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The XDC Network is the blockchain technology solution built by XinFin. It is a global, open-source, delegated proof of stake consensus network (XDPoS), which enables hybrid relay bridges, instant block finality and interoperability with ISO 20022 financial messaging standards. The network’s hybrid (private/public) architecture is designed to support institutional use in trade finance and asset tokenization. Featuring interoperable smart contracts, 2,000 transactions per second, and Ethereum Virtual Machine compatibility, the XDC Network provides a scalable infrastructure for enterprises and independent community contributors.
XDC is the underlying utility token of the XDC Network. Singapore-based XinFin launched the (public/private) mainnet XDC Network in 2019 with the goal of transforming real-world business processes, particularly in the global trade and finance markets. In Q1 2021, the XDC Foundation was established as a legal entity incorporated for the express purpose of supporting the XDC Network, and it relies on the input of community members in order to decentralize its influence. As part of its mission, the XDC Foundation seeks to encourage the development and use of the open-source XDC Network, which is currently being utilized by a variety of third-party operations.
Through its hybrid architecture, the XDC Network also supports private transactions through private subnetworks to ensure the security of sensitive data. The network's ISO 20022 compatible messaging system ensures interoperability with the language of core banking systems, ERP systems, SWIFT, and others. 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 XDC Network is well-positioned to be a bridge between public blockchain networks and legacy systems.
The XDC Network supports digital smart contracts, which, among other things, can facilitate cross-border transactions and real-time settlement at nearly no cost to the user. The network also allows for asset digitization and tokenization. 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.
A recently published whitepaper showcases the XDC Network’s proposed upgrade to its decentralized consensus engine (XDPoS 2.0). This protocol upgrade forecasts a network with forensics capabilities, accountability and attributability, creating the ability to identify malicious actors with cryptographic integrity directly from blockchain records.
Introduction
Last modified 6mo ago
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