When enterprises are executing a high volume of transactions on XDC Network, they will pay minimal fees and won’t face burdensome network congestion. When selecting a blockchain network, enterprises may also actively seek a history of stable performance – which XDC Network demonstrates. The term is often used in the trade finance industry as the market segment is often precluded from participating in trade finance opportunities due to a high bank rejection rate — 50% or more. Reasons for the high rejection rates include SMEs lacking collateral requirements, creditworthiness, and knowledge about trade finance.
The XDC token, native to the network, is used for fees, staking rewards, governance, and accessing dapps designed for global commerce. Masternodes are users (nodes) that are responsible for validating how to buy earnx transactions, proposing new blocks and maintaining the network’s security and integrity. XDC Protocol enables ISO compatible messaging for private and hybrid state, making it the language of core banking systems, ERP systems, SWIFT systems, and many more, with higher interoperability with legacy systems. As the standard for creating NFTs, it sets the baseline for smart contracts, ensuring proper ownership, management, and trading of unique items. Tokenization is another benefit the XDC Network offers — allowing assets like property, commodities, and securities to be represented digitally. These tokens, tradable on XDC Network and other compatible blockchains, boost liquidity and accessibility.
XDC hosts several decentralized applications (dapps) that offer solutions for trade finance, payments, and supply chain management. XinFin’s XDC Network is an enterprise-ready, Layer-1, EVM-compatible, open-source, hybrid blockchain protocol specializing in tokenization for real-world decentralized finance. It uses a special type of delegated proof-of-stake (XDPoS) for consensus to ensure quick transaction times, minimal gas fees, and a remarkable 2,000+ transactions per second (TPS). XDC Network is a high-performance blockchain platform built for enterprise use in trade finance and asset tokenization. It uses the XinFin Delegated Proof of Stake (XDPoS) consensus mechanism, which involves validators performing a small amount of Proof of Work (PoW) when proposing a new block to achieve consensus.
It is a global, open-source, delegated proof of stake consensus network (XDPoS), which enables hybrid relay bridges, instant block finality and interoperability with ISO financial messaging standards. The network’s hybrid (private/public) architecture is designed to support institutional use in trade finance and asset tokenization. Featuring interoperable smart contracts, 2,000 transactions per second, and Ethereum Virtual Machine compatibility, the XDC Network provides a scalable infrastructure for enterprises play to earn metaverse and independent community contributors. The XDC Network supports digital smart contracts, which, among other things, can facilitate cross-border transactions and real-time settlement at nearly no cost to the user. Distributed Applications (DAPPS) can be leveraged for various applications and business processes in supply chain, financing, procurement, distribution, and settlement. For example, Tradefinex is a marketplace platform that connects global participants of the trade and finance industry, enabling global contracting, financing, payments, and settlements through authorized financial institutions.
Building Decentralized Solutions
XDC Network is also supported by the XDC Foundation who collaborates with developers, trade experts and content creators to further the growth, development and adoption of the network. XinFin and XDC Network co-founders Ritesh Kakkad and Atul Khekade have extensive experience in finance and technology. Kakkad is an entrepreneur with a background in cloud hosting and web infrastructure and Khekade co-founded an airline chartering company and was part of a team that created the first permissioned blockchain for Asian banks. While covering core protocol specs, client APIs, and contract standards, XIPs provide a framework for the XDC platform. While anyone can submit an XIP, editors maintain a high technical standard to ensure proper formatting.
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This approach promotes decentralization while maintaining efficiency, as a limited number of masternodes handle the validation process. To become a Masternode, operators must stake a minimum of 10 million XDC, which can be removed if they act maliciously. XDC Network also has Standby Masternodes who are ready to replace any Masternode that drops out. This structure ensures network security, decentralization, and resilience to bad actors. Tangem users can securely receive, send, store, and swap their XDC coins and other tokens built on the XDC network. XDC Network is backed by the XDC Community, leading to the formation of the XDC Foundation, which was established in 2021 to promote the growth and adoption of XDC through collaboration with a community of developers, trade experts, and content creators.
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$XDC provides access to XDC Network functionality like smart contract execution and Masternode staking. Masternodes —vital for network consensus —secure and stabilize the system, earning XDC as a reward. Staking is open to all, letting holders earn rewards for contributing to network security and transaction validation. XDC Network shines with near-zero gas fees, perfect for cost-effective enterprise use. Its 2-second block finality ensures swift and efficient transaction settlements.
- A forthcoming upgrade to the consensus mechanism, dubbed XDC 2.0, is currently running on testnet.
- Kakkad and Khekade set out to build an enterprise-ready blockchain uniquely suited to liquifying global trade finance.
- The XDC Network supports digital smart contracts, which, among other things, can facilitate cross-border transactions and real-time settlement at nearly no cost to the user.
- XDC Network is a hybrid blockchain designed to facilitate global trade and finance sectors.
Only masternodes who have locked a significant amount of XDC tokens have the right to propose and vote for blocks. The locked tokens will bitcoin mining farm uk be slashed if the master nodes conduct any malicious behavior, and the malicious behavior detection is guaranteed by the network’s advanced forensics detection and monitoring system. As banks have well-established lending patterns with their clients, there are capital needs that go unmet in the trade finance sector. The trade finance gap happens when there is more demand for capital than there is capital available. Due to the high threshold to become a Masternode (staking10 million XDC), token holders can delegate their XDC tokens to validators of their choice.
The remaining tokens are gradually released through block rewards to masternodes and their delegators. A portion of transaction fees is burned, creating deflationary pressure that could counterbalance the inflationary effect of block rewards. Staking XDC not only supports the network’s security but also allows users who run masternodes to earn potential rewards. Those who don’t wish to run a masternode (or can’t) can delegate their stake to an existing one, sharing in the rewards while contributing to the network’s overall security. XDC Network’s native cryptocurrency, XDC token, allows users to participate in staking, governance, and access a growing number of dapps tailored for global commerce.
