click here if you want to see your banner on this site

Show Posts

This section allows you to view all posts made by this member. Note that you can only see posts made in areas you currently have access to.


Topics - Vinn

Pages: [1] 2 3 ... 10
1
The XDC Network is rapidly emerging as a robust foundation for Web3 infrastructure, offering various innovative solutions designed to revolutionize multiple industries. The XDC Network is carving a niche at the forefront of blockchain innovation by providing a versatile and robust platform that transcends traditional boundaries between various sectors.

With its unique approach to leveraging Web3 technologies, the network is pioneering solutions that promise to revolutionize industries ranging from finance and legal services to gaming and digital asset management. By harnessing the power of decentralized applications and smart contracts, the XDC Network is not just facilitating a new digital transformation era. Still, it addresses some of the most pressing challenges these industries face today.

As we delve into the myriad of applications and services thriving on this platform, it becomes evident that the XDC Network is not merely a participant in the blockchain revolution but a leader shaping the future of how technology can catalyze systemic change and innovation.

Read in detail: https://vinn9686.medium.com/unlocking-the-future-how-xdc-network-is-pioneering-real-world-solutions-through-web3-innovation-a390ca089a40


2
Trillions in Assets will be Tokenized. RWA Vaults. Fathom Liquidity Protocol on XDC Network.

Looking for new sources of yield? Look no further! Fathom Protocol is now introducing Crypto and RWA yield vaults, along with lending services. Don't miss out on the opportunity to earn attractive yields and leverage your assets with $FXD.

Watch the, Interview with co-Founders of Fathom Liquidity Protocol📽️: https://youtu.be/bYU8DEDWo2g?si=vyoBHuWeCF5hBmD_

3
The rise of real-world asset (RWA) tokenization on the XDC Network marks a transformative shift in global finance. By converting physical assets into digital tokens, the network is democratizing access to wealth and unlocking trillions in value. This article explores the economic implications, global adoption, challenges, and future prospects of RWA tokenization on the XDC Network.

With projects like Comtech Gold, Fluent Finance, and YieldTeq leading the way, the XDC Network is poised to revolutionize finance and expand national GDPs worldwide.

Read in detail: https://londondailypost.com/unlocking-trillions-the-rise-of-rwa-tokenization-to-expand-national-gdps/





4
Crypto Discussion / Discover the power of XDC Subnet!
« on: February 12, 2024, 09:33:41 AM »
Discover the power of XDC Subnet! Dive into the comprehensive guide for setting up a secure and decentralized network within the XDC Ecosystem.

XDC Subnet enables various use cases, including creating private subnets, deploying dApps and more.

Explore now: https://www.xdc.dev/vinn_9686/xdc-subnet-setup-a-detailed-walkthrough-eai

https://twitter.com/CryptoQueenVinn/status/1756226679855546768


5
UK Parliament Written Evidence Showcasing XDC Trade Network Solution for Trade Finance Transformation.

The UK Parliament is actively exploring the XDC Trade Network's solution for legalizing electronic trade documents. As international trade complexities persist, the potential for transforming trade finance through digitization is gaining momentum. The XDC Trade Network's innovative approach, using blockchain, verifiable credentials, and decentralized identifiers, aligns with the evolving needs of cross-border trade. By embracing scalable solutions and interoperable standards, the network aims to address challenges such as multi-country jurisdiction, reliance on paper documents, and funding issues for SMEs.

The partnership between XDC Trade Network and TradeTrust is a significant step toward fostering secure and efficient global trade practices. Through the integration of these technologies, the future of trade finance holds promise for enhanced transparency, security, and accessibility.

Read in detail: https://medium.com/@xdcnetworknews/uk-parliament-considers-xdc-trade-networks-solution-for-legalizing-electronic-trade-documents-3ac77743ebc7

#XDCNetwork #TradeFinance #Blockchain #GlobalTrade #Digitization


6
Crypto Discussion / Layer-1 Blockchain Woes...
« on: April 17, 2023, 11:53:38 AM »
Layer-1 Blockchain Woes: Why Solana, Polkadot, and Avalanche are Down While Bitcoin, Ethereum, and XDC Network are on the Rise?


