XDC is a decentralized network that solves the scalability issue in blockchain technology. Major blockchains like Ethereum usually get congested and are forced to charge very high fees. Since XDC uses the delegated proof of stake consensus mechanism, it is able to process a lot of transactions without charging very high transfer fees. The blockchain has gained a lot of popularity among crypto users and has a large online community.
Briefly about XDC
XDC network was founded by Atul Khekade, Ritesh Kakkad and Karan Bhardwaj. It was developed to compete directly with Ethereum as it improves on many shortcomings of the second-largest blockchain. It supports the creation of smart contracts and dApps. Since it tries to be compliant with regulations, it has created systems for app developers to run KYC procedures.
XDC Network works with smart contracts and got very low fees and high security.CryptoLists.com
This network uses KYC master nodes and is compliant with regulations. The purpose of these nodes is to host and conduct KYC procedures, and that means developers and clients in the ecosystem can easily integrate KYC protocols. To become a validator on this network, you will have to lock 10 million XDC tokens. Developers of the XDC ecosystem added this requirement to ensure that only people who are significantly invested in the network get to work as validators.
Utility of XDC?
A key purpose of this blockchain network is to improve inefficiencies in the trade and finance industry. When making transactions over this network, users will enjoy very low transfer fees and a short transaction finality period.
XDC
Release Date: June 1, 2019
Advantages at XDC
+ XDC network offers high levels of scalability.+ XDC blockchain charges very low transfer fees; among the best in the industry.
+ Transactions are finalized in two seconds.
+ XDC network leverages a delegated proof of stake consensus system.
Disadvantages
- There are very high requirements to become a XDC validator - 2 million coins.- Its native token has a rather low market cap.
- XDC ecosystem has a steep learning curve for developers.
- Difficult competitors such as Ethereum and similar blockchains.
Costs
▪ Rated at 10/10XDC ecosystem charges very low transfer fees, and this has helped to make the blockchain network easy to integrate. On average, users of the network have to pay a fee of 0.00001 USD, which is a negligible amount of money. In contrast, Bitcoin charges fees of about $15 per transaction.
Reputation and Buzz
▪ Reputation rated at 9/10▪ Buzz rated at 9/10
XDC network has gained popularity among crypto users as it has made it more convenient to make transfers using blockchain technology. The blockchain has gained a large following on Twitter, where it has more than 89,000 followers. Its Reddit community is also growing rapidly and currently has about 10,000 members. You can join these social media platforms if you want to exchange ideas about the XDC blockchain.
FAQ
Who created XDC Network?
XDC blockchain was founded by three individuals: Atul Khekade, Ritesh Kakkad and Karan Bhardwaj. All three founders have a long history in blockchain technology. Atul Khekade also co-founded the XDC Foundation.
Is XDC Network proof of stake?
XDC network leverages the delegated proof of stake hybrid consensus mechanism. This form of proof of stake allows the network to achieve a 2-second block period. The mechanism is also energy efficient, especially when compared with proof of work or traditional proof of stake consensus.
Will XDC Network overtake Ethereum?
XDC blockchain has many benefits and is quickly gaining popularity among crypto enthusiasts. Still, there is very little chance that the network will overtake Ethereum. This is because Ethereum is being improved consistently and has already gained a lot of popularity among crypto users.
Does the XDC network support mining?
No, unlike Bitcoin, XDC blockchain does not support crypto mining. Since it uses the delegated proof of stake mechanism, holders of the native cryptocurrency can stake their coins to earn interest.
History about XDC
February, 2022 - XDC network gets ISO 20022 approval.
July, 2022 - XDC network start promoting the protocol in Metaverse. It might be a popular blockchain in various Metaverse, since the transfer costs are really low while the transaction speed is excellent.
Screenshots from XDC
