What is XDC Network (XDC)?
XDC Network (XDC)
is a hybrid blockchain that has a private and public part. The fact that XDC Network has two sections provides a solution for financial and business institutions that want to use blockchain technology. Therefore, the goal of XDC Network is to solve problems within international trade and finance.
The network uses the XDPoS consensus mechanism. This is a Delegated-Proof-of-Stake mechanism within which Masternodes ensure the security of the network and the processing of transactions. This mechanism ensures that transactions are processed almost instantly and provides better interoperability. Interoperability is the collaboration between different blockchain components that do not normally go together.
There will be about 150 Masternodes active within XDC's network by 2022. It is possible to set up a Masternode yourself by staking XDC tokens. This is not exactly cheap, as you will be staking a minimum of 10 million XDC tokens to run a Masternode. The low number of Masternodes ensures that transactions are validated incredibly quickly. Users wait no longer than 2 seconds for their transaction to be processed. The network can process about 2000 transactions per second (TPS).
What can you use XDC Network for?
A large number of companies could make use of XDC Network. Because XDC Network is a hybrid blockchain, there are a wide range of applications to consider. The blockchain supports smart contracts
, which means that any developer can develop an application or protocol on the blockchain. Smart contracts are digital contracts that can be programmed. It is possible to decentralize centralized applications by developing an application within the smart contract.
When you are not a developer or a company, you can use the applications that run on XDC Network. These are generally specific applications designed to replace current central systems and products. For example, TradeFinex's trading platform runs on this blockchain. This platform makes it possible for anyone to send money, completely peer-to-peer. So people no longer need a bank to send money.
DCB Bank has chosen to move their insurance system to XDC Network's blockchain. For them, this hybrid blockchain is the ideal solution to problems they encounter on centralized systems. XDC Network is also used by Land Registry for land registry management and administration.
How does XDC Network work?
XDC Network's blockchain is EVM compatible, uses the ISO20022 message standard, and deploys sharding to process transactions quickly.
XDC Network is EVM compatible. This means that developers can build their applications with Ethereum tooling on XDC. By Ethereum tooling, we mean programming languages, protocols and frameworks used for developing dApps on Ethereum. After all, Ethereum is the largest blockchain for developing dApps
. Therefore, most of the blockchain developers can program applications according to Ethereum rules. They can also easily move their application from Ethereum to XDC Network.
It is important to mention that XDC complies with the ISO20022 messaging standard. Therefore, institutions, governments or companies can easily and securely convert central systems to XDC Network's blockchain. Thus, the blockchain is interoperable and can work with other systems.
Within the blockchain, sharding is used. This is a technique that has long been used by computer systems for partitioning data. By partitioning, data can be shared into smaller pieces, taking up less space. The result is that computer systems can operate faster, and allow users to process their transactions quickly.
XDC crypto coin
XDC is the native token of XDC Network. This crypto coin has an important role within XDC's network. Users who want to perform a transaction pay the gas fee with XDC tokens. This applies to both sending tokens and executing a smart contract. Network participants can stake XDC tokens
to contribute to the security and processing of transactions. They will be rewarded for their contribution through new XDC tokens.
During the ICO, which was held in March 2018, some 14 million euros were raised through the sale of XDC tokens. Throughout the presale, 10% of the total token inventory (100 trillion) was sold. The XDC tokenomics look as follows:
- Team - 25%,
- Ecosystem - 15%
- Pre-placement and token offering - 10%
- Rewards for network participants - 32.5%
- Hedgepool - 10%
- Charities - 5%
- Reserves - 2,5%
Where to buy XDC Network (XDC) tokens
Buying XDC tokens with credit card or SEPA can be done at Coinmerce. If you have an account at Coinmerce, you can buy XDC Network crypto directly. You do this by indicating on the coin page how many tokens you want to buy. It is also possible to enter a euro amount, after which we will show you how many XDC coins you can buy for this monetary amount. You can buy XDC tokens with different payment methods, including iDEAL, Sepa, Bancontact, Giropay, MyBank and credit card. On Coinmerce's exchange, it is possible to buy XDC with different orders. Think of a stop limit order or market order.
> Buy XDC Network with euros on Coinmerce
In which crypto wallet can you store XDC?
After purchase you will find the XDC tokens in your Coinmerce wallet. We store most of the tokens in cold storage. This is considered one of the safest ways to store crypto. Of course, at Coinmerce you can also send your XDC tokens to another wallet address. For this, you will pay network fees. These costs are charged by the blockchain network you are using.