The blockchain industry has seen tremendous growth and innovation over the years, with numerous projects competing for market share. While Bitcoin and Ethereum are the two biggest players in the crypto space, other Layer1 blockchain projects such as Solana, Polkadot, Avalanche, and XDC Network are also gaining popularity. However, the market has witnessed a significant difference in their performance, with some projects down by 70–75% while others almost close to their year-high. In this article, we will explore why some Layer1 blockchain projects have experienced significant price corrections while others have surged, with a particular focus on XDC Network’s growth.

Reasons for the Downfall of Solana, Polkadot, and Avalanche:

Several factors may have contributed to the decline in the value of Solana, Polkadot, and Avalanche. One of the reasons could be the lack of actual real-world adoption, which is essential for the success of any blockchain project. These projects may have launched with high expectations, but they have struggled to attract users and developers. In addition, their technology may not be as stable or secure as other blockchain projects, making them less appealing to investors.

Solana Declined 76% in 1 year Chart.


While Solana has gained significant attention from investors and developers, there has been a lack of actual real-world adoption, which could be one of the reasons for its decline in value up to 76% in the 1 year chart. Despite its focus on scalability and fast transaction speeds, Solana has yet to gain widespread adoption outside of the crypto community. Additionally, the network has experienced instability, causing errors and delays that may have contributed to the decline in value.

Polkadot Declined 62% in 1 year Chart.


Polkadot has seen a decline in value of 62% over the past year, and there are a number of factors that may have contributed to this decline. One issue that has plagued the Polkadot network is the exploitation of code vulnerabilities by hackers, which has resulted in the theft of millions of dollars. This has led to concerns about the security and stability of the network, which may have contributed to the decline in value. Additionally, the limited availability of parachains and the high cost of acquiring them through auction may have priced out some smaller use cases, limiting the potential for real-world adoption.

Avalanche Declined 76% in 1 year Chart.


Avalanche’s decline in value of 76% over the past year can be attributed to a number of factors. One of the primary concerns is the initial token distribution heavily favored by a small group of insiders, with a large portion of the supply controlled by the team and foundation. This has led to concerns about centralization, particularly given the high cost to run a validator. These issues have eroded confidence in Avalanche’s long-term prospects and may have contributed to its decline in value over the past year.

The Rise of Bitcoin, Ethereum, and XDC Network:

Bitcoin and Ethereum have been around for more than a decade, and their technology is well-established and secure. They have also witnessed widespread adoption in the real world, with major companies such as PayPal and Tesla accepting Bitcoin as a payment method. This real-world adoption has contributed significantly to their surge in value. XDC Network, on the other hand, has seen significant growth due to its focus on real-world use cases. The platform aims to bridge the gap between traditional finance and blockchain by offering a hybrid model that combines the best of both worlds. XinFin XDC Network’s technology is also designed to be fast, secure, and scalable, making it an attractive option for businesses and developers.

Bitcoin Manages Declined up to 25% in 1 year Chart.



Bitcoin manages a decline at 25% in its one-year chart, also seeing an increase in its adoption in the real world. This adoption is evidenced by major companies like PayPal and Tesla accepting Bitcoin as a payment method. Such real-world adoption has had a significant impact on Bitcoin’s value, contributing to its surge in value despite the recent decline. The growing acceptance of Bitcoin in the mainstream market has opened up new avenues for its use, and it is likely to continue to grow in popularity and adoption as more and more people become familiar with its potential benefits.

Ethereum Manages Declined up to 32% in 1 year Chart.


Ethereum has managed a decline at 32% in its one-year chart. Like Bitcoin, Ethereum has also experienced an increase in its real-world adoption, which has contributed significantly to its surge in value. The Ethereum network has seen various developments, including the growth of decentralized finance (DeFi) applications and non-fungible tokens (NFTs), which have shown the potential for real-world utility of the network beyond just cryptocurrency transactions. This growth in real-world utilities has led to increased adoption of Ethereum, as more people recognize its value and potential for innovative applications. Ethereum remains a leading cryptocurrency, and its continued development and adoption suggest a bright future for the network.

