XDC

Overview of XDC

XDC, also known as XinFin Digital Contract, is a type of cryptocurrency that was founded in 2017. It was developed by main founders Ritesh Kakkad and Atul Khekade. XDC can be exchanged on various platforms, including Bitfinex, Hotbit, Alphaex, STEX, and Indodax. The cryptocurrency can also be stored in a few different types of wallets, such as the XinFin XDC Wallet, Guarda Wallet, or MyEtherWallet (MEW). In its nature, XDC is similar to other cryptocurrencies as it is a decentralized digital asset.

Pros and Cons

Pros of the XDC token:

1. Supported by Multiple Exchanges: XDC is accepted on a number of platforms, including Bitfinex, Hotbit, Alphaex, STEX, and Indodax. This wide range of support means investors have a variety of avenues to buy and sell the token.

2. Multiple Wallet Options: Storing XDC is flexible due to the variety of wallet options available. Notably, these include the XinFin XDC Wallet, Guarda Wallet, and MyEtherWallet (MEW). Each offers different features, allowing people to select the best fit for their needs.

3. Decentralized: As with many cryptocurrencies, XDC operates on a decentralized network. This implies that it is not under the control of any central authority, thereby offering a high degree of transaction transparency and integrity.

4. Established in 2017: Being founded in 2017, XDC is not entirely new to the cryptocurrency scene and has been around long enough to have built a degree of credibility and stability.

Cons of the XDC token:

1. Not Accepted by All Exchanges: While XDC is accepted on many platforms, it‘s crucial to note that it’s not universal. Some major exchanges do not accept it. Therefore, compared to more universally accepted cryptocurrencies, the accessibility of XDC can be somewhat limited.

2. Wallet Compatibility Issues: Despite the variety of wallets supporting XDC, there could still be compatibility issues to contend with. This could lead to delayed transactions and other complexities, especially for people new to handling cryptocurrencies.

3. Associated Technology Risks: As a decentralized digital asset, XDC is associated with the technological risks common in the blockchain and cryptocurrency sectors. These risks include software bugs, blockchain malfunctions, and potential security vulnerabilities.

4. Relatively New: Although founded in 2017, XDC is still relatively new compared to other, more established cryptocurrencies like Bitcoin or Ethereum. This relative newness might come with increased volatility and potentially higher investment risks.

What Makes XDC Unique？

XDC, or XinFin Digital Contract, stands out in the crowded field of cryptocurrencies through its unique hybrid blockchain technology. While most cryptocurrencies operate on either a public or private blockchain, XDC operates on a hybrid blockchain, which is a combined network of private and public blockchains. This unique infrastructure allows for a balance between transparency and security, as it can offer the privacy of a private network while also providing the transparency and security of a public one.

Another differentiator of XDC is its focus on providing blockchain solutions for global trade and finance. It aims to bridge the gap between decentralized and centralized entities by enabling instant cross-border transactions and reducing the complexity of global trade processes. These are practical applications that some cryptocurrencies forego, opting instead for a more theoretical focus on decentralization and currency.

Moreover, XDC is designed for energy efficiency. Unlike other cryptocurrencies, such as Bitcoin and Ethereum, that use a Proof-of-Work (PoW) consensus mechanism, XDC uses a more energy-efficient consensus mechanism known as XinFin Delegated Proof of Stake (XDPoS), which helps minimize its environmental impact.

However, it's essential to consider that while these features differentiate XDC from many other cryptocurrencies, they also come with their own challenges and potential downsides. For example, the hybrid blockchain still has to resolve scalability issues and the integrative platform for global trade is a relatively new concept that needs to prove its economic viability and security over time.

How Does XDC Work？

XinFin Digital Contract (XDC) operates under a unique hybrid blockchain technology which combines the advantages of both private and public blockchains. This is different from the majority of cryptocurrencies, which tend to operate exclusively on either a private or public blockchain.

The working mode of XDC is best understood in two parts: the underlying blockchain infrastructure and the consensus mechanism it utilizes.

At the infrastructure level, the hybrid blockchain technology means that XDC transactions can be processed privately on the network's private state, and the hash of these transactions are subsequently stored on the public state. This gives users the option to maintain privacy for their transactions, while still benefiting from the security and transparency of the public network.

Moving on to the XDC consensus mechanism, it uses the XinFin Delegated Proof of Stake (XDPoS) system. XDPoS is a development on the original Proof of Stake model, in which node operators are chosen based on the number of tokens they hold and are willing to 'stake' as collateral. It's designed to provide high transaction throughput, fast transaction times, and energy efficiency. Being delegated, the model adds an additional layer, authorizing certain nodes to validate transactions and create new blocks based on token holders' votes.

