All About The XDC Network

XDC, a third-generation tech blockchain, is revolutionizing the cryptocurrency world. It’s an open-source blockchain that allows multiple trading, built on Proof-Of-Stake. XDC is changing the game regarding scalability, speed, and interoperability. The ability to run transactions faster makes the new boy on the block everyone’s favorite. 

While other blockchains have changed how the transaction works over time, XDC tokenization and hybrid architecture seamlessly power transactions across its blockchain ecosystem. Its almost zero gas fee makes it one of the best, with its XDC coin enterprise-ready. One can only imagine what the trading system will be like soon.

XDC’s unique characteristics will be explored in this article. So stick around to get all the juicy details about XDC. Let’s start by understanding the XDC network.

What is XDC Network?

XDC network is a developer-friendly architecture that embraces spontaneous transactions and interoperability with its XDPOS consensus mechanisms. This hybrid blockchain operates on the delegated proof of stake XDPOS, which enables minimal gas fees and TPS of 2000+ transaction fees. 

This EVP-compactible, layer-1, open-source hybrid blockchain provides tokenization and digitization optimized for decentralized finance. The XDC network is also extensive in security, making it a secure blockchain to trade with. 

How? Since it focuses on mitigating international financing and trade, it develops commercial-grade security. This has built enterprise trust in the system and provides them with fast and easy settlement through smart contracts.

The XDC Network uses the XDC01 protocol, specifically designed to support the smart contracts and the AML/KYC layers. In that case, what coin does this network utilize?

About XDC Cryptocurrency/ XDCPay 

The native token of the XDC Network protocol is XDC, which is designed to enable transparent transactions in the XinFin ecosystem. The XDC coin is the utility token that supports all transactions on this Hybrid Blockchain. It’s also used to execute smart contracts and Dapps. What’s more? This payment asset enhances the integration of real-time cross-border trade for staking and investments.

XDC cryptocurrency can be acquired from various sources, such as multiple exchanges (e.g., Bittrexm Kucoin, Liquid, Gate.io, Bitfinex, Bitrue). It can be saved in both non-custodial digital wallets (e.g., FreeWallet, Guarda Wallet) and with trusted institutional-grade custodians (e.g., Copper, Bitpanda, Propine, Fireblocks).

With over 37.7 billion in January and 13.8 billion of this hybrid blockchain in circulation. The community is ever stronger because it values interoperability. These are the standards adopted for the token on the XDC Network.

However, you need the XDCPay for the gas fee and other transactions to perform a transaction successfully on the blockchain. XDCPay extension browsers allow users to access their XDPOS and enable Dapps in the browser. For this extension to work effectively, XDPOS Web3 API is integrated into any Javascript site that permits the Dapps to read the data for the blockchain.

In addition, the XDCPay extension supports other browsers like and other chromium browsers. 

• Mozilla Firefox
• Google Chrome
• Opera
• Brave 
• Dapps 

It also offers some juicy peeks for its users, such as transferring and reiceive tokens, getting backup seed, testnet faucet, switching accounts on the network, and adding or importing accounts. 

Now we’ve touched on the XDC coin and XDC wallet, let us get into the nitty-gritty of the various problems XDC addresses with its XDPOS consensus mechanism. 

What Are The Major Problems Addressed By XDC Network?

The XDC Network follows the XDPoS technology, a decentralized transaction validation scheme. It verifies the XDC hybrid blockchain’s transactional activity. XDC Network’s delegated proof of stake protocol employs real-time voting to choose a pool of validators, or delegates, in contrast to previous consensus systems. These validators are the only people responsible for maintaining the integrity of the XDC Hybrid Blockchain.

The validators carry out several tasks, some of which are listed below:

• The validators are responsible for turning the transactions into valid blocks.
  
  
• They are also in charge of network-wide block broadcasting.
  
  
• Validators must always maintain their notes up to date with the network.
  
  
• They are responsible for democratically resolving any unforeseen issue within the network.

XDC Network resolves four primary issues with a public blockchain network:

• With XDPoS consensus, energy usage is ten times lower than with Bitcoin and Ethereum-based PoW mining.
  
  
• The XDPoS consensus reduces the gas fee to almost nothing. As a result, processing microtransactions on the XDC Network becomes feasible.
  
  
• Using higher TPS, XDPoS consensus addresses the scalability issue of small transaction volumes.
  
  
• An independent KYC-based node resolves the problem of anonymous network members using the XDPoS consensus process.

Why Is XDPoS Best Suited For XDC Network

• The XDPoS of XDC Network operates in a completely democratic way. Its computational design allows it to perform horizontal scalability by adding additional nodes.
  
  
• Since the XDPoS algorithm does not require a lot of energy to stake XDC coins, it is environmentally friendly. This is corroborated by the fact that XDC coin staking may be done on a regular PC.
  
  
• KYC enforcement is present on the nodes of the XDPoS algorithm by the XDC Network. This resolves the core issues when interacting with conventional enterprise KYC suppliers. This makes regulating enterprise adoption simple. By completing significant, in-depth paperwork, the algorithm’s autonomous KYC function enables corporate clients to establish and verify their identities and gives participants access to KYC data. With this, a KYC criteria that is acceptable to participants and enterprise regulators is introduced.
  
  
• Swift and adaptable XDC Blockchain technology. XDC’s Hybrid Blockchain has reached transaction rates of up to 2000 TPS on the public chain, with infinite horizontal scaling, thanks to several private chains operating concurrently. Such figures generate a better user experience.
  
