What is XinFin Network? Is XinFin Network better than ETH? Here we look at the fastest Ethereum compatible chain, up to 2,000+ transaction per second
When Bitcoin proved its viability to the critics people started wondering, how could one make Bitcoin faster? Let’s face it, 15 minutes block times are quite long for low value payments like buying a coffee. At the time somebody invented the notion of masternodes — specialized server-like nodes with extra rights that would process the transactions. At the cost of sacrificing decentralization, masternode chains allow to rapidly improve scalability, which may be more than enough and even welcome for certain use cases.
XinFin Network is a continuation of this idea on the Ethereum side of things, released its mainnet on 1st June 2019. It is a public Ethereum Virtual Machine (EVM)-compatible blockchain that implements the notion of masternodes.
If you are wondering what a masternode is, at their most basic level, they are simply servers providing computing power to the network to sign blocks. In the case of XinFin Network, for performing this service the masternode receives XDC as a reward.
The switch to masternodes and a Proof-of-Stake consensus model makes XDC a mintable currency rather than a minable cryptocurrency. The main idea behind this change is to solve the known scalability problems of Ethereum, ensuring the network keeps low transaction fees along with fast confirmation times at all times.
XinFin Network (XDC)
- Ticker: XDC
- Consensus XinFin Delegated Proof of Stake (XDPoS)
- Block Time: 2 seconds
- Transaction Per Second: 2000 + (TPS)
Owning and operating a masternode allows you to earn fees from chain usage (just like bitcoin miners earn fees for mining), and in order to do that you need to stake 10 million XDC to prevent network abuse. For added security, XinFin Network XDPoS protocol uses a double validation mechanism where two masternodes are required to validate a block and implements a randomization element where the user validating the most recent block is chosen randomly
So far XinFin Network is the fastest Ethereum compatible chain with very low fees which may be attractive to some dApp makers. For some perspective, XinFin blockchain provides up to 2,000 + transactions per second and it is estimated that once they implement sharding it will be able to reach up to 30,000 transactions per second.
XinFin Network may also be interesting to people and companies planning to issue their tokens, as their XRC21 token standard allows transaction fees to be paid in the token itself (as opposed to ETH for Ethereum tokens, ETC for Ethereum Classic tokens), which greatly reduces onboarding friction, thus making XinFin Network an excellent candidate for onboarding newcomers into the world of Crypto.
About XinFin Hybrid Blockchain
XinFin Hybrid Blockchain is an open-source enterprise-ready Hybrid Blockchain for Global Trade and Finance. It combines the power of public and private Blockchains with interoperable smart contracts. XinFin is fully EVM compatible. For more information on XinFin, please visit www.xinfin.org or learn more about XinFin in this video.
Reference articles and video on XinFin Network
XinFin Hybrid Blockchain useful Tools:
- XDC Mobile Wallet: Mobile-based wallet to Send/Receive Stable coin Tokens.
- XINPAY: Web-based Wallet to Send/Receive Stable coin Tokens.
- XDC Remix: XDC Remix is a powerful, open-source tool that helps you write Solidity contracts straight from the browser.
Check out my Previous Medium article and Videos
Quick Overview Videos:- https://www.youtube.com/playlist?list=PL102yMxSbEHDsuFUF_hxIAiTxhnUEyBtC
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