Developers Forum for XinFin XDC Network: Amelia Jones

XDC Network Halving : A Bitcoin inspired community proposal

Amelia Jones — Tue, 31 Dec 2024 07:08:45 +0000

Bitcoin, the original cryptocurrency, stands as a testament to how well-designed tokenomics can drive value and confidence in a digital asset. One of its most celebrated features is its fixed supply cap of 21 million coins. Combined with its halving mechanism, this scarcity-driven model has solidified Bitcoin’s position as the gold standard of cryptocurrencies.

Understanding Bitcoin’s Fixed Supply Cap

Bitcoin’s supply cap ensures that no more than 21 million BTC will ever exist. This scarcity creates a natural limit, which is crucial in driving demand. What makes Bitcoin’s model even more compelling is its halving mechanism—a process that reduces the issuance rate of new coins approximately every four years.

Key aspects of Bitcoin’s supply dynamics include:

Scarcity Creates Value: With a finite number of coins, Bitcoin’s limited availability drives demand, contributing to its long-term value appreciation.
Halving Mechanism: By cutting block rewards in half, Bitcoin’s issuance rate slows over time, increasing its scarcity.
Deflationary Tokenomics: Bitcoin’s decreasing issuance ensures it becomes more valuable as supply tightens.
The Halving Mechanism: Driving Long-Term Growth Bitcoin halvings occur roughly every 210,000 blocks, or about every four years. During each halving, the reward for mining a block is reduced by 50%.

This gradual reduction has several key benefits:

Predictable Supply: Investors know exactly how much Bitcoin will exist at any given point in time.
Increasing Scarcity: With fewer coins entering circulation, demand outpaces supply, driving up the price.
Investor Confidence: The transparent and predictable nature of Bitcoin’s tokenomics attracts long-term holders and institutional investors.

Historical data supports the effectiveness of this model. Each halving has been followed by significant price increases, further solidifying Bitcoin’s status as a deflationary asset.

The Broader Implications of Bitcoin’s Model

Bitcoin’s success has set a benchmark for other cryptocurrencies. Its fixed supply cap and halving mechanism not only ensure scarcity but also create a level of predictability and trust that is often lacking in other digital assets.

Why Bitcoin’s Model Matters for the Future

As the cryptocurrency market matures, Bitcoin’s design serves as a guiding principle for sustainable tokenomics. Its ability to balance supply and demand while fostering investor trust has made it a model worth emulating.

The Current State of XDC Tokenomics

Unlike Bitcoin, XDC Network does not have a fixed supply cap. This design choice offers flexibility to support ecosystem growth and operational needs. However, the absence of a maximum supply has raised concerns among XDC holders about potential inflation and its impact on token value. For example, an upcoming unlock of 841.18 million XDC tokens in February 2025 has sparked discussions about the need for a supply cap.

Comparing Bitcoin and XDC: Why a Supply Cap Matters

Bitcoin’s success as a deflationary asset underscores the importance of predictable tokenomics. By adopting a supply cap and halving mechanism, XDC could position itself as a more attractive investment while ensuring long-term ecosystem stability.

A notable proposal within the XDC community is the XDC Epoch Halving, which would periodically reduce the rate at which new tokens are introduced into circulation. This initiative aims to create deflationary pressure over time, striking a balance between the network’s flexibility and the need to address inflation concerns. By introducing a predictable reduction in token issuance, the XDC Epoch Halving could enhance scarcity, foster investor confidence, and align the network with sustainable growth principles.

Conclusion

Bitcoin’s fixed supply cap and halving mechanism are masterstrokes of economic design. They have propelled it to the forefront of the cryptocurrency world, proving that scarcity and predictability are key drivers of value. As other blockchain projects seek to refine their tokenomics, Bitcoin’s approach will undoubtedly remain the gold standard. As other blockchain projects, XDC Network should refine their tokenomics. The proposed XDC Epoch Halving exemplifies how proven adaptation can strengthen a network’s economic foundation while addressing community-driven needs.

How to Setup Masternode on XDC Network? | Steps to setup XDC Network Masternode.

Amelia Jones — Wed, 01 Jun 2022 14:30:24 +0000

Masternodes are full-nodes that create, verify and validate new blocks in XDC's platform. Masternodes make the XDC network a decentralized blockchain. Deploying a masternode is conducive to the constructed, trusted, scalable, decentralized network infrastructure. Such an environment facilitates greater stability and reliability within the network.

