Scalability problems have plagued Ethereum, the second-largest blockchain network in the world, for some time now. The proof-of-work model’s inability to scale demonstrates that blockchains implementing this consensus process are limited to transaction throughput rates of a single digit.
It is evident to any developer who has attempted to create a widely utilized decentralized application that Ethereum isn’t nearly ready in its current form. The user experience is awful because transactions take a long time to clear, and every basic function must be paid for. Everything comes down to a generic “scalability” issue, and cost and poor throughput have been significant roadblocks to any severe adoption.
Ethereum has primarily decided on a course of action. Although Ethereum 2.0 is one of the most ambitious projects in the blockchain industry, it will be a significant step forward for decentralization if it succeeds as planned.
The Ethereum blockchain’s and other top blockchain platforms’ scalability issues have an inventive answer in the form of the XDC Network. The 108 Masternodes that make up the XinFin Delegated Proof of Stake (XDPoS) consensus architecture that powers the XDC Network enable cheap transaction fees and 2-second transaction confirmation speeds. Innovative methods, such as double validation, staking via smart contracts, and simple randomization procedures, ensure security, stability, and a trustless ledger.
The XDC Network supports all EVM-compatible smart contracts, protocols, and atomic cross-chain token transfers. Sharding, EVM parallelization, private-chain creation, and hardware integration are a few examples of new scaling strategies that will be continuously investigated and included in the Masternode architecture of the XDC Network. For both small and large organizations, it will be the perfect scalable smart-contract public blockchain for decentralized apps, token issuances, and token integrations. Currently, multiple projects are already built on XDC Network, and it can be found among the utilities of XDC on XinFin’s official website.
With its practical and secure consensus protocol, XDC Network addresses the traditional blockchains’ primary bottlenecks. Hence, XDC Network is a trustworthy Ethereum-compatible and Ethereum-competitive blockchain platform that offers a foundation layer for business blockchain applications and a strong ground for blockchain innovation at all levels.
A novel consensus engine developed…
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