What is XDC Network?
The XDC Network (XDC) is a blockchain platform that offers commercial-grade decentralized services and architecture. Developed by XinFin, the network combines a permissioned smart contract system with an open blockchain topology, allowing developers to alleviate regulatory concerns among major financial institutions while still utilizing the best features of various networks. The ultimate goal of the project is to reduce inefficiencies in the trade finance industry through the use of blockchain technology.
XDC is the native utility token that powers XinFin's hybrid blockchain. It acts as a settlement mechanism for dapps built on the blockchain, and is used to pay transaction fees and for smart contract operations.
XinFin was co-founded in 2017 by Atul Khekade and Karan Bhardwaj. Khekade is an experienced software programmer who designed the first permissioned blockchain system for a consortium of Indian banks. Bhardwaj, a blockchain enthusiast, has developed ledgers for tech giants like IBM and Fidelity. He left XinFin in 2018 to pursue his own startup.
The XDC Network, XinFin's blockchain technology solution, is a global, open-source, delegated proof of stake consensus network (XDPoS) that supports hybrid relay bridges, immediate block finality, and compatibility with ISO 20022 financial messaging standards. The network's private/public hybrid architecture allows for institutional usage in trade finance and asset tokenization. The XDC Network delivers scalable infrastructure for companies and independent community members, including interoperable smart contracts, 2,000 transactions per second, and Ethereum virtual machine (EVM) compatibility.
The XDC Foundation, which supports the XDC Network, continues to grow globally, having achieved its primary goal of making trade financing more accessible to a larger audience. Since 2017, the XDC Foundation has introduced several integrations, utility projects, dapps based on XDC, and collaborations.
The XDC Network works by combining the benefits of public and private blockchains with a focus on trade finance. The core market for the network is institutional investing companies looking to integrate asset tokenization into their business strategy. The network deploys a patented hybrid architecture, enhancing liquidity management for these major investors. Dapp developers can contribute to the network and use its market to sell their dapps. There are also a number of tools available to help investors establish an efficient and creative development environment.
The developers have created a unique consensus mechanism known as XDPoS, which is more energy and computationally efficient than traditional delegated proof of stake (DPoS) methods. The system achieves excellent performance by efficiently using a unique stakeholder approval voting methodology to efficiently address consensus concerns.
On XinFin, anyone can create a decentralized oracle network. Oracles are off-chain sensors that can send and receive data from blockchain networks. They are one of the most significant industry advancements because they allow blockchains to extend their use case possibilities drastically. XinFin provides users with step-by-step instructions for building their own oracles.
The XDC Network also allows for asset tokenization, which can be used in various industries such as real estate, supply chain management, and more. This allows for the digitization of assets and the creation of tokenized versions of them, which can be easily traded and transferred on the blockchain. This greatly improves efficiency and reduces the need for intermediaries in many industries.
Another key aspect of the XDC Network is its interoperability with other blockchains. The network's hybrid architecture allows it to connect with other blockchain networks, such as Ethereum and Bitcoin, making it possible to transfer assets between different blockchains. This allows for greater flexibility and increased reach for businesses and developers on the XDC Network.
In addition, the XDC Network also offers various enterprise-level services such as smart contract auditing, security testing, and more. These services are designed to help businesses and developers ensure the security and reliability of their dapps and smart contracts on the network.
Overall, the XDC Network offers a versatile and powerful blockchain platform that is well-suited for businesses and institutions looking to leverage the benefits of blockchain technology. With its focus on trade finance, asset tokenization, and interoperability, the XDC Network is poised to make significant contributions to the blockchain ecosystem and help drive its mainstream adoption.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
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