In a random, delegated proof-of-stake blockchain environment, the masternode concept is cardinal to its functioning. A masternode validates each (or every second segment of the transaction depending upon UNL) transaction and is also responsible for writing the transaction onto the truth ledger—the blockchain. As a consequence, it makes possible a decentralized governance of the network.

To deploy an XDC public masternode, the following things are required:

At least 10,000,000 XDC, to perform random DPoS consensus seamlessly.
A wallet in which to store XDC tokens.
A dedicated and stable hardware environment.
A dedicated Static Public IP address.
100% network uptime by IDC network.
Minimum tier 3+ IDC environment.
A Virtual Private Server (VPS is in fact optional, but highly recommended).
For cloud-based services, Amazon EC2’s m3.large VM size is appropriate. A similar configuration will work with the Microsoft Azure Cloud network.

The following system configuration is required:
Operating System: CentOS, RedHat Enterprise Linux (Latest release) or Ubuntu (20.04+) supported
Development: Mac OS X, Windows (64-bit) or most Linux distributions
CPU: 64 bit x86_64, 2+ cores
Disk: Minimum 300+ GB SSD recommended (500+IOPS, more is better) for database partition
RAM: 32+ GB

Important: The maximum number of masternodes allowed in the network is 5,000.

Guide to Setup Masternode on XDC Network

Method 1:- Setup XinFin’s XDC Masternode One-click Installer
To qualify for Masternode on XinFin Network, you need at least 10,000,000 XDC, for the long term.

Operating System:

Apple Mac
Windows
Linux - Ubuntu
Step 1: Download XinFin One-Click Installer (to setup Masternode) for Windows, Linux, and Mac OS and Install on your local machine.

Step 2: Now Run the One Click Installer, Make sure you read the Terms properly then click on I Agree button.

"C:\Program Files\XinFin-Network" this will be your destination folder and this "C:\Users...\AppData\Roaming\XDCChain" will contain your Keystore folder.
Make sure, you create a backup of your Keystore folder.
Now click on "XinFin Network" One click installer.
You can see the address of One Click Instaaler in left side, Also you can change the Network.
For changing the Network, click on "Develop" then select "Network" (XinFin - Main Network/ XinFin Apothem Network)
You can check the Node status under the stats.xinfin.network.

https://user-images.githubusercontent.com/92325549/137081568-f1c99c1f-b035-4ef1-8576-04e327056064.mp4

Step 3: Create a wallet for Masternode

Create your wallet address with Mnemonic Phrase or with Keystore. We always recommend to use Keystore for running a Masternode.
Enter a strong password while creating the wallet.
Don't lose your Keystore file
Don't share it with anyone
Always take a backup of your Keystore file.
If you lose it, all your funds will get locked.
After creating backup, Download your Keystore file.
Now Access your wallet with Keystore and enter a valid password properly to access your wallet.
If you are hosting a Masternode on Testnet then copy the Wallet address and paste it on XDC Faucet for the Testnet XDC.

Step 4: Host your Masternode

For hosting the Masternode, you need to copy the private key and login the Masternode.
For uploading the KYC, click on the "Become a Masternode"
Check the KYC criteria, the KYC file should be in pdf format only.
Once you upload your KYC, you need to enter the "Coinbase Address" which is in One Click Installer after that click on Apply button.
Now you will be notify with sucessful toaster i.e "You have successfully applied for Masternode"
You can check all the status regarding your Masternode here: master.apothem.network.

Method 1 Ends here

Method 2 :- Setup XinFin Masternode Bootstrap Script

For Mainnet

Bootstrap Command XinFin Node Setup:-

sudo su -c "bash <(wget -qO- https://raw.githubusercontent.com/XinFinOrg/XinFin-Node/master/setup/bootstrap.sh)" root

Examples:-

$ sudo su -c "bash <(wget -qO- https://raw.githubusercontent.com/XinFinOrg/XinFin-Node/master/setup/bootstrap.sh)" root
[sudo] password for user: 
Please enter your XinFin Network (mainnet/testnet/devnet) :- mainnet
Your running network is mainnet
Please enter your XinFin MasterNode Name :- Demo_Server 
Your Masternode Name is Demo_Server

For Testnet

sudo su -c "bash <(wget -qO- https://raw.githubusercontent.com/XinFinOrg/XinFin-Node/master/setup/bootstrap.sh)" root
Please enter your XinFin Network (mainnet/testnet/devnet) :- testnet
Your running network is testnet
Please enter your XinFin MasterNode Name :- test01
Your Masternode Name is test01

