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About XDC Network
Key Points:
- XDC Network is a blockchain for trade finance and tokenization of RWAs.
- It uses delegated proof-of-stake (dPoS) consensus mechanism.
- Transaction time: seconds, near zero gas fees, high TPS.
- 312 validator masternode candidates, 108 active, each staking 10M XDC.
- XDC 2.0 upgrade: enhanced security, “judiciary branch” in consensus mechanism.
- Founders: Ritesh Kakkad and Atul Khekade from XinFin.
- XDC mainnet launched in 2019.
- Unique:
Introducing the XDC Network: A Revolutionary Blockchain Ecosystem
Introducing the XDC Network (XDC): A Comprehensive Overview
The XDC Network is a cutting-edge blockchain specifically designed to facilitate trade finance and the tokenization of real-world assets (RWAs). As a highly optimized, EVM-compatible Layer 1 blockchain, the XDC Network leverages a delegated proof-of-stake (dPoS) consensus mechanism, thereby enabling lightning-fast transaction times of mere seconds, virtually zero gas fees, and an impressive throughput of transactions per second (TPS).
Boasting unparalleled security, scalability, and efficiency, the XDC Network empowers a diverse array of innovative blockchain applications and provides cutting-edge infrastructure for large-scale, enterprise-grade blockchain deployments. Its architecture is specifically designed to facilitate the creation of sovereign sub-networks, making it an ideal solution for entities that require bespoke, permissioned blockchain environments with elevated control and security, such as government agencies, financial institutions, and corporations.
As of April 25, 2024, the XDC Network boasts a total of 312 validator masternode candidates, with 108 actively functioning as validator masternodes, while the remaining nodes serve as standby masternodes. Notably, each masternode operator is obligated to stake a minimum of 10 million XDC.
A forthcoming upgrade to the consensus mechanism, dubbed XDC 2.0, is currently being tested on the testnet. This iteration, along with subsequent refinements to the XDC Network protocol, will serve to further bolster the security of the consensus mechanism, incorporating a novel “judiciary branch” that will significantly enhance its overall robustness.
Conceived by Princeton University’s Pramod Viswanath, Hash Laboratories’ Fisher Yu, and their esteemed team, XDC 2.0 boasts cutting-edge compliance technology, guaranteeing unparalleled Byzantine fault tolerance (BFT) by maintaining validators’ accountability for their actions through an innovative, automated, and discretionary framework.
The Visionaries Behind the XDC Network: Meet the Founders
In 2017, Ritesh Kakkad and Atul Khekade founded XinFin, a Singapore-based fintech company specializing in providing enterprise-grade blockchain solutions tailored to international trade and finance. The company subsequently launched the XDC Network, with its mainnet going live in 2019.
Kakkad, a seasoned tech entrepreneur with a storied career spanning decades in cloud computing, has made a lasting impact. Meanwhile, Khekade, a computer engineer by training, took the reins at MonetaGo, spearheading the development of the pioneering permissioned blockchain network for a prestigious consortium of Asia’s most prominent banks.
Kakkad and Khekade embarked on an ambitious endeavour to craft an enterprise-grade blockchain, meticulously designed to unlock the vast potential of global trade finance. With this overarching vision in mind, they formed a strategic alliance with André Casterman, a seasoned expert who, following a distinguished 20-year tenure at SWIFT, now occupies a prominent leadership role within the XDC Network, where he spearheads innovation by nurturing diverse network use cases that converge traditional finance.
Unveiling the Unparalleled Attributes of XDC Network (XDC)
The XDC Network distinguishes itself through its vibrant community of dedicated participants, who continually contribute to its prominent position within the realms of Real World Assets (RWA) and Trade Finance industries.
Notably, the XDC Network holds the distinction of being the first and only blockchain to be invited to participate in the Trade Finance Distribution Initiative (TFDi), a prestigious consortium comprising the world’s leading banks and non-bank financial institutions, established to address the $5 trillion trade finance gap. Additionally, it was invited to join the ITFA’s Digital Negotiable Instruments Initiative (DNI). In a groundbreaking achievement, Tradeteq successfully issued the world’s first trade finance-based non-fungible token (NFT) on the XDC Network in late 2021. Furthermore, in 2023, through the collaborative efforts of Tradeteq and Securitize, the XDC Network successfully launched its inaugural compliant U.S. Treasury token, USTY, representing blockchain-based versions of shares in a U.S. Treasury bond exchange-traded fund (ETF).
Notable additional contributions include those of SBI Holdings, which formed a joint venture with TradeFinex to broaden the XDC Network’s applications in global economic activities, with a focus on trade finance and cross-border payments. Furthermore, TradeTrust, a platform developed by the IMDA in Singapore, harnesses the XDC Network to provide advanced document authentication through a framework that adheres to the Model Law on Electronic Transferable Records (MLETR), thereby enhancing the security, transparency, and efficiency of cross-border transactions.
Looking ahead, the XDC Network is poised to facilitate a comprehensive range of Real-World Asset (RWA) products, thereby bridging the gap between trade finance assets and capital markets, while simultaneously empowering finance-constrained Micro, Small, and Medium-sized Enterprises (MSMEs) to access the vital funding they require.
Proponents of the XDC Network, comprising diverse teams, firmly believe that trade finance is the most compelling use case for blockchain technology, and that public blockchain networks, such as the XDC Network, are poised to revolutionize the industry.
Associated Resources:
Delve into the realm of decentralized governance with Delegated Proof-of-Stake (dPoS), a consensus algorithm that empowers users to vote for validators. Expand your crypto vocabulary with the CMC glossary.
Delve into the world of XinFin: A Comprehensive Exploration with CMC Alexandria.