.

XDC token standards

• We are also supported by Tier 1 ecosystems such as BNB Chain, Polygon, Arbitrum, ICP, Manta Network, Mantle apart from many VCs, launchpads, Exchanges & many more.
• It uses the XinFin Delegated Proof of Stake (XDPoS) consensus mechanism, which involves validators performing a small amount of Proof of Work (PoW) when proposing a new block to achieve consensus.
• For those who do not know, smart contracts are self-executing digital programs that facilitate, verify, and enforce the negotiation or performance of a contract between parties.
• The key issue that may hinder XinFin’s pace is the relative lack of network decentralization.

Supply chain management – Provides transparent and more secure tracking of goods as they move through the supply chain, enhancing visibility and reducing fraud. XDC Network is how to buy audius also supported by the XDC Foundation who collaborates with developers, trade experts and content creators to further the growth, development and adoption of the network. XDC is the native cryptocurrency of XDC Network and will be the reserve cryptocurrency for all third-party apps running on XDC Network. Being the protocol token for the XDC Network infrastructure, XDC will be needed by all parties utilizing XDC Network to build apps or issue and integrate cryptographic tokens into their apps. Yes, any smart contract written in the Ethereum protocol can be easily ported to XDC Network. The strength of that appeals to dApp developers and some of our partners, who are already familiar with the Ethereum ecosystem.

What is XDC Network?

The key issue that may hinder XinFin’s pace is the relative lack of network decentralization. Although additional verification techniques, such as the double-verification step and continual voting process for each epoch are employed, the total number of the verifier nodes is comparatively low. XinFin’s DPoS uses the concept of master nodes, powerful server-like computers with a capacity to quickly process a large number of transactions, to achieve its technical efficiencies.

XinFin’s XDC Network is an enterprise-ready, Layer-1, EVM-compatible, open-source, hybrid blockchain protocol specializing in tokenization for real-world decentralized finance. It uses a special type of delegated proof-of-stake (XDPoS) for consensus to ensure quick transaction times, minimal gas fees, and a remarkable 2,000+ transactions per second (TPS). The XDC Network also enables the tokenization of assets through the use of smart contracts, allowing for the creation of digital representations of real-world assets such as property, commodities, and securities.

It is about flow of ideas, value and assets through a trustless ledger – connecting ‘small’ businesses to the enterprise level. XDC Network is positioned to solve real world problems, from enabling SMEs to participate in Trade Finance to what is bitcoin mining and how does it work ensuring charitable funds get to where they’re most needed in a trustless, transparent manner. Named after the galaxy by a community of XDC developers, the XDPoS consensus protocol upgrade, Andromeda, was implemented in December of 2021. A subsequent upgrade, XDC 2.0, is slated to bring state-of-the-art Byzantine fault tolerance (BFT) to the XDC Network along with high-grade security and real-time forensic monitoring.