For Devnet

sudo su -c "bash <(wget -qO- https://raw.githubusercontent.com/XinFinOrg/XinFin-Node/master/setup/bootstrap.sh)" root
Please enter your XinFin Network (mainnet/testnet/devnet) :- devnet
Your running network is devnet
Please enter your XinFin MasterNode Name :- test01
Your Masternode Name is test01

Method 2 Ends here

Method 3:- Setup XinFin Masternode Docker

Operating System: Ubuntu 20.04 64-bit or higher

Should be facing internet directly with public IP & without NAT

Tools: Docker, Docker Compose(1.27.4+)

Setup (For Ubuntu 20.04 64-bit or higher Operating System)

Clone repository

git clone https://github.com/XinFinOrg/XinFin-Node.git

Enter XinFin-Node directory

cd XinFin-Node

Step 1: Install docker & docker-compose sudo ./setup/install_docker.sh

Step 2: Update .env file with details Create .env file by using the sample - .env.example

Enter either your company or product name in the INSTANCE_NAME field.

Enter your email address in CONTACT_DETAILS field.

cd mainnet # testnet
cp env.example .env
nano .env

Step 3: Start your Node

For Mainnet

Run:

cd testnet
sudo docker-compose -f apothem-network.yml up -d

You should be able to see your node listed on the [Apothem Network] page. Select "Switch to LiveNet" to check LiveNetwork Stats and Select "Switch to TestNet" for TestNetwork.

Your coinbase address can be found in xdcchain/coinbase.txt file.

To stop the node or if you encounter any issues use:

cd testnet
sudo docker-compose -f apothem-network.yml down

Method 3 Ends here

Learn How to use the XDCPay Extention Wallet | Wallet for Blockchain Developers.

Amelia Jones — Sat, 28 May 2022 08:27:34 +0000

What is XDCPay?

XDCPay is a bridge that allows you to visit the distributed web of tomorrow in your browser today. It allows you to run XDC dApps right in your browser without running a full XDC node. While doing transactions on the blockchain network, it uses computing power known as gas cost. To pay the gas cost, you will need a wallet that handles your money and that's where XDCPay comes in.

How to Install XDCPay?

XDCPay supports the following browsers:
Google Chrome
Mozilla Firefox
If you already have any of the above, you can proceed; otherwise, you should download at least one of the listed browsers and you're good to go! Go to this link and download XDCPay.
You can also download XDCPay on your browser's plugin extension web store, but if you want to be directed automatically to the download page dedicated for your browser, the link is the way to go.
Once you're inside, you should see XDCPay's iconic XDC head following your mouse direction. Under it, you'll see the GET CHROME EXTENSION orange button, Click that and you'll be automatically directed to your browser's store.
Google Chrome browser's example:
Add the plugin extension and it will install itself on the browser after downloading (in Chrome's case, click the Add to Chrome button). Once installed, a new tab will pop up. It is the XDCPay wallet's welcome page. But you'll get the same interface on the actual wallet, so close it.
After creating and confirming your password, go through the terms and agreements; then, you'll be given a secret backup phrase. That phrase is the heart of your account since it is derived from a unique hash associated with your account.

Although XDCPay is a wallet made for developers, you still have to exercise secrecy. (The account shown is for demonstration purposes only). After saving the phrase, you will need to confirm it. Then, it will ask you if you want to deposit, skip or close.

Finally, XDCPay is successfully installed and you've made your wallet.

What can a wallet do?

Here are the basic features of XDCPay necessary for the development of XDC decentralized applications:

Adding/importing accounts
Switching accounts
Switching networks
Requesting tokens (Testnet Faucet)
Sending tokens (XDC)
Adding/Searching for token
Getting backup seed

How to use the wallet?

Let's look at the highlighted portion on the top.

Below the account's name: Account 1, there's a random character string: Xdc58... It is your account's wallet address. The address is copied onto your clipboard if you click on it.
It is very helpful since you'll use your account a lot on your smart contract development and your dApps as a test account. Next is the one below it, which is your transaction history. Here you will see the state of your transactions, either finished, pending or failed.
Moreover, if you want to switch the value from fiat to dx, you can do that by going to the Settings from the top right three lines button, as shown here:

When clicked, a window will show up under it. You can see from the bottom-most part, which is the Settings button with the gear icon. Click that button and it should show this:

The interface shown above will appear initially on the Settings tab. Without scrolling, you'll be able to see the Primary Currency section from the fiat radio button, switch it to XDC. If you go back to your main interface by clicking the head button, it should change to:

Adding/Importing accounts

This is a feature that allows you to add more than one wallet. It can be useful both in development and in real life. Since you'll be making applications, you will need to test one account and get your accounts to interact on a smart contract.

