The XinFin Digital Contract (XDC) Network is a hybrid blockchain platform designed for enterprise use cases. It aims to combine the best features of public and private blockchains to create a secure and scalable ecosystem for various applications.
The XDC Network is designed to be interoperable with other blockchain networks. This interoperability is intended to facilitate seamless integration with existing systems and enable a wide range of use cases.
The XDC Network, also known as XinFin, was launched in 2017 by founders Ritesh Kakkad, Karan Bharadva, and Atul Khekade. Ritesh Kakkad, a tech entrepreneur with a background in blockchain, earned his bachelor's degree from the University of Mumbai and previously contributed to the establishment of IndSoft Systems, focusing on solutions and application development.
Atul Khekade, a skilled computer engineer and programmer, has a history of founding and funding emerging technology companies. With a degree in IT from Sardar Patel College of Engineering, Khekade played key roles in the development of MonetaGo, a fintech firm combatting online fraud, and Airnetz, a hybrid online-offline travel agency. In 2018, Karan Bhardwaj, one of XinFin's founders, resigned to dedicate more time to his startup, Elatior Tech.
Similar to other blockchain platforms like Ethereum, the XDC Network supports smart contracts. Smart contracts are self-executing contracts with the terms of the agreement directly written into code. They enable decentralized applications (DApps) to run on the blockchain.
The XDC Network uses a consensus mechanism known as XinFin Delegated Proof of Stake (XDPoS). Delegated Proof of Stake is a variation of the traditional Proof of Stake (PoS) consensus algorithm.
In XDPoS, token holders vote for a set number of delegates who are responsible for validating transactions and creating new blocks. These delegates play a crucial role in the consensus process and are chosen based on the amount of tokens held by voters. The system aims to combine the benefits of decentralization with efficiency, as the selected delegates are typically entities that have demonstrated technical competency and reliability.
The XDC Network, functioning as a layer 1 blockchain compatible with the Ethereum Virtual Machine (EVM), aligns seamlessly with the global payment messaging standard, ISO 20022. This compatibility positions it as an accessible platform for developers and financial institutions to construct applications. Notably, the platform introduced the XDCPay app—a web extension compatible with various browsers—which aims to streamline the user experience for both investors and businesses.
XinFin seamlessly merges the advantages of public and private blockchains, with a primary focus on trade finance. Targeting institutional investment firms seeking to incorporate asset tokenization, the network employs a patented hybrid architecture to enhance liquidity management for these key players. Dapp developers actively contribute to the network, utilizing its marketplace to showcase and sell their decentralized applications (dapps). Various tools are also available to assist investors in establishing an efficient and innovative development environment.
The XDC Network is positioned for enterprise use cases, and it has been explored in areas such as trade finance, supply chain management, and remittances.
XDC is the native utility token of the XDC Network. It is used for various purposes within the network, including transaction fees, staking, and governance. The XDC token has a total supply of 37,705,012,699 XDC and as of December 2023, a circulating supply of 13,885,850,924 XDC.
XDC is accessible on various cryptocurrency exchanges, including KuCoin, Bitfinex, Huobi, Bybit, Bittrex, Gate.io, ProBit Global, Bitget, CoinEx, Indodax, CoinDCX, CEX.IO, and Bitrue.
The average fees on the XDC
The fee structure on the XDC Network (XinFin) can vary depending on the type of transaction and the services utilized. The average transaction fees on the XDC network are around $0.000001 USD.
The XDC token wallet
XDC tokens, being part of the XinFin network, can be stored in wallets that support the XDC standard, including XinFin official wallet, Ledger Nano S/T, MyEtherWallet, Trust Wallet, Atomic Wallet, Coinomi, Meta Mask, Guarda Wallet.
