With cryptocurrencies, every time a transaction takes place, it is broadcast to every computer on the network, and this interconnected system verifies the transactions. Mining inefficiency, causing the environmental costs, threatens the notion of blockchain as a long-term enterprise solution.
Thankfully, efforts are well underway towards environmentally friendly digital assets, and we are seeing rapid innovations in this space. Proof of stake is now forming the foundation of newer protocols such as Cardano (ADA) and XinFin (XDC).
The XDC Network is supported by masternodes that are responsible for block creation. The platform XinFin is a resilient blockchain protocol that integrates seamlessly with older systems and can bypass some of the major problems that centralized platforms face.
With a native coin based on delegated proof of stake, the XinFin’s XDC Network is now in a position to achieve the ultimate performance without relying heavily on power consumption. XinFin bridges the gap for all enterprises wishing to avail themselves of decentralized applications. Founded in 2017, the XinFin Network is now positioned as a top enterprise blockchain, partnering with institutions to provide outstanding technology that improves infrastructure across a wide range of industries by using advanced smart contracts. XDC greatly reduces its energy consumption and so its carbon footprint.
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.