What is XDC Network? All you need to know

XDC Network is considered one of the newest blockchain platforms that has improved upon existing blockchain weaknesses, which has attracted considerable attention from the crypto community.

Let’s delve into what xdc network is, its unique technology, and its advantages and disadvantages with AZCoin.

What is XinFin – XDC network?

XDC network is a hybrid blockchain platform designed for multinational business and finance, with high interoperability capabilities, supporting global trade and finance, promoting automation and transparency in risk distribution and commercial assets.

The XDC network was established by eXchange inFinite (XinFin) in 2017. Through a combination of features such as dual validation, random validation, and a robust masternode architecture, it is one of the key factors contributing to the increasing popularity of the XDC network.

XinFin has integrated the best aspects of public and private blockchains to create a revolutionary hybrid network, geared towards enterprises, promising to disrupt the industry.

XinFin’s main goal is to enhance the security and transparency of global transactions. In this regard, the XDC network leverages a range of decentralized solutions while enabling the development of enterprise-grade, open-access solutions for the industry.

To ensure a democratic platform, the network implements Delegated Proof of Stake (XDPoS) consensus, thereby enhancing security and privacy immediately. Along with fundamental blockchain integration, the XDC network addresses several key challenges in the blockchain industry, such as resource optimization, transaction fee reduction, anonymity, and scalability.

What is XDC coin?

XDC coin is the native token of the XDC Network, used as currency within the XDC network for transaction fees, smart contract operations, staking rewards, and more. Essentially, XDC is similar to ETH in Ethereum or BTC in Bitcoin.

The XDC token serves as a settlement mechanism for dApps built on the XinFin blockchain. The first dApp, TradeFinex platform, utilizes this payment layer to fund infrastructure projects and other procurement activities.

Additionally, XDC is also used to power operations for other dApps like MyContract, Kramaa, Land Registry, iFactor, Blockdegree, TurantPay, and upcoming ones such as XSwap, EuroStasis, USNota, and many more.

Basic information about XDC coin:

• Ticker: XDC
• Blockchain: XinFin
• Total supply: Infinite
• Circulating supply: 14,910,331,820
• XDC coin price today: $0.031246.

If you want to choose a reliable platform to trade cryptocurrencies, check out the best crypto exchanges 2024 page to read reviews.

XinFin XDC Network’s ecosystem development plan

XinFin aims to create a fully decentralized platform while also designing tools to achieve this for users. It also enables programmers, entrepreneurs, and developers with ambitions to create the next big thing on the XDC platform by funding ambitious projects in need of support.

The joint ecosystem development plan for XDC provides the following for anyone looking to build on the XinFin Network:

• Capital support
• Technical assistance
• Community promotion.

All that is needed to be considered for funding is a solid business plan including detailed information about the product, team members, MVP, and expected milestones. The sponsorship program is designed to support ambitious projects aimed at realization.

Since its inception, XinFin has been focused on creating a truly global decentralized platform every step of the way. From launching their own unique solutions to providing a platform for others to do the same, XinFin has built a strong ecosystem where every user is a contributor.

Purpose of building XDC Network

There are three main issues that XDC network aims to address:

• Network congestion on Ethereum leading to slow transaction times.
• High transaction fees on Ethereum.
• Most other blockchains are highly centralized and/or lack interoperability with the Ethereum network.

Key Features of XDC Coin

• Consensus: XDC Network employs a unique consensus mechanism called Sharding and Proof-of-Stake, which can potentially boost transaction processing performance while upholding the network’s security requirements.
• Transaction Fees: Transaction fees on XDC are significantly lower than on Ethereum, by a factor of up to 100 times.
• Transaction Speed: XDC Network aims to process 2000 TPS to support a robust ecosystem of tokens and decentralized applications (DApps).
• EVM Compatibility: XDC Network is EVM-compatible, allowing interoperability with the Ethereum ecosystem.
• Partnerships: XDC Network has established partnerships across various industries, including agriculture, robotics, gaming, IT solution providers, advertising, pharmaceutical tracking, education and research, payments, communications, name services, food traceability, and travel.
• Dedicated Network: XinFin Network (XDC) operates on its own dedicated blockchain, which has been active since June 1, 2019.
• Security: XinFin Network (XDC) utilizes double validation and randomization algorithms to safeguard the network, addressing “security concerns” commonly associated with its usage.

Should you invest in XDC coins?

To know whether you should invest in XDC coins, let’s review the advantages and disadvantages of this project.

Advantages of XDC coin

• Faster transaction processing speed compared to Bitcoin and Ethereum, with gas fees up to 100 times lower.
• Incorporates advanced technologies developed after earlier blockchains, resolving common issues.
• Growing ecosystem of XinFin – XDC Network has the potential to drive up the value of XDC coin with successful Dapps.
• Relatively low current value presents opportunities for significant price appreciation (e.g., doubling, tripling, or even 10x increase).
• Delegated Proof-of-Stake (XDPoS) utilizes stakeholder voting to ensure fair and democratic consensus.
• Recognized by the World Trade Organization (WTO) and International Chamber of Commerce (ICC), particularly for TradeFinex & XinFin.
• Decentralized and censorship-resistant, providing users with peace of mind that their assets won’t be blocked or frozen.

Disadvantages of XDC Coin

• Limited exchange support: It is not listed on major exchanges such as Binance, Coinbase, FTX, or Houbi.
• Unlimited supply: Unlike Bitcoin’s capped supply, XDC has an unlimited supply, making it more difficult for the price to rise in value based on supply scarcity.
• Price volatility: The price of XDC fluctuates significantly, posing a higher risk for investors. It is also strongly influenced by the price of Bitcoin.
• Competition: XDC faces competition from numerous other cryptocurrencies with well-developed ecosystems, such as Ethereum, Solana, Avalanche, Polkadot, and Cosmos.

Conclusion

After this post, we hope you understand what the xdc network is, alongside its advantages and disadvantages. If you have any opinions or judgments that you would like to share regarding XDC, please leave a comment through the contact or comment section and let’s discuss it together. We hope you can make good investment choices and be successful.