XDC Network Manages Declined up to 21% in 1 year Chart.



The XDC Network has managed to minimum decline like bitcoin and ethereum at 21% in one year chart. XDC Network, a blockchain-based platform designed to provide a scalable solution for Ethereum has attracted widespread attention over the past few years due to its ability to offer a viable alternative to Ethereum’s current limitations. One of the key reasons for XDC’s growth has been its focus on real-world use cases, which has made it an attractive option for businesses and individuals looking to leverage the power of blockchain technology in a practical way. Running successfully since 2019, XDC Network has more than 397.59 Million transactions, 12.85k + contracts deployed and nearing 1 million active wallet counts in a short span. As a result, the XDC Network continues to be an important player in the blockchain industry, with its scalable network offering significant potential for growth and innovation in the years to come.

The decline in the value of some Layer1 blockchain projects such as Solana, Polkadot, and Avalanche can be attributed to their lack of actual real-world adoption and stable technology. On the other hand, Bitcoin, Ethereum, and XinFin XDC have witnessed significant growth due to their widespread adoption and focus on real-world use cases. XinFin XDC’s focus on bridging the gap between traditional finance and blockchain, as well as its fast and scalable technology, make it an attractive option for businesses and developers, and could contribute to its continued growth in the future.

7
The XinFin XDC Network is an enterprise-ready, open-source, hybrid blockchain protocol specializing in tokenization for real-world decentralized finance.

Visit official website: https://xinfin.org/

Watch the complete interview on YouTube: https://youtu.be/NhvIpGpPcIY

8
Crypto Discussion / Double Validation - XDC Report 6
« on: September 26, 2022, 08:55:06 AM »
Double Validation - XDC Report 6

Explore what single validation is. The most Proof of Stake blockchains use today, & understand why double validation is a superior alternative.

Watch the 6th video of $XDC Report, the latest news & updates in XDC engineering, research, & development:

9
Ethereum Merge, the network's transition from PoW to PoS consensus, is the biggest and the most significant upgrade in the crypto sector. On successful execution of ‘The Merge’, Ethereum will terminate the PoW consensus when its mainnet merges with the Beacon Chain. Beacon Chain is the parallel blockchain hosting the PoS consensus engine and coexists with the current Ethereum 1.0 since 2020.

Upcoming XDPoS 2.0 Upgrade

The XDPoS 2.0 will be implemented in the first quarter of 2023 after undergoing a whole year of beta testing. It is considered as a significant advancement within XDC Network and is by far the most complex upgrade since its inception. With this execution, XDC will switch from XDPoS 1.0 to XDPoS 2.0.

The XDC Network is a longest-chain open-source network that uses the XDPoS 1.0 protocol. This consensus protocol version utilizes delegated proof of stake (DPoS) and proof of work (PoW) to validate the transactions and secure the network. Currently, XDPoS 2.0 is in the beta testing phase.

Read in detail: https://www.newsbtc.com/news/company/two-major-blockchain-network-upgrades-ethereum-2-0-and-xdc-network-xdpos-2-0-all-you-need-to-know/amp/

10
Ethereum scaling solution XDC Network presents XDPOS2.0, an enhanced consensus for scalability and forensics.



The Ethereum blockchain’s and other top blockchain platforms’ scalability issues have an inventive answer in the form of the XDC Network. The 108 Masternodes that make up the XinFin Delegated Proof of Stake (XDPoS) consensus architecture that powers the XDC Network enable cheap transaction fees and 2-second transaction confirmation speeds. Innovative methods, such as double validation, staking via smart contracts, and simple randomization procedures, ensure security, stability, and a trustless ledger.

With its practical and secure consensus protocol, XDC Network addresses the traditional blockchains’ primary bottlenecks. Hence, XDC Network is a trustworthy Ethereum-compatible and Ethereum-competitive blockchain platform that offers a foundation layer for business blockchain applications and a strong ground for blockchain innovation at all levels.

A novel consensus engine developed exclusively for XDC, XDPoS 2.0, has been released in testnet. With a full year of beta testing necessary before the new protocol is scheduled to be implemented in the first quarter of 2023, XDPoS 2.0 is viewed as a significant milestone and by far the most complex upgrade since the XDC Network’s inception.

