XinFin Network: All You Need to Know About XDC

Blockchain technology has evolved over time, which arises from different problems that the technology needs to improve. As such, there has been a development of different generations of blockchains. Here comes XinFin Network, providing a hybrid blockchain combining the advantages of public and private blockchains to create a transparent, secure, and fast ecosystem.

So, what exactly is the XinFin Network, and how does it work?

What is XinFin Network?

XinFin is a decentralized, hybrid, interoperable, and liquid network. It is a Layer 1 blockchain network, a highly optimized bespoke fork of Ethereum and enterprise-grade protocol. The platform reaches consensus through a customized delegated proof-of-stake (XDPoS) mechanism, allowing for significant scalability and extraordinary processing speed.

Additionally, with the consensus mechanism, the XDC network paves the way for hybrid relay bridges, spontaneous block finality, and interoperability for blockchain users. The network has a hybrid architecture that is developer-friendly in nature.

With such a democratic consensus and high transparency, the XDC network can provide its users with digitization, tokenization, and quick trade transactions.

The XinFi network was co-created by Atul Khekade, Ritesh Kakkad, and Karan Bhardwaj.

XDC network functions to ensure that there is an improvement in the drawbacks in global trade and finance using blockchain technology.

About $XDC

XDC acts as the native token of the XDC network. The token fuels the XDC blockchain and enables users to access global trade by streamlining transactions and offering support for various use cases through non-tokenized and tokenized solutions. One can access the token from exchange platforms like KuCoin, Bittrex, Bitrue, or Bitfinex.

XDC Token Use Cases

The XDC token is a settlement mechanism for dApps generated on the XinFin blockchain. Another Ethereum-based token on the XinFin network, XDCE, can be traded with XDC at a 1:1 ratio. The two tokens let token holders feel free to hold tokens in either form for utility.

What Problems Does the XDC Network Address?

The XDC blockchain network brings down technical barriers that prevent the integration of decentralized services into present-day business models. The networks act as a streamliner of the process in different ways.

The protocol is compatible with ISO20022 messaging standards, which create a common language for payments worldwide. The higher data quality means better payments for all.

Being compatible with ISO20022 makes the XDC network easily integrated into legacy banking systems, ERPs, and SWIFT systems. XDC blockchain also boasts of its compatibility with other blockchains, which makes it one of the most flexible enterprise-grade blockchains in the space.

As such, the network aims to overcome different issues that arise in the Ethereum ecosystem:

• High transaction time on the Ethereum Network
• High transaction fees on Ethereum
• Centralization and lack of interoperability with the Ethereum Network.

Benefits of XDC Network

XDC has several benefits to the crypto space, which include the providence of regulatory approvals and the KYC integrated network, which conducts decentralized operations. Other benefits it brings include:

• Scalability- The platforms give users instant block finality and settlement of trade transactions. Its transactions per second (TPS) stands at 2000 TPS. Additionally, the blockchain leverages a delegated-proof-of-stake (DPoS) hybrid, allowing it to achieve high performance and 2-second block times.
• Energy efficiency- Compared to earlier PoS and PoW networks like Bitcoin and Ethereum, the XDC system reduces energy consumption. The energy reduction may be attributed to the PoS system, eliminating miners from the equation. As such, XinFin stakers and validators keep the blockchain secure.

How Does The XinFin Network work?

The main purpose for the creation of the XinFin blockchain network was the ability to bring solutions to the problems of traditional finance by creating a permissioned blockchain.

XinFin network is based on a system of 108 master nodes with XinFin DPoS consensus, providing low transaction fees and 2-second transactions.

XDC-Network’s hybrid blockchain architecture works as illustrated in the figure below:

Other processes, including validation, staking through smart contracts, and true randomization, ensure security, stability, and chain finality.

XinFin Products

The blockchain network’s technology allows it to have some products in its ecosystem:

• XinFinScan- Presents tokens’ info, blocks, transactions, finality, smart contracts, and dApps.
• XinFinMaster- Gives users the ability to be master node candidates, displaying masternode performance statistics.
• XDCWallet- Users can securely store, send, and receive XDC and other tokens on the network. Users can also track rewards on the wallet.

How To Buy XDC on Kucoin?

You can buy XDC tokens through the following steps:

1. Step 1: Choose a Crypto exchange- choose any exchange supporting XinFin Network. However, before selecting, choosing one with low fees, ease of use, or 24-hour customer support is crucial. For this article, we choose KuCoin.
2. Step 2: Create an account- If you do not have an account KuCoin, click the “Sign up” button and verify your details, including your email address and identity.

3. Step 3: Make a deposit- Every exchange offers a different payment method. Choose one conversant with you and make a deposit. Convert the currency to USDT for easy buying of the crypto
4. Step 4: Buy XDC token- On the “Trade” button, choose Spot, and on the menu on your left, select the XDC/USDT pair. 

Enter the amount you wish to buy based on your USDT balance.

Final Thoughts

XDC network delivers a future-proof solution with its unique XDC01 Hybrid protocol, which combines the benefits of both private and public blockchain networks.

By providing solutions to the issues associated with public blockchains, XDC distinguishes itself due to its hybrid technology and immutable, transparent, and tamper proof architecture. As such, it is a platform with a distinct value proposition.

FAQs

Is XDC A Good Crypto To Buy?

Based on reports by crypto experts, analytical charts, and short-term price predictions, XDC is predicted to be a good investment. 

Is XDC Built On Ethereum?

XinFin Network’s blockchain is built on the Ethereum codebase to handle the system state, not transaction blocks.

Vincent Munene is a freelance writer and a great blockchain enthusiast. Blockchain has changed his life in terms of financial freedom and in return, he likes to educate people and keep them up to date on everything blockchain. He is a Biochemist by profession and also loves to play the piano.