  
• Peer nodes can function as “regulatory nodes” if they choose to remain in the network but do not want to participate in the consensus. These nodes don’t have access to all of the blockchain’s data. The XDC Network’s Hybrid Blockchain architecture allows regulatory nodes to function effectively.

The Architecture of XDC-Network’s Hybrid Blockchain

Its foundation in the consortium blockchain paradigm sets the XDC blockchain apart from public and traditional private/permissioned blockchains. The public state of the XDC blockchain is accessible to all network users, who are managed by different components. Groups of nodes can create fully permissioned networks with their rights.

The private state is only accessible to authorized members. There is a record of transactions (a hash) in the private state. The public state of the blockchain is where the smart contracts are stored. Basic account information can also be shared via the public state. The XDC platform is used to send other data transparently and safely. Employing the private state to protect private information from prying eyes is possible.

While several blockchain solutions are on the market today, most are not practical for everyday use. By removing the shortcomings of both public and private blockchains, the XDC hybrid design makes it possible to apply the XDC protocol in practical situations. It combines the benefits of privacy, security, decentralization, and quick transaction speeds of a private blockchain with the accessibility, transparency, and speed of a public blockchain.

The Interoperability of The XDC Network

Because of its “hybrid” architecture, the XDC blockchain may interface with other public blockchains, such as Ethereum and Bitcoin. Transactions marked as hybrid on the XDC blockchain can be transmitted to and carried out on the Ethereum public blockchain without extra wallets or exchanges. The XDC protocol aims to create a genuinely independent blockchain environment through interoperability.

Transactions and data can be relayed into the XDC Public Network using a relayer bridge. This capability encompasses scalability, security, compliance for data and transactions within the network’s rules, public trust, and liquidity.

Using The XDC Network for International Finance And Trade

The TradeFinex platform is explicitly designed for trade and financial transactions, utilizing the XDC permissioned blockchain protocol, XDC01.

Different participants can connect limitlessly on the TradeFinex platform. The platform can handle all four steps:

• Agreements
• Discovery 
• Contracting 
• Execution

The platform enables participants to create legally binding digital smart contracts via the XDC blockchain. Smart contracts guarantee transparency in the allocation and use of funds. The platform can use the XDC coin to execute real-time domestic and cross-border payments and settlements through regulated financial companies in compliance jurisdictions.

To ensure that every payment made in the form of the XDC coin or any other supporting currency is digitally secured, wallet services are integrated into the TradeFinex system. When users of the TradeFinex system transact business, they are rewarded with XDC coins.

Who Are The Participants In The XDC Network?

The XDC blockchain aims to create an all-encompassing, welcoming ecosystem advantageous to all market players. Its capacity for financing will expand in tandem with the ecosystem. The more players and projects that use the XDC platform, the more economical and efficient the ecosystem will become. The objective of XDC Network is to grow both horizontally and vertically. It is ready to communicate with attendees of all levels and sectors.

To gain from effective network implementation and reduce the burden on taxpayers, governments and policymakers are urged to use methods to provide the foundation for these initiatives.

To support MSMEs and foster economic growth, trade groups, chambers of commerce, and export councils are also urged to keep up their efforts. These organizations can influence the new system and strengthen any business shortcomings in their industry by connecting with this network.

What Services Does Debut Infotech Offer for XDC Network Development?

Developing smart contracts

We offer smart contract development services for the XDC blockchain network to support various dApps. Together with design and implementation, we also provide our clients with architecture, audits, and efficient smart contract delivery.

dApp deployment

Using the XDC platform, our blockchain architects can create enterprise-grade decentralized apps (dApps) for clients that will speed up time to market and improve return on investment.

Maintenance and support

We guarantee that our clients’ dApps are optimized and free from downtime by offering prompt support and maintenance services. We support both clients who have their dApps produced by us and those who have already established decentralized apps.

Conclusion

With its innovative XDC01 Hybrid Protocol, which combines the advantages of both private and public blockchain networks, XDC Network offers a future-proof solution. XDC stands out in this industry by tackling the current issues with public blockchains thanks to its hybrid blockchain technology and immutable, transparent, and tamperproof architecture.

The combination of smart contract features, audibility, quick transaction rate, and peer-to-peer contracting and payment sets XDC Network apart as a platform with a unique value proposition.

FAQs

Q. What is the XDC Network?

A. The XDC Network is created to make blockchain technology adoption more accessible for businesses. It provides smart contract capability, speedy and secure transactions, and blockchain interoperability.

Q. What distinguishes XDC from other blockchain networks?

A. In contrast to specific other blockchain networks, XDC is dedicated to serving corporate needs. It is perfect for enterprise use cases because of its high throughput, low latency, and energy-efficient consensus processes.

Q. How does XDC accomplish high throughput and scalability?

A. XinFin Delegated Proof of Stake (XDPoS) is the consensus method XDC uses, enabling quick transaction processing and high throughput. Furthermore, its architecture is made to expand with the network.

Q. Which applications of the XDC Network are practical?

A. Numerous applications, such as supply chain management, tokenization of assets, trade finance, and cross-border payments, are appropriate for the XDC Network. Because of its adaptability, companies in various sectors find it appealing.

Q. How does the XDC Network’s interoperability function?

A. The interoperability capabilities of XDC enable it to interact with other blockchains. This interoperability makes the capacity to transfer assets between other blockchain networks seamlessly possible, which boosts usefulness and flexibility.