Read more: https://www.newsbtc.com/news/company/ethereum-scaling-solution-xdc-network-presents-xdpos2-0-an-enhanced-consensus-for-scalability-and-forensics/

11


Cryptocurrencies have been considered a game-changing technology that has the potential to revolutionize a variety of sectors. Cryptocurrencies may also serve as a secure store of wealth because they cannot be printed or seized.

One of the most common fears among newcomers to crypto is that it is unbacked by anything. It simply appears on a screen; thus, tying or linking them to a physical item makes sense.

Most gold-backed cryptocurrencies are convertible to actual gold and can be exchanged for fiat or other cryptocurrencies on crypto exchanges. Depending on the project, they were backed with gold in various ratios. A single unit of crypto is equivalent to a given unit of gold. Some are backed at 1:1, where one token equals 1 gram of gold.

Gold-backed coins are a more recent version of “stablecoins,” generally pegged to the dollar to reduce volatility. Recently launched, COMTECH Gold Token ($CGO) is backed by real gold that can quickly be identified and separated. Each token follows 100% Shariah guidelines making it the first token of its kind. Each token is backed by an identifiable piece of gold that carries its own audit trail of its transactions.

Unsurprisingly, gold is desired as a conventional hedge against global change and inflation. However, the desire for gold-backed cryptocurrencies is significantly newer.

The token’s investors benefit from improved returns due to gold pricing. Tokens can be traded for gold by investors.

Pessimists contend that PAXG, created by the business Paxos and Tether Gold, has only climbed on the backs of a widespread rush for gold. Both have followed the price of actual gold, which is up around 8.5 percent this year. Compared to gold’s 4 percent gain since February 23, the day before Russia invaded Ukraine, PAXG has increased by 4.5 percent.

We’ll now let’s look at Comtech Gold (CGO), built on the XinFin-XDC Network. The gas fee is near zero for the transaction of CGO and the settlement time is around 2 seconds. Also, there are no custodial fees separately for the gold. You may boost the efficiency of one of the world’s largest blockchain networks with Comtech Gold. With a cryptographically safe, decentralized verification process, all transactions are settled at the speed of light.

We ComTech Gold provides unrivaled reserve transparency so that the community can always be confident that their digital assets are fully backed by Physical GOLD.

ComTech Gold includes Quarterly audits by Custodians based in UAE, On-demand verification for an onboarded entity.

Where you can Buy and Store the CGO?

Currently, CGO is available on Bitrue exchange with USDT (CGO/USDT) pair. Soon, it will be available on other exchanges too.

Supported Wallets: https://comtechgold.com/wallets-&-exchanges.html

12
Mining Bitcoin (BTC) and ether (ETH) is an expensive affair. The mining hardware consumes a superfluous amount of electricity and imposes heavy costs for buying and maintaining mining infrastructure.

A Morgan Stanley report estimated that bitcoin mining consumed more electricity than all of Argentina in 2018. Furthermore, in just 10 years of its existence, electricity used for mining bitcoin could make up 0.6% of the global electricity demand.

On the other hand, the second-largest cryptocurrency by market capitalization, Ether (ETH), or more commonly called Ethereum, consumes one-fourth of the energy used for bitcoin mining. Studies suggest that daily ethereum transactions use more energy than is used by an average family in the United States.

The extreme consumption of electricity to mine bitcoin and other cryptocurrencies using the Proof of Work (PoW) protocol has long been a concern for blockchain pioneers. To solve this, the XDC Network developed its exclusive XDPoS consensus protocol.

Let’s compare these public blockchain networks in terms of energy consumption.



Bitcoin

Bitcoin, the first public blockchain, powered by native cryptocurrency bitcoin (BTC) uses the proof of work consensus protocol for approving transactions on the network — known as mining. There are numerous researches that highlight the high-end expense of mining bitcoins.

If we go with the latest report, mining one bitcoin (worth US$9,707.94 at the time of writing) uses approximately 657.39 kWh of electricity, which is the amount of electricity used by an average British household in 59 days.

