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Ethereum once reigned as the primary smart contract platform, but now, alternative chains with competitive advantages, such as the XDC Network, are competing for dominance in the crypto space.
The XDC Network, a third-generation blockchain, presents distinctive features and advantages compared to Ethereum. These include quicker transaction speeds, reduced fees, and improved environmental sustainability.
XDC Network Brief Overview
The XDC Network is a layer 1 blockchain compatible with the ISO 20022 payment standard, offering a convenient platform for developers and financial institutions. It introduced the XDCPay app for easier user experiences.
$XDC addresses past blockchain issues like low bandwidth and high fees, supporting smart contracts. It enables layer 2 digital assets deployment via Origin and faster transactions through sharding. As an open-source hybrid blockchain, $XDC interacts with both public and private blockchains using relay bridges.
Addressing Challenges and Enhancing Blockchain Efficiency – The XDC Network Approach
The XDC Network functions through the XDPoS mechanism, a decentralized transaction validation system that differs from traditional methods by utilizing real-time voting to select validators responsible for upholding the integrity of the hybrid blockchain.
These validators undertake essential tasks such as converting transactions into blocks, broadcasting these blocks across the network, ensuring synchronization of notes, and collaboratively resolving emerging issues. In terms of resolving key challenges faced by public blockchains, the XDC Network offers notable solutions.
Firstly, it significantly curtails energy consumption in contrast to the energy-intensive PoW mining employed by Bitcoin and Ethereum. Secondly, it virtually eliminates gas fees, which paves the way for the processing of micro-transactions.
Thirdly, scalability concerns are mitigated through the achievement of higher transactions per second (TPS). Lastly, the XDPoS mechanism addresses anonymity concerns by integrating an independent KYC-based node into the network.
$XDC Price Prediction
Despite the relatively stagnant trading of major cryptocurrencies like Bitcoin and Ethereum, $XDC, the native cryptocurrency of the XDC Network, has surged into the spotlight with an impressive rally of more than 14% over the past week.
At the time of writing, the XDC Network is valued at $0.061, accompanied by a 24-hour trading volume of $23.11 million and a market capitalization of $753.85 million. $XDC reached its highest price on Aug 21, 2021 when it was trading at its all-time high of $0.194.
Based on today’s classical pivot point, valued at $0.064, the XDC Network exhibits support levels at $0.061, $0.058, with the strongest at $0.055. Correspondingly, resistance levels stand at $0.065, $0.069, and $0.070.
Anticipated for September 30, 2023, XinFin Network’s 200-day Simple Moving Average (SMA) is projected to reach $0.044. Simultaneously, the short-term 50-Day SMA is expected to reach approximately $0.062 by the same date. With a Relative Strength Index (RSI) value of 57.79, the $XDC market appears to be in a neutral state.
Is XinFin Network the Next Ethereum?
Both XinFin Network and Ethereum have showcased strong performance within the cryptocurrency market. Ethereum holds the position of being the world’s second most popular cryptocurrency, trailing closely behind Bitcoin.
Its remarkable growth in 2017 saw its value surge by over 10,000%, ultimately reaching an unprecedented market capitalization of $130 billion. Notably, Ethereum’s blockchain hosts an extensive array of tokens and boasts over a thousand decentralized applications (dApps).
On the other hand, XinFin Hybrid Blockchain, though still in its early stages, has demonstrated remarkable potential. While expecting a replication of Ethereum’s achievements might be ambitious, XinFin’s achievements are noteworthy.
If it manages to fulfill its objectives, XinFin could potentially emerge as a superior blockchain to Ethereum. To learn about more new crypto projects with the potential to challenge Ethereum’s dominance, check out our articles highlighting the top cryptocurrency presales for current investment opportunities.
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