Therefore, the XDC protocol's fundamental principle is built around merging the security and transparency of public blockchains with the speed and privacy of private networks, all while being energy-efficient and capable of handling high-speed transactions.

Circulation of XDC

As of 2023, the circulating supply of XinFin Network (XDC) is 12.5 billion tokens. The total supply is capped at 100 billion tokens.XDC was issued through a fair launch in February 2019. It is distributed to users of the XinFin Network for participating in governance and providing liquidity to the platform.

The price of XDC has fluctuated significantly since its launch. The high price of $0.0857 USD was reached in January 2023. The low price of $0.0056 USD was reached in July 2022. The price of XDC is currently $0.0215 USD.

Exchanges to Buy XDC

1. Bitfinex: Bitfinex supports XDC/USD and XDC/ETH pairs, allowing users to buy XinFin Digital Contract with US Dollars or Ethereum.

2. Hotbit: At Hotbit, users can trade XDC with Bitcoin and USDT, therefore, it supports XDC/BTC and XDC/USDT pairs.

3. Alphaex: Alphaex provides users a platform to buy or sell XDC using XRP, hence, it supports XDC/XRP pair.

4. STEX: At STEX, XDC can be paired with Ethereum and Bitcoin, hence, it supports XDC/ETH and XDC/BTC pairs.

5. Indodax: At Indodax, users can buy XDC using Indonesian Rupiah, hence, it supports the XDC/IDR pair.

6. Bitrue: Bitrue supports XDC, and pairs it with XRP and USDT. Therefore, at Bitrue, it supports XDC/XRP and XDC/USDT pairs.

7. Mercatox: At Mercatox, users can trade XDC with Tether, therefore it supports the XDC/USDT pair.

8. BankCEX: BankCEX supports XDC/USDT pair which allows users to trade XDC with USDT.

9. CoinDCX: On CoinDCX, XDC is supported and can be traded for Bitcoin and USDT, hence it supports XDC/BTC and XDC/USDT pairs.

10. WBF: On WBF exchange, users can trade XDC with USDT and BTC, hence WBF supports XDC/USDT and XDC/BTC pairs.

Please note the trading pairs can vary depending on the exchange and market conditions. Always refer to the actual exchange for the most accurate and up-to-date information.

How to Store XDC？

Storing XDC tokens involves sending them to a digital wallet designed to hold cryptocurrencies. A digital wallet is a software application that allows users to securely store, send, and receive digital currencies. To store XDC tokens, you need to use a wallet that supports this type of cryptocurrency.

Here are some wallet options for XDC:

1. XinFin XDC Wallet: This is the official wallet developed by the team behind the XDC Network. It can store, send, and receive XDC tokens securely.

2. Guarda Wallet: Guarda is a multicurrency wallet that supports over 40 blockchains and over 10,000 tokens, including XDC. It is available in Web, Desktop, Chrome Extension and Mobile (iOS, Android) versions.

3. MyEtherWallet (MEW): Another popular wallet that supports XDC is MyEtherWallet, a free, open-source, client-side interface helping users interact with the Ethereum blockchain.

4. Ledger Wallet: Ledger is a hardware wallet that supports a wide variety of cryptocurrencies, including XDC. Due to its physical nature, it provides a greater level of security as the private keys remain offline.

5. Metamask: Metamask is an extension for accessing Ethereum enabled distributed applications, or “Dapps” in your browser, which can also store XDC tokens.

6. Trezor: Trezor is another hardware wallet that supports XDC. It provides secure cold storage, keeping your private keys offline and free from potential online threats.

7. Trust Wallet: Trust Wallet is a secure mobile Ethereum wallet that supports Ethereum and ERC20, ERC223 and ERC721 tokens, including XDC. This wallet has a built-in browser that lets you explore DApps.

Each wallet type carries its own level of risk and security, ranging from high-security cold storage (offline) wallets, such as Ledger and Trezor, to more convenient but potentially riskier online wallets, such as XinFin XDC Wallet or Guarda Wallet. Select a wallet that is most suitable for your needs and always ensure to follow best practices for securing your assets.

Should You Buy XDC？

The XinFin Digital Contract (XDC) is suited for various types of investors with different objectives. However, it may particularly appeal to those who:

1. Believe in the Potential of Hybrid Blockchain Technology: XDC's unique hybrid blockchain combines the transparency, security of public blockchains with the privacy and speed of private ones. Those who seek to invest in innovative, differentiated technology may find XDC attractive.

