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XDC Network plans to increase Bitcoin adoption

Jerome Dowell's speech impact cryptocurrencies
Jerome Dowell's speech impact cryptocurrencies

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Since its creation in 2008, Bitcoin has continuously evolved to remain at the vanguard of the crypto industry. Notably, the asset has been able to sustain this feat owing to its blockchain technology, unique supply, first-mover advantage, and various other factors. This development, as reported, consequently birthed more crypto project products, making them even more popular. However, despite recording its lowest low in the ongoing crypto market, Bitcoin still enjoys overwhelming patronage and loyalty of investors.

Bitcoin is suffering significant setbacks like price decline and fierce competition from Altcoins. BTC remains the most prominent crypto, thus attracting traffic to its blockchain. The traffic often results in network congestion that slows the processing of transactions on the blockchain—posing a significant concern for crypto enthusiasts. However, there have been numerous attempts to solve network congestion on the Bitcoin network.

Impel, a financial solutions provider decided to incorporate BTC into its ISO 20022 financial messaging platform. This thus eased the exploration of BTC by users. Notably, to move BTC to the XDC network, the coin will be locked on the Bitcoin Network by the bridge and then minted as XBTC on the XDC network

Subsequently, the XBTC will become available on ISO 20022, aiding users in using it as collateral payments on the platform. Notably, the bridge is maintained by a group of permissionless decentralized nodes. Thus, needing them to lock adequate funds before electing them every month. In unison, the nodes execute an assortment of secure multiparty computations (sMPC) and Shamir’s secret sharing (SSS) to acquire approval to protect these cross-chain assets.

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The functionality of the bridge is not far-fetched. Notably, as a compatible blockchain through the Ethereum Virtual Machine, the XDC network encourages the integration of numerous blockchains. Therefore, developers can initiate numerous solutions on the network or even integrate existing projects from other blockchains into the network. With the latest inclusion of BTC into the financial messaging platform, users can now explore using the coin across platforms compatible with the Bitcoin network and others.

However, Impel offers financial solutions using the XDC ecosystem. As reported, the network is a layer one blockchain protocol with high optimization. Like most leading modern blockchains, it offers cheaper gas fees and employs the proof-of-stake mechanism. The network initiates transactions swiftly as it can process more than 2,000 transactions per second.

The latest development implies that users can send and receive BTC wrapped as XBTC on the platform. The initiative will aid the integration of BTC into the XDC ecosystem, thus establishing interoperability between the XDC ecosystem and other blockchains, most especially Bitcoin. Financial institutions using the platform across 70 countries can now use the newly incorporated XBTC to aid seamless transactions.

Lastly, Impel will leverage its collaboration with DIMO and Wanchain to migrate BTC from its network to the XDC network. During that process, the assets will be described as XRC-20 tokens, becoming XBTC. DMO and Wanchain offer help to connect the blockchain ecosystem as a single bridge.

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