The annual electricity consumption for bitcoin mining today totals around 57.39 TWh and the total annual cost tops $2.9 billion.

Ethereum

Ethereum was a diversion from the original concept of cryptocurrency that was brought in the form of Bitcoin. It was beyond just providing financial freedom to individuals. Today ranked one of the most successful blockchain projects, Ethereum is an open-source blockchain platform for developers to develop decentralized applications and smart contracts. It is powered by its native cryptocurrency ether (ETH).

While Ethereum’s roadmap indicated that they will eventually transfer the network from a PoW consensus to proof of stake, or PoS, the process seems far more complicated than seemed in theory.

Ethereum is also planning to launch Ethereum 2.0, which will use chains with several branches in a bid to increase transaction throughput on the network.

At the moment, however, Ethereum continues to run on the PoW protocol and relies on hardware mining to approve transactions and mine new ether tokens. Although it does not consume as much electricity as the Bitcoin network, the numbers are still significantly huge.

According to the latest data, the Ethereum network consumes 7.84 TWh of electricity each year and incurs a total cost of $781.5 million.

XinFin’s XDC Network

Delegated Proof of Stake or DPoS consensus protocol is hotly debated in the blockchain industry, It is a variation of the original Proof of Stake consensus model, which is more energy and time-efficient. And thus also saves cost.

XinFin uses its version of the DPoS consensus called XDPoS because of the issues observed with other projects using a different consensus protocol. One of those was the high amount of energy requirement and carbon footprint for mining cryptocurrencies in a PoW blockchain network such as Bitcoin.

XDC presents itself as a green coin and aims to save energy like other major cryptocurrencies that rely on power-consuming blockchain protocols. Thus, XDC coins are ‘mining-free’ or, simply put, they are pre-mined. This not only makes the network energy efficient but also increases the throughput of the network.

XinFin - XDC Network can execute approximately transactions 2000 transactions per second while Bitcoin and Ethereum can do close to 7 and 15 transactions per second respectively.

This is a feature that helps business participants involved in blockchain to perform optimally.

Energy Consumption for XDC Network

On the XinFin Network, one server may use anywhere between 500 to 1,200 watts per hour, according to Ehow.com. If we consider the average per hour usage, it comes to around 850 watts, which means the XinFin network consumes 20,400 watts or 20.4 kWh of electricity daily. So, in 365 days, it consumes 0.00000744 TWh of electricity.

Ref link: click here

For 7,446 kWh or 0.000007446 TWh of electricity used by the XDC Network per year, the average electricity cost stands at around $600.

Parting Thoughts

Going by the average annual costs of Ethereum, and XinFin, it is clearly visible that XinFin cuts the energy consumption by almost 99.98%. It is highly likely that PoW coins may become too expensive to mine over time and also deal with great damage to the environment. Hence, chances are, they may get outdated over time. That is also a part of the reason why Ethereum looks to switch to PoS consensus over time.

What is your view? Please Provide your opinion in the comment box.

Original source: https://www.xdc.dev/vinn_v_9686/xinfins-xdpos-protocol-solves-the-possible-global-warming-problem-due-to-pow-based-bitcoin-ethereum-mining-p5e

13
Cryptocurrency and blockchain have already made their way into the books of many small and big companies. They have evolved from being some form of dubious technologies to becoming the next-generation tech that are key to driving the next industrial revolution.

Both cryptos and blockchains offer promising use cases to finance, supply chain, internet security, cloud storage, and a number of other sectors.

But when we discuss any technology for the future, sustainability is a crucial factor. We are at the tipping point of environmental damage and a technology that threatens the remaining balance in our ecosystem can prove devastating in the long run.

As is the case with most cryptocurrencies and fiat currencies today, they do not fit the mold of a sustainable future solution for money. While fiat currencies are a threat because they are paper-based, cryptocurrencies may have lethal consequences for our environment due to their extensive energy consumption.