2. Invest in Energy-efficient Blockchain Solutions: XDC's XinFin Delegated Proof of Stake (XDPoS) consensus mechanism is more energy-efficient compared to cryptocurrencies that use Proof of Work. If the environmental impact of cryptocurrencies is a concern, XDC offers a more sustainable alternative.

3. Want Exposure to Crypto Space: XDC can be one way to gain exposure to the digital asset class. However, as with all cryptocurrency investments, it should ideally form only a part of a diversified investment portfolio.

It's also important to note that investing in cryptocurrencies like XDC comes with its own set of risks. Cryptocurrencies are known to be highly volatile, and while they can offer substantial returns, losses can also be equally significant. Therefore, potential investors should:

– Thoroughly Research: Before purchasing, conduct thorough research about XDC, its underlying blockchain technology, and its use cases. The 'whitepaper' released by crypto developers is usually a good starting point.

– Diversify Investments: To help manage risk, consider allocating only a small portion of your investment portfolio to any given digital asset.

– Consider Financial Situation: Cryptocurrency should be an affordable portion of your investment planning. Avoid investing funds that you cannot afford to lose.

– Stay Informed: The cryptocurrency environment is quickly changing, so keep an eye on regulatory updates, technological advancements, and market trends.

– Store Tokens Safely: Make sure to use a secure wallet for storing your XDC tokens.

– Seek Professional Advice: If you are new to cryptocurrency or investing in general, it might be beneficial to seek advice from a financial advisor.

Remember, all investments carry risk, and past performance is not indicative of future results. Please invest responsibly.

Conclusion

XDC, or XinFin Digital Contract, is a hybrid blockchain-based cryptocurrency that combines the privacy of private blockchains with the security and transparency of public ones. Established in 2017, it provides energy-efficient solutions using XinFin Delegated Proof of Stake (XDPoS) consensus mechanism and aims to serve as a bridge between decentralized and centralized entities. Various exchanges support XDC for trading, and it can be stored in multiple digital wallets, enhancing its accessibility.

As for its prospects, the future development of XDC will depend on various factors. The effectiveness of its hybrid blockchain in balancing privacy and transparency, its success in enabling hassle-free cross-border transactions, and its ability to prove the economical viability and security of the integrative platform for global trade, would all contribute to its future growth and acceptance. The increased focus on environmentally friendly technologies could also benefit XDC with its energy-efficient consensus mechanism.

However, like all investments, the ability for XDC to appreciate in value and generate returns is not guaranteed and comes with risks. The value of XDC, or any other cryptocurrency, is extremely volatile and fluctuates based on market conditions, technological advancements, regulatory changes, competition, and other factors. Prospective investors should conduct thorough research and possibly seek professional advice before deciding to invest in XDC or any other cryptocurrency.

FAQs

Q: On which platforms can I trade XDC？

A: XDC can be traded on multiple exchanges such as Bitfinex, Hotbit, Alphaex, STEX, Indodax, and others.

Q: Can I store XDC in any wallet？

A: No, XDC can only be stored in wallets that support it, including XinFin XDC Wallet, Guarda Wallet, MyEtherWallet (MEW), Ledger Wallet, Metamask, Trezor, and Trust Wallet.

Q: Is XDC a good investment？

A: As an investment, XDC, like any cryptocurrency, brings potential for return but also comes with risks, so thorough research and possibly professional advice should be considered before investing.

Q: How does XDCs blockchain work？

A: XDC operates on a hybrid blockchain, where transactions can be processed privately on its network, with the transaction hash recorded on the public state for enhanced transparency and security.

Q: What is the current circulation of XDC？

A: The current circulating supply of XDC can be found through a reliable cryptocurrency market data provider as it changes in real-time.

Q: How does XDC ensure energy efficiency？

A: XDC achieves energy efficiency through its unique XinFin Delegated Proof of Stake (XDPoS) consensus mechanism, which requires less computational power than traditional Proof-of-Work models.

Q: Who should consider investing in XDC？

A: Investors interested in hybrid blockchain technology, environmentally-conscious blockchain solutions, and looking for exposure to the crypto space might consider investing in XDC.

Q: What are the potential future prospects of XDC？

A: The future of XDC will depend on various factors such as its technological innovation, market conditions, regulatory environment, competition, and its ability to serve its intended use cases.

Risk Warning

Investing in cryptocurrencies requires an understanding of potential risks, including unstable prices, security threats, and regulatory shifts. Thorough research and professional guidance are advised for any such investment activities, recognizing these mentioned risks are just part of a wider risk environment.