Deepika- It works on a unique consensus mechanism, which is the XinFin Delegated Proof-of-Stake mechanism.
- It is a hybrid blockchain.
What is XDC?
XDC is a hybrid blockchain. The reason it is called a hybrid is because it has the characteristics of both private and public blockchains. This network integrates all the benefits of both public and private blockchains. Basically, this is a protocol that is specially built for enterprises to support payment systems for them. It is also an open-source blockchain protocol.
This network promises a blockchain with speed, scalability, low fees and military grade security. This network helps businesses to keep the record of transactions while maintaining their security. This blockchain is not only open source but also EVM compatible. This enables developers to carry their skills from one chain to another.
XinFin Network
This crypto is part of the XinFin Network. This network was founded in 2017 by three developers Ritesh Kakkad, Atul Khekade and Karan Bhardwaj. The network is based in singapore. Now only two co-founders are associated with this network Ritesh and Atul because Karan took exit from the network for devoting more time to his own startup Elatior Tech. The other two founders have a huge tech experience in the blockchain industry. Both the founders are indians.
This network is built on layer 1 and is compatible of the global messaging standards which is ISO 20022. This allows developers and other financial institutions to build applications on this network as it also supports smart contracts. This is a convenient payment option for enterprises that even have its own integrated app for processing payments on the network. This app is a web extension which is supported by some browsers. This app implements a unique way of functioning which is a hybrid blockchain system. This supports swift and convenient payments. Hence, it is a perfect solution for investors and business because it assists them financially by supporting streamlining the payment system.
This platform is addressing the problems that the older blockchains failed to address, some of these problems are low network bandwidth and even high transaction fees.
The Unique features of XDC platform.
- Energy Efficiency: The annual block producing outcome of the XDC is 0.0000074 TWH. This is only equivalent to energy consumption for a handful of households. Which is way less if compared to other blockchains like Ethereum and Bitcoin as Bitcoin consumes 71.12 TWH of energy which is equivalent to energy consumed by an entire country like Ireland or Norway. Which is not only very expensive for miners but also not good for the environment.
- Low Transaction Fees: This blockchain implements transaction fees of only $0.00001 which is also significantly low as compared to Bitcoin($15) and ETH($10) this blockchain. Since transaction fees are almost negligible, users can easily use it for transactions, without worrying to pay heavy transaction fees.
- The Transaction Speed: The current transaction speed of this network is equal to 2000+ transactions. This means transactions will be processed within milliseconds. All these abilities make it the ideal blockchain for all financial uses.
Security
The network is secured by a consensus algorithm that is not only environmentally friendly but also highly effective.It is a hybrid network which means a combination of the good qualities of proof-of-stake and Proof-of-Work. This consensus algorithm is called the XinFin delegated Proof-of-Stake network. This algorithm also includes KYC, which means knowing our customers, so businesses will know about whom they are sending and receiving transactions from. This will definitely support its adoption by enterprises, which is the ultimate goal of the network.
Conclusion
XDC Network offers a compelling solution for enterprises with its hybrid blockchain, combining the benefits of both public and private blockchains. With energy efficiency, low transaction fees, and impressive transaction speed, it stands as an ideal blockchain for financial uses. Its security features, including the XinFin Delegated Proof-of-Stake mechanism and KYC integration, make it an attractive choice for businesses seeking a reliable and secure payment system.
