XDC Network is a fork of the Go Ethereum (Geth) protocol and shares many similarities with the Ethereum blockchain. However, XDC developers have made significant changes in some key areas. The largest change is the consensus mechanism, which allows for cheaper and faster transactions.
At first glance, XDC Network and Ethereum look very similar. DApps and tokens built on XDC Network are compatible with the Ethereum Virtual Machine (EVM). You might have noticed that your public wallet addresses are not the same on both blockchains. XDC Network has an address prefix of address from 0x to xdc for more details regarding the address prefix. Please check out the detailed guide hereThere are even cross-chain projects that operate on both networks. Nevertheless, there are some noticeable distinctions between the two chains.
Scalability remains one of the most challenging hurdles to blockchain development. And that’s where XDC Network comes in.
What is XDC Network?
XDC Network is best described as a blockchain that runs in parallel to the Ethereum network, its smart contract functionality, and compatibility with the Ethereum Virtual Machine (EVM). The design goal here was to leave the high throughput of XDC Network intact while introducing smart contracts into its ecosystem.
In essence, both blockchains Ethereum and XinFin operate side-by-side. It’s worth noting that XDC Network isn’t a so-called layer two or off-chain scalability solution. It’s an independent blockchain network.
Because XDCis EVM-compatible, it launched with support for the rich universe of Ethereum tools and DApps. In theory, this makes it easy for developers to port their projects over from Ethereum. For users, it means that applications like MetaMask can be easily configured to work with XDC Network. Seriously – it’s just a matter of tweaking a couple of settings. Check out Use MetaMask for XDC Network to get started.
While the Ethereum Proof of Work (PoW) consensus mechanism is similar to the one of Bitcoin, it's vastly different from XinFin Delegated proof of stake (XDPoS).
XDPoS combines aspects of Delegated Proof of Stake (DPoS). 108 masternode produce blocks and, in return, receive an XDC token as a reward. Becoming a masternode requires running a node and staking at least 10 million XDC to become a masternode. Other nodes are known as Backup masternode and stake XDC tokens. The108 KYC enabled masternode produces new blocks. The Backup masternode also gets 8% yearly rewards, and whenever a masternode resigns, the new masternode gets picked up randomly from any backup masternode
Ethereum's PoW is an extremely different system. There is a race to solve a computational puzzle. Anyone can participate, but they will need to buy or rent specialized mining equipment. The more computation power you have, the more likely you will solve the puzzle first and validate a block. Successful miners receive transaction fees and an ETH reward.
While PoW is an effective way of creating consensus and ensuring network security, developers have since explored the use of other mechanisms. Their goal is to find more efficient and environment-friendly alternatives without compromising security; that’s the reason projects have started moving to the XDC Network.
*XinFin XDC Network is compatible with Metamask and Remix for smart contract development. *
Something you might already be familiar with is MetaMask. But wait, isn’t MetaMask an Ethereum wallet? It is, but connecting it to XDC Network is quite easy. This way, you can use a familiar UI when interacting with XDC Network.
To connect to the XDC Network at metamask, you. You will have to add XDC Network RPC https://rpc.xinfin.network and Chain-ID, which is 50 to metamask. We’ve got a detailed guide about it, so check out Connecting MetaMask to XDC Network here.
After connecting XDC Network to metamask, you can use Ethereum remix for the smart contract deployment for your Dapp or project https://remix.ethereum.org/.
And you can also connect Hardware wallets like Ledger and Trezor to metamsk and store or interact with the XDC Network to connect with the ledger hardware wallet. Please check out the detailed guide here, and for the Trezor hardware wallet, please check out the detailed guide here.
And there are other multiple hardware wallets like AirGap Vault, Keystone, and Lattice. An option is also available to store XDC and interact with the smart contract. For more details, please check out the detailed guide here
*After deploying the smart contract, How do you track the XDC Network address? *
So, now we have almost everything to get started. But how will we track our activity on XDC Network? Well, XinFinScan is the best place.
The site may look a bit familiar if you’ve been involved with DeFi. It looks and feels very much like EtherScan. So it will not be an issue for Ethereum Developers.
So once you’ve found your addresses, what else should you keep an eye on? Several handy metrics track the ongoing activity on XDC Network.
There are lots of similarities between XDC Network and Ethereum. In part, this is what has made it so easy for Ethereum users to migrate and start experimenting with XDC Network. But despite the similarities, XDC Network adopted interesting changes to try and improve on performance and efficiency. The XinFin Delegated Proof of stake (XDPoS) consensus mechanism allowed users to enjoy even cheaper and faster blockchain transactions.
Do you have questions regarding the XDC Network? Please feel free to post your question at https://xdc.dev