The cryptocurrency world is full of innovative projects. This article is about one such project called XDC Network. Let’s take a look at it in more detail. At the time of writing this, the XDC price is sitting at $0.07131.
XDC/USD Weekly chart – TradingView
What is XDC Network?
According to its website, XDC Network is a business-inclined hybrid blockchain. It is created for multinational business and finance. The XDC Network is supported by its native coin named XDC. The XDC blockchain is designed to sustain smart contracts, 2000TPS, 2seconds of transaction time, and much more.
The XDC digital contract also called as XDC chain utilizes XinFin Delegated Proof of Stake (XDPoS). It is planning to build a ‘highly-scalable, safe, authorization, and retail grade’ blockchain network. The network strives to fix the network blockage and elevated transaction time as well as excessive transaction fees of Ethereum. It is also building a really decentralized and blockchain that is interoperable with the Ethereum virtual machine.
The XinFin Network has tons of security elements that make it safe. Noteworthy are the Randomization and Double Validation attributes. There is also the irreversibility of block composition. This makes it incomprehensible to recreate the blockchain record, and spamming the Network is rather complicated as it will demand a huge of XDC in transaction prices.
The XDC Network is founded by eXchange inFinite (XinFin). As mentioned earlier, it is a delegated proof of stake network (XDPoS). It means that it allows hybrid relay bridges, immediate block validation, and interoperability. All these features make it developer-friendly. XinFin Digital Contract (XDC) controls the XDC hybrid blockchain system. The XDC token works as a payment instrument for decentralized applications (dApps) created on The XDC Network.
XDC Network: So, what is XDC Utility?
So, the XDC token is the basic utility token that supports XinFin’s Hybrid Blockchain. As mentioned earlier, the XDC token works as a payment instrument for DApps created on the XinFin Hybrid Blockchain.
Using the mechanism of cryptographic tokens, the XDC Network enables the digitization, tokenization, and speedy payment of business transactions. It lowers the dependence on complicated foreign exchange systems. Some of the fundamental benefits are more inferior transaction fees (almost zero), more undersized energy use, robust validation period, dual validation, and randomization for safety assurances.
By using various features such as interoperable smart contracts, 2,000 transactions per-second, and Ethereum Virtual Machine, the XDC Network gives a scalable foundation for companies and autonomous businesses.
XDC Token: How does it work?
The XinFin Network is backed by a chain of 108 Masternodes. As mentioned earlier, the XDC token is the primary utility token backing the XinFin Hybrid Blockchain. There are various benefits of the XDC utility token. The uses cases are MyContract, Kramaa, TradeFinex, iFactor, TurantPay, Land Registry, and Blockdegree.
The XinFin blockchain has an unconditional supply of 100 billion XDC tokens. This pool is fixed and latched. As for the token distribution, it is as follows:
Conclusion
While it will be too early to say anything about XDC at this moment. The project has already made a meaningful improvement. With a multifarious and really international team as well as highly skilled and respected consultants, this platform certainly has a lot to give.
What makes the XDC Network special is its numerous elements. They fix almost all of the issues that blockchain platforms are encountering at the moment. Moreover, the platform also concentrates on social expansion plans. This Network strives to become the ideal smart-contract public blockchain for small and big companies as well as regimes when it comes to dapps, token distribution.