On December 2nd, 2021, XinFin's XDC Network will launch its upgrade on XDPoS consensus protocol at block number 38383838. The upgrade is currently live on Testnet called apothem network and the protocol team has done rigorous testing via the Apothem network. This upgrade will bring crucial features to XinFin's Mainnet.
The upgrade has been named Andromeda, and it was named after the galaxy by community members. The upgrade will activate several innovative features.
It will update solidity to v0.8.x. In other words, XDPoS is upgrading its EVM (Ethereum Virtual Machine) to accommodate Solidity 2.0. XinFin developers will be able to use code from many EVM chains without dramatic transformation, and this capability will benefit XinFin's ecosystem partners and internally developed products.
This upgrade will also modify how fees are assessed. Instead of coinbase/miners, transaction fees will now go to the owner's address.
The Eth_chainId additionally makes the system more secure, and this is due to advancements in protecting transaction replay. Military-grade security with forensic monitoring will be deployed due to the upgrade to detect bad nodes. The upgrade increases master node owner benefits, and the increased benefits will encourage nodes to join and maintain the XDC Network.
The update also fixes problems with multiple miner addresses causing block generation delays on the Mainnet. Holders of XDC utilizing wallet services like Guarda or exchanges need not do anything since the mechanisms work as before. Investors will be alerted if their wallet or exchange service needs adjustments.
Masternode owners must update to stay on the XDC network. So, the network advised users to update to the current version following the steps to upgrade on their official announcement. Masternode owners can join the Slack channel, Telegram channel, and live support on Zoom to find support on the Masternode upgrade.
Moreover, all the existing stakes, ledger states, XDCs, and transactions will stay as it is. They may be utilized as formerly. The update is backward compatible, and that's for APIs and data. A similar approach will be used for APIs to browsers, wallets, and exchanges. After the update, the XDC network will keep expanding the XDPoS1.0 public ledger. Thus, Xinfin users may expect a transparent upgrade.
This major upgrade will boost Ethereum EVM-compatible projects moving to XinFin Network. The block network consumes 99 percent less energy and almost zero gas fees, which is better than the PoW network. Also, the 2-second block finality mechanism is significantly superior to a few minutes in other PoW-based networks.
This upgrade is the result of years of study and development by protocol scientists and Ph.D. professors. These include Pramod Viswanath, Gerui Wang, Jerome Wang, Liam Lai, and Fisher Yu. A new decentralized consensus engine for the XDC Network, XinFin DPoS 2.0, was proposed in the documents.
Since it is built on the most advanced BFT consensus protocol, the upgrade will provide the XDC Network military-grade security and speed while utilizing little resources and being API-compatible. It will also help the XDC Network evolve in the future.
Many projects have recently begun deploying on XinFin XDC Network due to its benefits over Ethereum Network. On XDC Network, two new DEXs will be deployed soon, listing all XRC20 Tokens. According to Block Explorer, the network has 500+ contracts and 1 million active wallets.
XDC is one of the fastest-growing cryptocurrencies, ranking in the top 100 on Coinmarketcap. XDC, the XinFin Network's fundamental propellant, traded for 0.09 USD on Kucoin, Gate.io, Bitfinex, and Liquid.
This upgrade will increase transparency and hence confidence in the coin's future as a store of value, enticing additional investors. Price will climb as demand rises. It's widely believed that the current upgrade has given XDC Network the firepower to compete with Ethereum, which has recently demonstrated extreme volatility
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.