XDC Network: A Blockchain Revolutionizing Enterprise Applications

The XDC Network, a blockchain tailored for enterprise solutions, offers a platform for real-world asset tokenization and a range of applications in finance, supply chain management, and more. Its XDPoS consensus protocol ensures low energy consumption and near-zero gas fees, enhancing scalability and transaction efficiency. While XDC's price has fluctuated in the past, technical analysis and expert predictions indicate potential growth in the coming years. The network's innovative solutions and commitment to interoperability and security position it as a promising investment opportunity in the growing field of decentralized finance.

XDC: An Overview

XDC Network, a blockchain platform stemming from Ethereum, caters to businesses seeking to establish proprietary networks. It joins the ranks of "Ethereum killers," aiming to overcome challenges inherent in the original chain, such as slow transaction speeds and high costs.

XDC Network employs a Delegated Proof-of-Stake (PoS) consensus mechanism, which facilitates efficient block production. Its website claims the capability to process over 2,000 transactions per second while maintaining minimal gas fees.

Highlighting its capabilities, XDC's documentation reads:

"With features like interoperable smart contracts, a throughput of 2,000 transactions per second, and compatibility with the Ethereum Virtual Machine, the XDC Network offers a scalable infrastructure suited for both enterprises and individual community contributors."

The network, originally known as XinFin, was co-founded by Ritesh Kakkad and Atul Khekade in Singapore. Kakkad, who co-founded the cloud-hosting company IndSoft Systems in 1998, and Khekade, an IT graduate from Sardar Patel College of Engineering in India, have founded various startups, including the private jet service company Airnetz.

Tokenization and Use Cases

XDC Network enables the digital representation of assets like properties, commodities, and securities, enhancing liquidity and accessibility. Here are some key enterprise solutions it supports:

• Trade Finance: Facilitates secure, efficient global trade financing.
• Supply Chain Management: Streamlines operations, reducing costs and improving transparency.
• Asset Tokenization: Allows fractional ownership and trading of real-world assets.
• Cross-border Payments: Offers fast, low-cost solutions, reducing dependency on intermediaries.
• Identity Verification: Provides a secure platform for verifying identities, reducing fraud risks.

XDC Network: Working Process

XDC Network is a robust blockchain platform designed for enterprise applications in trade finance and asset tokenization. It operates on the XinFin Delegated Proof of Stake (XDPoS) consensus mechanism, which includes a minor Proof of Work (PoW) element when validators propose new blocks, ensuring minimal energy consumption and high resistance to spam.

XDC Network Architecture

XDC's XDPoS mechanism incorporates real-time voting to elect a group of validators who are charged with:

• Maintaining the integrity of the XDC Network.
• Converting transactions into validated blocks.
• Continuously synchronizing their nodes with the network.

Reward Mechanism

During each 900-block cycle, known as an epoch, a checkpoint block is created for reward distribution. This block, known as the block signer, records all block signatures. Block signers tally signatures submitted to the smart contract during the epoch, and rewards are distributed based on the number of signatures linked to each Masternode.

Block creators are selected in a circular, sequential order, giving each Masternode holder an equal chance to create and sign blocks. If a Masternode fails to produce a block, a 10-second delay is imposed before the next Masternode in the sequence proceeds.

Rewards are divided among coin-holders and Masternodes as follows:

• Infrastructure Reward (40%): Directly allocated to the Masternode.
• Staking Reward (50%): Distributed among voters for a particular Masternode, based on their token stake.
• Foundation Reward (10%): Sent to a special account controlled by the Masternode foundation, initially managed by the founding company of the XinFin Network.

ISO20022 Standard

XDC adheres to the ISO20022 financial messaging standard, enhancing compatibility between its blockchain and existing financial systems. This facilitates a smooth transition for businesses and governments to a more decentralized network that leverages XDC's smart contract capabilities.

EVM Compatibility and Low Gas Fees

The network excels in offering near-zero gas fees, ideal for cost-sensitive enterprise applications, with a rapid 2-second block finality for transaction settlements. Its EVM compatibility facilitates easy migration of tokens and projects like ERC-20 and ERC-721.

XDC Price Prediction: Price History

Let's explore some key moments in the price history of XDC. It's important to remember that past performance is not a reliable indicator of future outcomes, but it can provide valuable context for making or interpreting predictions about XDC prices.

XDC entered the public market in April 2018, initially priced at approximately $0.003. It quickly surpassed the $0.01 mark, then fluctuated below that level for the next two years.

The scenario shifted in early 2021 when a bullish trend in the crypto market propelled XDC to a high of $0.1316 on April 15. The price later declined, but a market rebound in August led XDC to its highest value ever at $0.1939 on August 21. By the end of the year, the price had fallen to $0.09808.

2022 proved challenging for the cryptocurrency sector, with XDC mirroring the trend by losing value throughout the year. Following several market downturns, XDC closed the year at $0.02538, marking a nearly 75% decrease from the previous year-end.

2023 proved to be a relatively positive year for XDC. The cryptocurrency surpassed the $0.04 mark in March and, despite a drop to $0.03025 by May 28, it subsequently rebounded.

Significantly, XDC escalated from $0.032 on July 16 to $0.05868 on July 22, marking its highest value in over a year. The momentum continued, and by August 4, XDC hit $0.09154, its peak since January 2022.

However, the currency experienced a downturn mid-August following a substantial sell-off of Bitcoin by Elon Musk's SpaceX, with XDC falling to $0.05502 on August 17.

Positive news surrounding USTY gave XDC a boost to $0.06659 by August 30, although it dipped back to approximately $0.056 by September 1. XDC closed the year at $0.05455 and continued to decline in early 2024, dropping to $0.04127 by February 29. Over the next few weeks, XDC price continued to decline and touched the low of $0.036 in the last week.

XDC Price Prediction: Technical Analysis

XDC price failed to hold its price around the consolidated range of $0.04, resulting in a surge in selling pressure. XDC price dropped below the immediate Fib levels, aiming for a retest of $0.038 level. 

A sharp downturn from the $0.038 mark would indicate intense bearish pressure, potentially prolonging the XDC/USDT pair's consolidation between $0.038 and $0.036 for several days.

Conversely, breaching the $0.04 barrier would signal a potential end to the correction. This could stimulate bullish momentum, prompting the pair to target a rally towards $0.043. Conversely, a breach below $0.036 might initiate a fresh downtrend towards $0.03.

XDC Price Prediction By Blockchain Reporter

XDC Network Price Prediction 2024

Based on forecasts and technical analysis, the XDC Network price is projected to hit a minimum of $0.0503 in 2024. It could reach a maximum of $0.0581, with an average price of $0.0518.