What is XDC Network?
Large blockchains like Ethereum can only handle 15 transactions per second. Visa or Mastercard using Swift technologies can accommodate up to 6,000 transactions per second. XinFin aims to solve interoperability and scalability problems with the Ethereum blockchain, including network congestion, lengthy wait time for transaction validation, and high transaction fees.
Interoperability refers to the ability of Ethereum to connect with other blockchains in order to have cross-chain interaction. Blockchains need to have a way to work together to realize their potential. XinFin is striving to solve the scalability problem by using sharding technology. XinFin blockchain provides up to 2,000+ transactions per second, 2-second transaction times, and low transaction fees. XinFin Hybrid Blockchain can be used to create decentralized applications (DApp), and support other common blockchain use cases such as decentralized value transactions. XinFin uses the consensus mechanism called XinFin Delegated Proof of Stake (XDPoS).
in June 2019, XinFin Hybrid Blockchain launched its mainnet and switched to an independent chain. The move to masternodes has made XDC a mintable currency rather than a minable currency. Masternodes used to build and validate blocks and they compensate for this by minting XDC. The XDC fees are just 1% of those paid for Ethereum transactions, and the XinFin Network has 2-second transactions relative to 15-second transactions for Ethereum.
How does it work?
The XinFin network uses XDPoS consensus mechanism to protect and maintain the network. Unlike Bitcoin which uses mining to reach consensus, XinFin uses staking that does not require any hardware. All you need to do is staking your XDC tokens by running a masternode, and then you get a reward for securing the XinFin Network. Stakeholders protect the network by validating transactions and this guarantees complete decentralization and stable network status.
Sharding is a common technically-based application of blockchain technology that also solves the scalability issues. In its XDPoS consensus mechanism, XinFin Network uses sharding to verify transactions and finally uses dual validation to ensure higher standards of network security and stability.
XinFin Network Use Cases
XinFin Network is trying to develop the ecosystem for the future. It was designed to enable, and satisfy the key blockchain use cases including processing decentralized actions (Smart Contracts), and the facilitation of immutable transactions. These use cases can apply to a variety of different industries including the medical and financial sectors.Manage XRC20 Tokens
There is a way to earn a passive income maintaining the XinFin network. A masternode is a computer that verifies transactions on the network and gets rewards in XDC. The requirements to run a XinFin Masternode are: Dedicated Static IP, 99.9% Uptime, and 10 million XDC. To start running a XinFin masternode, the user only need to purchase an Indsoft masternode kit and all configuration and maintenance will be handled by the system.