This included testing the individual functions and the integration between components and ensuring the entire system’s functionality end-to-end. Finally, the protocol team conducted pressure tests by abruptly expanding the network size before reducing it, and turning on and off nodes to ensure the network could recover in all scenarios. “We reconstruct the network to make sure that it can always survive,” said Fisher Yu. Subnets will be a crucial driver for institutional adoption of the XDC Network, and of blockchain in general.
As more legacy data and transactions move on-chain, network downtime — whether from attacks or systemic issues — will not be tolerated. XDC the hidden costs of bitcoin mining 2.0 seeks to eliminate this concern for its ecosystem participants and raise the bar for blockchain security in general. Extended and repeated outages of high-volume, centralized, and decentralized Layer 1 blockchains have caused havoc on an industry reliant on its uptime. As cross-chain interoperability becomes mainstream, another blockchain’s outage can adversely affect completely healthy networks, disrupting business and consumer transactions for hours or days.
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. 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 Network news
Distributed Applications (DAPPS) can be leveraged for various applications and business processes in supply chain, financing, procurement, distribution, and settlement. For example, Tradefinex is a marketplace platform that connects global participants of the trade and finance industry, enabling global contracting, financing, payments, and settlements through authorized financial institutions. The XDC Network supports digital smart contracts that can be utilized to support asset digitization, tokenization, and facilitate cross-border transactions in real-time at nearly no cost to the user. XDC Network is a high-performance blockchain platform built for enterprise use in trade finance and asset tokenization. It uses the XinFin Delegated Proof of Stake (XDPoS) consensus mechanism, which involves validators performing a small amount of Proof of Work (PoW) when proposing a new block to achieve consensus.
As an open source enterprise-grade blockchain, XDC Network was designed to support those using distributed ledger technology to more efficiently store and exchange data, assets, and ideas through decentralized applications and enforceable smart contracts. Various teams supporting and utilizing the XDC Network posit that trade finance is the definitive use case for blockchain technology and that public blockchain networks, like the XDC Network, are the vehicle for industry transformation. The platform allows organizations to participate in the global trade market at a fraction of the typical cost due to its high-efficient smart contract and real-time settlement capabilities. XinFin believes this will make cross-border transactions far more efficient, while enabling both public and private use cases. The XDC Network is a blockchain developed to support trade finance and the tokenization of RWAs. Its EVM compatibility allows developers to build autonomous decentralized applications (DApps).
What Is XinFin?
The Foundation was involved in the upgrade’s marketing plans and the research and development process as a whole, including the CertiK audit. XinFin’s XDC01 is a hybrid protocol that takes the best parts of Ethereum and IBM’s Quorum platform to provide a solution to the inefficiencies in the global financial markets. Sunil likes to solve business problems with technology and bring the industry together by putting ROI before any project starts. His consulting and outsourcing assignments have saved millions of dollars for his clients. Sunil will nurture and expand the developer ecosystem partners globally for XDC Network.
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- 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.
- There is already a very low probability of executing a hostile takeover of the XDC Network, which verifies every network transaction through its consensus mechanism.
- Cross-chain Ethereum based tokens and projects, such as ERC-20 and ERC721, can be migrated to the network, vastly improving scalability, speed, and providing nearly non-existent gas fees.
- The trade finance gap has reached $1.7 trillion and small-to-medium-sized enterprises (SMEs) are disproportionately affected.
- Unlike some competing platforms, XinFin ensures even basic consumer-grade computer hardware can easily run a masternode — making it highly accessible and maximizing decentralization.
With a new block generated every two seconds, maximum security is achieved six seconds after a block is generated, raising the bar substantially for Layer 1 blockchain security. XinFin is designed to complement the legacy financial ecosystem by providing a permissioned blockchain that governments, enterprises and private firms can use to overhaul their tech stack and power a range of novel use cases. A cryptocurrency enthusiast, Confidence has been educating people & spreading the adoption of Blockchain technology across African Continent. A tradingview pivot points software & blockchain developer with Aftica’s biggest exchanges called Golix & Bitpaya, he is also a Community Manager at HouseAfrica.
There is already a very low probability of executing a hostile takeover of the XDC Network, which verifies every network transaction through its consensus mechanism. As the Byzantine fault tolerance protocol can theoretically withstand up to one-third of validator nodes going rogue, a takeover would require widespread collusion between node operators. These node owners, who are decentralized globally, have at least 10 million XDC and are paid a percentage of that annually as a reward for validating transactions, meaning they all have a stake in the network’s success. cryptocurrency exchange archives XDC 2.0’s consensus mechanism is structured to eliminate network downtime from attacks and other issues. As proven by the ever-present outages of some of the most protected, highly-used platforms for peer-to-peer transactions, even the slightest opportunity for malevolent actors or systemic failures can upend millions of people’s social and economic lives.