Adding accounts

To add an account, go to the highlighted top right button and click it. It will prompt a new window, showing a list of items.
On the top of that window, it'll show the list of accounts that you currently have. As of now, you only have one account, which is Account 1.
To add another, click on Create an account. You'll get redirected to a self-explanatory interface containing an input for the name of your account. Hit the Create button.
When you go back, you'll have your new account created. It also has a unique address.

Importing accounts

If you have an existing account, you can click on Import Account. You will be redirected to an interface where you will have to put a secret backup phrase in the private key string text input of the Private Key category. If you want to import JSON, you can do so by changing it in JSON. The last thing to do is to click the Import button.

Switching accounts

In the example above, you can see that two accounts are already added: Account 1 and Account 2. Click on the same window as before to switch to Account 2 from the list.

Switching networks

Switching networks is an important thing about XDCPay. As you have recently seen, we're using the main XDC Network. But that's not the development network; there's another network available for developers.

As you can see in the picture above, we're on the Main network. Below is the developers' network, XDC Apothem Network. If you're using Remix directly with injected Web3 setting, Localhost: 8545 is for your local XDC network.
Choosing a network is a case-to-case basis, but let's choose Apothem Test Network for common action.

Request tokens

Transaction processing involves gas. Therefore, tokens are required every time we interact with/test contracts or send tokens.
But all of these are mostly used if you're going to spend and do real transactions on the mainnet. For the developers, however, if you switch to a developer network such as Apothem Network, you will see this:

You will see a Test Faucet. By clicking the XDC Apothem Testnet Test Faucet button, you will get free tokens. But these tokens have no real value since it is a testing network.
By clicking the blue button, you'll be able to request XDC. From there, for a short moment, it will take effect and give you tokens that you'll need as gas for testing in the development network. Here is the link to the Testnet Faucet.

Send tokens

Before proceeding, try getting tokens for your account from the Test Faucet on Apothem Network. If you already have tokens, we can now try to send tokens to another account. To see the effect, send it to your other created account.

The 'Send' button on the Apothem Network will send you to this interface. In the example, Account 1 has 100 XDC, and by hitting the recipient address input text, you'll be able to choose or paste an address.
In your case, use your account that has XDC and send it to your other account. Set the amount on the Amount section and you can set how fast the transaction will be beneath it; it's customizable.
After you set everything, click Next. And you'll be sent to the confirmation interface.

Confirmation Interface

It is the exact interface whenever you make transactions on XDC using XDCPay. You'll see a lot of prompting interfaces once you start developing.
From here, you can also edit the gas fee to make your transaction faster. Here, we are sending 0.457 XDC to Account 1. Click Confirm and your transaction will be processed and show up on your Transaction History on the main interface.

Add/Search tokens

Aside from the XDC token, there are also different kinds of tokens that you can use based on the kind of dApp you use. Usually, when you make a dApp, you also make your cryptocurrency.

Add tokens

From the main interface, go to the top left menu icon beneath the 'Home' button. You can add a token that you made from an XRC20 standard contract, or you can search for someone else's token. Assuming that you have one already, let's go with adding your own first.

The Custom Token tab is where you can add your own created token. There are three input fields for which you need to enter details.
If you plan to make your token, you can try it on the Custom Token tab. Just click Next and you're good to go. It is added to the list. If you choose one from the list, you can use it for your transactions related to that token.
Now, let's move on to the searching of the token.

Search tokens

Same as before, if you go to the menu icon again, on the Search tab, you will see this interface:

As shown above, EURG is a known example of a crypto token. If you have received EURG tokens in an instance, you can search and verify them from here and add them to your token list.

Get backup seed

If you forgot your secret backup phrase, you can get it from your settings. Go back to settings from the top-right menu button.

When you get inside Settings, you will find the Reveal Seed Words section if you scroll down in the middle. If you click the Reveal Seed Words button, the secret backup phrase will be shown and you can copy it.

Got questions? Post them at XDC Dev Forum