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– TIMESTAMPS –
0:00 Intro
2:02 What is xDai?
4:53 Background
6:40 PosDao Consensus
9:46 xDai Bridge
12:13 Smart Contract Use
14:44 Current dApps on xDai
17:10 STAKE Tokenomics
21:24 Conclusion
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⛓️ 🔗 Useful Links 🔗 ⛓️
► xDai Website: https://www.xdaichain.com/
► PoA Network: https://www.poa.network/
► PosDao Whitepaper: https://forum.poa.network/t/posdao-white-paper/2208
► Easy Stake: https://easy-staking.xdaichain.com/
► HoneySwap: https://honeyswap.org
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📝 What is xDai? 📝
It is a stable currency Etheruem sidechain implementation that is secured by a unique proof of stake consensus mechanism utilizing a staking token.
Because xDai is a sidechain of the main chain, it means that smart contracts can also be written and deployed on it. This makes it different from many other layer 2 solutions that can only scale transactions and not the actual smart contract computations
This is a dual token blockchain with two tokens that fulfill different functions. Firstly, you have that xDai which is a stable currency that is pegged one to one to the DAI stablecoin. Users are able to convert their DAI into xDai thanks to an interoperability bridge provided for it.
Transaction fees for xDai are about 1 US cent for 500 transactions or about this much per transction. Transactions will also settle in under 5 seconds.
💭 PosDao Consensus 💭
PosDao is similar to Delegated Proof of Stake on other blockchains such as EOS and Bitshares. When it comes to the reward distribution, these are shared equally as long as the delegators have less than a 70% share. If the delegator makes up more than 70% of the pool then rewards will be adjusted accordingly.
PosDao went live in April of 2020 and opened up with initially a list of those permissioned validators. This is currently in a transitory phase one where the current validators will have to stake 20,000 STAKE at the start of the protocol.
The next step in this rollout of phase 2 is the POSDAO staking on xDai. This will open up the validator selection to anyone in the community who has 20,000 STAKE to put up. If you want to be delegator in this stage then you will have to stake a minimum of 1,000 STAKE in total. Rewards are likely to start at 15% but could be adjusted down later.
🌉 xDai Bridge 🌉
Technically, the bridge uses smart contracts that are executed on both chains to process the transfers.
When a bridge transaction is initiated, the specfied DAI that you want to move is locked into a smart contract over on the Ethereum main net. Then, over on xDai, an equal amount of xDai is minted and will be sned to the users specified wallet.
xDai is also busy working on an Omnibridge which will make it easy to convert any ERC20 token over to the xDai network. This is currently in the experimental phase but it could open up a sea of liquidity in ERC20 tokens.
⚡️ Smart Contract Scaling ⚡️
As a sidechain, it means that not only can you code and your own dApps and smart contracts on xdai, but it also means that those that are currently deployed on the Ethereum mainnet can also be moved over here and executed with a fraction of the gas cost and much more effeciently.
This therefore means that not only can you scale transctions but you can also scale computations for those dApps and smart contracts.
By developing smart contracts on the xDai sidechain, it means that these can scale and execute in fractions of seconds.
📈 STAKE Tokenomics 📈
STAKE is an ERC20 type token that fluctuates in value and will be used to secure the xDai network. Stake may also be used in order to secure other blockchain networks and sidechains. So, this clearly expands its use cases and adoption potential.
The initial supply of STAKE was set at just above 8.5 million stake tokens that are going to be released over time. Currently, there are just above 2.8 million STAKE in circulation.
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📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.
#xDai #STAKE #ethereum #scaling #blockchain #cryptocurrency #defi #smartcontracts
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