The blockchain industry is growing rapidly. According to reports, the blockchain
The blockchain industry is growing rapidly. According to reports, the blockchain market will grow from $3 billion in 2020 to 39.7 billion in 2025, experiencing a 66.7% CAGR. The growth is driven by rapid blockchain innovation happening throughout the world. There are various blockchain platforms delivering cutting edge solutions across a wide array of industries.
In the recent past, many social media communities have spoken of similarities between two such blockchain projects: XinFin and Digibyte. Considering these discussions about the network’s decentralization and community-driven approach, we are today comparing the open-source blockchain platforms XinFin XDC Network against DigiByte Network.
What is XinFin XDC?
XinFin Live Blockchain Network started on June 1, 2019, is an enterprise-ready hybrid blockchain platform. It is built to help companies in the trade and finance industry leverage the potential of blockchain technology. XinFin will digitize the global trade and finance system through its interoperable blockchain network. XinFin Network supports smart contracts and its fully decentralized run by the community-based masternode network.
What is DigitByte?
DigiByte, founded on January 10, 2014, is an open-source blockchain platform that acts as a base blockchain layer for the creation of new digital assets, smart contracts, and decentralized applications. It is a decentralized network, meaning no central entity controls the governance of the network.
XinFin has an exclusive core protocol that powers all transactions on the XinFin blockchain. It is dubbed XinFin Delegated Proof of Stake (XDPoS). It is a variation of the general Delegated Proof of Stake protocol.
Using the XDPoS protocol allows XinFin nodes to stake their XDC coins for other nodes that represent them on the network and process the transactions. Staking for a smaller number of nodes to represent all nodes reduces the number of signatures required to approve each transaction, hence, reducing the time for each successful transaction.
XDPoS also enforces KYC requirements for all nodes on the XinFin Network. This ensures that all nodes fit the requirements of enterprises in the trade and finance industry.
DigiByte blockchain implements the classic blockchain protocol Proof of Work that can be mined through five algorithms: Sha256, Scrypt, Skein, Qubit, and Odocrypt. The same protocol is also used by Bitcoin and Ethereum networks. Proof of Work Protocol is relatively slow and energy-intensive as it requires heavy high computing power equipment, which makes the transaction rate of DigiByte considerably slower.
DigiByte blockchain does not support KYC compliance.
Block Time and Transaction Rate
The DigiByte blockchain has a block time of 15 seconds whereas XinFin’s block creation time is approximately 2 seconds.
Owing to the XDPoS protocol used by XinFin, the XinFin Network boasts of an extremely high transaction speed of 2000 transactions per second. The same for DigiByte scales to around 560 transactions per second.
Token and Market Cap
XinFin’s native token is XDC, which is currently priced at US$0.004204. It has a total supply of 37,500,000,000. With that, the XinFin Network sits at a total valuation of US$24,330,731 as per CoinMarketCap on May 27, 2020.
DigiByte’s native token is DGB, which is currently selling at US$0.019063. The total supply of DGB token is capped at 21,000,000,000. DigiByte is not valued at US$251,177,831 as per CoinMarketCap on May 27, 2020.
Note: Article is based on the information available on the internet and official websites. Comment down all your suggestions/questions.