Each technology evolves based on what was built before it. The same goes for blockchain technology. It all started with the advent of Bitcoin in 2008. It aimed at revolutionizing digital finance as we know it. But it presented it had its problems such as the energy problem and the problem of scalability. Then, Ethereum, the Queen of the market came to resolve these issues for Bitcoin and became the attractive go-to alternative for Bitcoin. But Ethereum didn’t meet the problems properly and its innovation of smart contracts had its own issues with the smallest of transactions having its own high gas fees. This is where XDC tries to take a position.
The XDC Network tries to build on Ethereum. It uses a Delegated Proof-of-Stake Consensus Network (XDPOS) that enables Hybrid Relay Bridges. This helps in lessening the amount of energy consumed for mining and for transactions undertaken. There is also instant block finality so that the transactions are efficiently done. This is to make XinFin’s Hybrid Architecture Developer user-friendly.
XinFin also possesses the smart-contract feature. It has inherited this from Ethereum. The smart contracts of Ethereum are done through oracles. But oracles come with some problems. XinFin (XDC) is trying to remedy this through the oracle platform Plugin that is based on “PLI”. PLI is a token created on the XinFin chain. It is done in order to decrease the GAS fees. The method employed by Plugin is to gather sources from different oracles that consolidated in order to reach an exact. The method results in a lesser number of problems (At the time of writing, PLI has a value of $0.5166).
The ecosystem of XinFin is surely to increase as well with different coins signing up through smart contracts with it. Ecoin is an example of this. Ecoin is the first-ever AI fraud detection system. To put it in a language easier to understand, it is a program that results in easier crypto-onboarding and diminishes the chances of fraud.
Price Movement – XinFin (XDC)
At the time of writing this article, the value of XDC, the utility token of $0.09521 with a trading volume of $7,786,131 (a 130.01% increase over the past twenty-four hours). Although the coin is trying to pave its own way through the market and aiming for the crown, it is still an altcoin, dependent upon the value of Bitcoin. XDC is ranked at 97 and there doesn’t seem to be any prospects for a colossal increase in its trajectory of growth unless it quickly expands its ecosystem and actually demonstrates that its platform works better than other cryptocurrencies.