While initially blockchain and cryptocurrencies were seen as an alternative to traditional financial infrastructure, modern blockchain projects offered paths to provide connectivity between cryptocurrency and fiat currencies.
One of such projects is the XDC Network used for the tokenization of real world assets (RWAs) and developing apps and currencies on top of it. This article reviews the XDC Network and its native token XinFin (XDC), shows where and how to buy XDC, and answers other questions concerning this cryptocurrency.
What is XDC?
XDC or the XDC Network is the layer1 blockchain. XDC relies on the delegated-proof-of-stake consensus mechanism. It makes this network scalable, cheap, and fast. The XDC network is safeguarded by Ethereum as the latter serves as the XDC basis. The XDC network allows devs to build apps and currencies on top of it and is compatible with Ethereum Virtual Machine.
The main purpose of the XDC network is tokenization of RWAs and seamless integration of these assets in the decentralized finance realm. However, the XDC Network can be used for hosting crypto exchanges and other platforms that deal with cryptocurrencies and other types of data. For instance, the XDC Network can be used by financial and governmental institutions, business companies, etc. All these entities can benefit from using secure permission-based blockchain.
XDC token is used for staking and governance. The minimum stake required to run a masternode is 10 million XDC. As of 2024, the governance on XDC is handled by over 100 masternodes.
The company behind XDC, XinFin, was created in Singapore in 2017. The mainnet was launched two years later. The XinFin founders are Ritesh Kakkad and Atul Khekade. Both of them have professional backgrounds in software and banking. One of the core members of the XinFin team is André Casterman who has over 20 years of working experience in SWIFT.
Where and How to Buy XDC?
Although not supported on Binance and the biggest US exchanges, Coinbase, and Kraken, XDC is available on various leading trading platforms, including Bybit, KuCoin, Gate.io, HTX, Bitfinex, MEXC, Bitget, and many others.
As of November 6, 2024, the full list is:
Bitrue
Bitvavo
Bybit
Bitstamp
KuCoin
BingX
HTX
MEXC
LBank
Bitfinex
Gate.io
Coins.ph
Unocoin
MERCATOX
Cex.io
Koinpark
BitOasis
CoinEx
Bitget
Foxbit
Phemex
Tradeogre
GLEEC
Mandala
Swyftx
BLOX
CoinMENA
StealthEX
WhiteBit
Coinstore
Giottus
LCX
Poloniex
CoinDCX
Bitmart
CoinW
DigiFinex
FMFW
HitBTC
Indodax
BuyUcoin
Uphold
Bequant
ProBit
Changelly Pro
Globiance
Kinesis
First off, check which reputable exchanges provide services in your location. Make sure that the exchanges that work in your country support the XinFin (XDC) pairs. Read the user feedback on the exchanges, check the fees and costs, features, supported payment methods, and other conditions. Based on this, choose which exchange to use.
Open an account on the preferred exchange. If you are using centralized exchange, you should complete a KYC procedure in order to unlock the full functionality.
Ensure to protect your account before you deposit money there. Turn on 2-factor authentication and don’t underestimate such standard security measures as strong password.
Choose a wallet supporting XDC storage before you acquire XDC. To choose a wallet you should use the same recommendations that we have offered for choosing an exchange.
As soon as your wallet and exchange accounts are verified and protected, you may use a Buy Crypto feature which is available on many exchanges. If the chosen exchange allows buying XDC by card, you may resort to that. If not, you may buy a different cryptocurrency (for instance, USDT or another stablecoin) and trade it for XDC.
You may use an instant swap service to exchange the tokens quickly. The exchange may occur at an unfavorable rate though. Not all exchanges support the instant swap feature. The rate on the spot market depends on the order you choose.
You may buy the XDC at the market price, choosing one of the available orders in the order book or place your own order at the preferred price. In this case you should realize that if the price is not attractive for buyers your order may end up unfilled. To avoid profit losses you may post a stop-limit order that allows you to maximize profits in the good market and avoid losses in the bad one.
It is advised not to hold money on the exchange for extended periods of time if you are not going to trade it. Exchanges are the popular targets for hackers, thieves, and fraudsters. Even if the protection features are activated, holding crypto on exchanges is risky. Your private crypto wallet, especially a web3 wallet, is a way safer place to store your tokens.
As soon as you bought some XDC tokens you may transfer it to a safer place, such as your crypto wallet. To do so you should look for the withdrawal function. Please note that transferring crypto to your wallet will incur fees. On top of this, some exchanges set the minimum amount that can be withdrawn at once.
When sending coins to your wallet, it’s better to copy your XDC wallet address via hot keys or using a QR code. Don’t tap in the address manually as it can result in an error. Double check the address before you send coins. An error in the address can result in a permanent loss of coins.
Features of XDC
The XDC Network is characterized with the following features:
- Low fees
- Huge TPS number
- High transaction speed
- High scalability
- Military-grade security
Most of these features are possible thanks to the consensus mechanism used by the XDC Network, called delegated-proof-of-stake (dPoS). It saves much energy and costs via using only over 100 masternodes. This number is pretty small and makes it easier (cheaper and faster) to validate transactions. The delegates are public and if they conduct any sort of malicious activity and try to mess with the transactions, they lose the opportunity to enjoy rewards and benefits of being a delegate.
Other features of the XDC network are the tools provided to finance institutions, businesses, and developers. XDC provides solutions for the trade finance instruments tokenization and an enterprise-grade EVM infrastructure for developers to embody their ambitious projects.
Conclusion
The XinFin token (XDC) is available on several biggest crypto exchanges, including top 10 tier platforms. The most popular exchanges where you can acquire XDC tokens are Bybit, HTX, Bitget, KuCoin, Bitfinex, Gate.io, and MEXC.
Choose the exchange that works in your country, offers the best conditions, and has a decent reputation in the crypto community, choose the secure wallet that supports XDC, register on the exchange and buy tokens. Don’t forget to protect your wallet and exchange accounts before using them.
FAQs
Is XDC a good investment?
We can’t provide investment advice. Some regard XinFin as a project that has already passed its commercial peak. However, as the XDC Network team continues to develop the project.
To make an informed decision whether or not you should invest in XDC, conduct your own research over the subject.
How is XDC different from Ripple?
Ripple is helping financial institutions to bring their assets and data on-chain too. However, Ripple is different. First off, the Ripple blockchain is designed differently. More than that, the company exists for a longer period of time and despite troubles with the law, Ripple is still among the leading and most recognizable projects in crypto industry and fintech. XDC is yet to be as well-established as Ripple. The good thing for XDC is that XDC Network doesn’t have run-ins with the law.
What is the XDC ATH?
The XDC token reached its ATH on August 21, 2021, peaking at 19 cents.