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What is XDC Network (XDC)?
XDC Network basic info
What is XDC Network?
The XDC Network, formerly known as XinFin Network, is a hybrid blockchain platform designed to combine the benefits of both public and private blockchains. Established in 2017 in Singapore by founders Ritesh Kakkad, Atul Khekade, and Karan Bhardwaj, the platform aims to solve problems such as high transaction costs, slow network speeds, and difficult developer experiences that have hindered previous blockchain networks. The network primarily focuses on enhancing financial services and offers a smooth user experience through cutting-edge technology and infrastructure.
Resources
Official Whitepaper: https://xinfin.org/docs/whitepaper-tech.pdf
Official Website: https://xdc.org/
How Does XDC Network Work?
The XDC Network operates on the XinFin Delegated Proof-of-Stake (XDPoS) consensus algorithm. This technology allows the network to handle an impressive 2,000 transactions per second (TPS). In addition to speeding up transactions, XDPoS also improves cybersecurity and allows for interoperability with other blockchain platforms. The network's use of sharding technology further boosts transaction speed, exceeding the 2,000 TPS limit. The XDC Network also supports smart contracts compatible with the Ethereum Virtual Machine (EVM), simplifying the development process for creators.
One standout feature is the network's compliance with the ISO 20022 global payment messaging standard, making it easier for developers and financial institutions to build compliant applications.
What is XDC Network Token (XDC)?
The XDC Network's native cryptocurrency is the XDC token. This token plays a crucial role in validating transactions and governing the network. It serves multiple purposes, allowing users to make transactions, deploy smart contracts, and engage in governance decisions. It essentially fuels all activities within the platform.
Which Factors Affect XDC Network Token (XDC) Price?
The price of the XDC token is influenced by a variety of factors:
- Supply and Demand: As more users join the network and demand for XDC tokens increases, its value is likely to rise.
- Network Development: Technological improvements and updates can have a positive impact on the token's price.
- Market Sentiment: Public opinion can significantly affect the token's value. Positive news can drive up prices, while negative news can have the opposite effect.
- Regulatory Factors: Regulatory changes in the financial sector can impact the token's price.
- Adoption: Institutional and enterprise adoption of the XDC Network can also affect its valuation.
XDC Network's Impact on Finance
The XDC Network is poised to significantly disrupt the financial industry. It offers high-speed transactions, strong security measures, and easy interoperability with global financial standards like ISO 20022. Its features, including its capacity for over 2,000 TPS and low fees, present a superior alternative to conventional financial systems. These attributes make the network highly appealing for adoption among financial institutions, potentially revolutionizing global trade and financial transactions.
Conclusion
In summary, the XDC Network aspires to be a game-changer in the evolving world of global finance and trade. Its blend of speed, security, and interoperability makes it a promising platform for the future of financial services.
XDC supply and tokenomics
Uniqueness
The XDC Network is an EVM-compatible, layer 1 blockchain that is compatible with the global payment messaging standard, ISO 20022, making it a convenient platform onto which developers and financial institutions can build applications. Additionally, the platform launched the XDCPay app: a web extension with support for some popular browsers, which claims to simplify the user experience for investors and businesses.
XDC wants to address the challenges that early blockchain networks failed to address: low network bandwidth, unreasonably high fees and a poor experience for developers. The platform also supports smart contracts, so developers have the option of building apps and protocols on the blockchain.
It allows for the deployment of layer 2 digital assets (via Origin), and employs sharding to process transactions faster (over 2000 transactions per second).
The platform is an open-source hybrid blockchain for global trade and finance. Thanks to its hybrid design, XDC interacts with both public and private blockchains. The system provides hybrid relay bridges that retransmit transactions into the public network.
Links
What is the development prospect and future value of XDC?
The market value of XDC currently stands at $627.32M, and its market ranking is #119. The value of XDC is widely recognized by the market. When the bull market comes, the market value of XDC will likely continue to increase.
Moreover, if XDC can play a greater role in practical applications, such as XDC Network builders fully leveraging the potential of XDC, partnering with more businesses, and increasing its user base, the long-term value of XDC will be significantly enhanced.
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