The Bitcoin network alone consumes almost 0.21% of the world’s total energy supply, which is equivalent to 57.3 terawatt-hours. To put that into perspective, this equals the annual energy consumption of Switzerland. Ethereum network, on the other hand, consumes more than 7.8 terawatt-hours of electricity, which makes Ether the second most energy-intensive blockchain network and cryptocurrency. Recently, Bill Gates also raised concern on climate change and its effect on the environment in his Blog he says “To understand the kind of damage that climate change will inflict, look at COVID-19 and spread the pain out over a much longer period.”

So, why do most cryptocurrencies consume such huge amounts of energy? The answer lies in the underlying consensus protocol.

Proof-of-Work

Proof-of-Work or PoW is an algorithm that a decentralized network uses to settle transactions on a blockchain network. Cryptocurrencies such as Bitcoin and Ether employ the PoW consensus algorithm to create new coins and also distribute the coins across the network.

In the PoW algorithm, blockchain nodes called miners from across the world use high-end computing hardware to solve cryptographic puzzles to approve transactions and mine new coins. Each blockchain node competes against all other nodes to be the first to generate the hash that is the solution for the puzzle. As they solve the puzzle and approve transactions, they mine a new block on the network and also create new crypto coins. The winning node gets to claim the new coin that mined on the network.

Earlier, it was possible to mine Bitcoin using the RAM of a personal computer. With time, however, the mining difficulty on the Bitcoin network has increased multifold. Today, we have application-specific integrated circuit (ASIC) devices developed for the sole purpose of mining Bitcoin and other PoW-based cryptocurrencies. Each of these devices can have an environmental cost of up to $1,500 per year. (Source)

It is expected the energy demand of these PoW networks will keep growing as the networks grow in size and more blocks and transactions are added to them.

Read more in detail: https://www.xdc.dev/vinn_v_9686/the-environmental-impact-cryptocurrency-mining-vs-xdpos-consensus-535p



14
If you want to get in on the NFT trend, an NFT marketplace is your ticket to buying and selling digital goods ranging from art to music to entire virtual worlds. Consider NFT marketplaces to be the Amazon of the digital world.

Let’s know what exactly NFT is…

NFT stands for Non-Fungible token. It’s a digital token on the blockchain to record proof of ownership of digital assets. It’s unique and not interchangeable, and NFT can be the images, gifs, videos, etc.

There are dozens of NFT marketplaces, many of which cater to a specialized sector or niche. What should you check for before choosing one, and what are the best NFT marketplaces available?

Here are the some best NFT marketplaces:

  • XDCNFT
  • SuperBullsNFT Marketplace
  • XDSEA
  • Metaverse- Metabloqs

Read more on the XDC Dev Community forum: https://www.xdc.dev/vinn_v_9686/the-best-nft-marketplace-builds-on-the-xinfin-xdc-network-4b2i

15
Multi-signature wallets are gaining momentum in the realm of cryptocurrency transactions. Before learning more about why users should prefer Yodaplus multi-sig wallets and their benefits and drawbacks, let us start our inquiry with the simple question: What is a Yodaplus Multi-Signature wallet?

What is a Yodaplus Multi-signature wallet?

Whenever a user transfers XDC from their wallet, the XinFin network creates a transaction. By signing on this transaction digitally, the user authorizes the grid to take care of their funds and deliver the amount to the intended address. Some wallets need only one signature as authorization, and there are wallets shared by multiple users or Co-owners that require multiple signatures.

Depending on precisely what type of a multi-signature you are using, the number of signatures required to Approve and Authorize a transaction could either be equal to or fewer than the number of co-owners.

For example, if someone uses a 3–3 type of multi-signature wallet, the wallet is shared by three users and requires three signatures to authorize any transaction.

On the other hand, a 2–3 type multi-signature wallet implies that it is shared by three people and requires two signatures to authorize a transaction.
How does a multi-signature Yodaplus wallet work?

Let us discuss the functioning of a Yodaplus multi-signature wallet. The norm, before multi-signature wallets have been in use, was to store XDC as a single-key wallet. Only one person had to authorize the transaction, and anyone who knew the wallet’s private key could complete the transfer of funds. While this was a faster and easier way to transfer funds, it was more vulnerable in terms of security. It had only one point of failure. Yodaplus multi-signature wallets solved the vulnerability issues by adding multiple layers to the transfer.

