Blockchain has genuinely transformed global businesses, offering a secure and transparent method for recording transactions. It’s a game-changer in finance, healthcare, supply chain, and beyond, streamlining operations and boosting efficiency. XDC Foundation works to support the XDC Ecosystem, where XDC Network’s open source technology is adopted for many diverse use cases. There are a number of factors that make XDC Network “enterprise-ready.” The term reflects how the network is scalable, cost-effective and developer-friendly.
- Singapore-based XinFin launched the (public/private) mainnet XDC Network in 2019 with the goal of transforming real-world business processes, particularly in the global trade and finance markets.
- While covering core protocol specs, client APIs, and contract standards, XIPs provide a framework for the XDC platform.
- Traditionally, large investment banks have been the providers of trade financing for the global trade industry.
- This approach promotes decentralization while maintaining efficiency, as a limited number of masternodes handle the validation process.
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Hybrid blockchain architecture
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.
Decentralized Smart Contracts Platform
With XRC1155, one smart contract can represent and govern an infinite number of tokens, providing a versatile and efficient solution on the XDC Network. Named after the galaxy by a community of XDC developers, the XDPoS consensus protocol upgrade, Andromeda, was implemented in December of 2021. A subsequent upgrade, XDC 2.0, is slated to bring state-of-the-art Byzantine fault tolerance (BFT) to the XDC Network along with high-grade security and real-time forensic monitoring. Kakkad is a serial tech entrepreneur with decades of experience in cloud computing. Khekade, a computer engineer by training, played the leading role at MonetaGo in creating the first permissioned blockchain network for a consortium of the most prominent Asian banks. Trade finance is the financing of a purchasing transaction between a buyer (importer) and a seller (exporter).
It offers a base layer for enterprise blockchain applications while providing a solid foundation for blockchain innovation in all industries. Secure, scalable, and highly efficient, the XDC Network powers a wide range of novel blockchain use cases and provides state-of-the-art infrastructure for enterprise-grade blockchain applications. Tokenizing trade finance can include, but is not limited machine learning models to, issuing regulated notes and security tokens that are backed by trade finance assets on a distributed ledger. XDC Network uses a unique Delegated Proof of Stake (XDPoS) consensus mechanism, where holders delegate tokens to masternodes for transaction validation and network security. Its unique architecture leverages an EVM-compatible chain with smart contract capabilities for building dapps and the ISO messaging standard used by traditional systems which allows the chain to integrate within existing infrastructures.
How to trade crypto?
XDCPay is XDC’s native wallet that stores XDC Coin and XRC tokens, including tokens you created. It allows you to run dApps right in your browser and allows you to pay the low the ultimate digital marketing salary guide for 2022 gas costs for transactions on the XDC Network. XDC’s cryptocurrency was released in 2018 as part of a TGE with a maximum supply limit of 100,000,000,000 tokens. Remittances – Enables faster, cheaper, and more efficient cross-border payments for global financial inclusion. Coin-holders who un-vote before the checkout block won’t receive rewards in the staking reward portion. XDC 2.0 is the next-generation consensus protocol originally built for the XDC Network.
Smart contracts on the XDC Network execute seamlessly, enabling trustless transactions with automatic enforcement of contractual terms. Their high interoperability extends to integration with legacy systems like SWIFT and ERP, securing data transfer across platforms. XDC Network is a reliable EVM-compatible and Ethereum-competitive Layer 1 blockchain supporting smart-contracts, opportunity and education in the world of cryptocurrency protocols, and atomic cross-chain token transfers.
$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.