For example, if co-owner A wants to transfer funds in a Yoda plus multi-signature wallet of the 2–2 variety, the wallet creates a transaction that first gets signed by co-owner A.

Until the other co-owner marks the same transaction, the fund does not move from the wallet. Once co-owner B signs the transaction, the wallet broadcasts it to the XinFin network and transfers the XDC tokens.

The logic of Yodaplus multi-signature wallets works in a fashion that up till the time the second co-owner does not sign the transaction, the transaction proposal remains valid in the wallet. It does not expire. There is no time limit for the co-owner to sign. There is also no hierarchy among the two co-owners involved in the transaction. Any co-owners can originate the transaction, and all the other co-owners can sign and approve that transaction whenever they want.

The procedure is slightly different for a 2–3 multi-signature wallet. Here, any co-owners can originate a transaction, and any one of the two remaining co-owners can sign the transaction to get the approval done.

The Advantages Of a Yodaplus Multi-Signature Wallet

1. Safety

A Yodaplus multi-signature wallet helps eliminate the security concerns that come with a single private key mechanism. It reduces the dependency on one person and, at the same time, makes it difficult for cyber attackers by increasing the number of potential failure points that the hacker would now have to address.

2. No Dependency on one device

For example, a user can save one private key in their mobile phone, whereas the other is in their desktop or laptop device. In such a situation, even losing one of these devices or getting the integrity of any one of the devices compromised would not translate into compromising the wallet and the XDC tokens stored in it.

3. Perfect as an Escrow account

It can serve as an account where one party can keep their XDC tokens stored for the other party to see and withdraw only after they have delivered the goods or services it had promised. In a multi-signature wallet of 2–3 variety, there is also the provision of a third party being present as the mediator or a witness in the transaction.

To explain this arrangement with an example, co-owner A would first deposit the XDC tokens by creating and signing on a transaction proposal for transferring funds to co-owner B in exchange for a service. Under the purview of co-owner C, co-owner B will only sign the transaction and receive the payment when they have delivered what had been promised.

Expanding this logic of escrow accounts, the board of directors of a company can use multi-signature wallets to control the company’s funds in a more democratic and consensual way. It makes sure that any single member on board or even a sub-group of two or three members can not misuse a company’s funds. For an increasing number of members on the board, the authorities can opt for wallets that require even more signatures, such as 4–6 wallets.

The Disadvantages of a Yodaplus Multisig Wallet

With a significant number of benefits, a Yodaplus multi-signature wallet has its drawbacks too. The process of recovery in a Yodaplus multi-signature wallet is cumbersome. Setting up a Yodaplus multi-signature wallet is not as easy as it is for a single-signature wallet. Setting up a Yodaplus multi-signature wallet requires technical knowledge. Otherwise, one might have to depend on a third-party installer, which may compromise the integrity of the wallet.

Yodaplus Multi-signature wallets are a relatively new technology. There are not many well-established safety nets and legal resources in place in case something goes wrong.

Check out the "Step by Step guide on How to Create Yodaplus Multi-Sig Safe Corporate Wallet to Manage your XDC tokens and XRC20 Tokens" on XDC Dev Forum:

https://www.xdc.dev/vinn_v_9686/step-by-step-guide-on-how-to-create-yodaplus-multi-sig-safe-corporate-wallet-to-manage-your-xdc-tokens-and-xrc20-tokens-10nh

Visit the official website to create a new vault.

Mainnet URL: https://www.yplusvault.com/

Testnet URL: https://apothem.yplusvault.com/


Summary

Weighing the advantages and drawbacks, one can reasonably infer that Yodaplus multi-signature wallets are a credible and highly secure alternative for managing XDC and XRC-20 tokens despite a few demerits.

One can expect that Yodaplus multi-signature wallets will become the default choice for XDC investors and users alike in the days to come. With its diffusion on the market, it can also be assumed that the innovations will make it easy to recover without compromising its safety advantages.


Pages: [1] 2 3 ... 10
Bitcoin Garden 2013-2024, All rights reserved | Privacy Policy | DMCA | About Bitcoin Garden | Support & Services