Globiance and XinFin: Sustainable development through blockchains

Blockchains are considered a revolutionary technology of the last decade. Through their transparent nature, they help reduce corruption, promote an open global financial system, and create many novel use cases through decentralized applications.

The decentralized nature and the decentralized applications of blockchain technology enable a large number of use cases that can revolutionize entire industries. But all this does not come without costs. Blockchains are repeatedly criticized by the mainstream because of their high energy consumption.

The best example of this is the forefather of cryptocurrencies, Bitcoin. Here one makes use of one of the oldest consensus methods, which is called Proof of Work. In this case, the network is maintained and secured by miners. These provide the network with computing power.

To do this, they need special hardware that is very expensive, noisy and energy-consuming. For this purpose, countries that offer cheap energy (e.g. China, Russia or Iceland) have huge warehouses crammed with these devices. They call themselves mining farms.

While this now-obsolete process creates a secure network, it also eats up enormous amounts of electricity. Because of this, firms like Globiance are committing to driving the greening of the crypto landscape.

Blockchain technology is thus becoming one of the most important factors for sustainable development in the coming years. It can sometimes help companies adopt sustainable practices, reduce costs and reward their employees for environmentally friendly behavior.

Visit the official website of Globiance and learn more.

The green mission of XinFin, Globiance and the XDC network

To create an eco-friendly crypto landscape, Globiance works with XinFin (the XDC network). This is a global, open-source, public blockchain backed by a strong independent community. Because it uses the latest technology, it is considered a fourth-generation blockchain.

The hybrid blockchain is tailored to the specific needs of businesses while being flexible enough to meet the growing needs of the industry. The software is secure and military-grade, with lightning-fast and cheap transactions.

The revolutionary and environmentally friendly consensus process from XinFin stands out. This is called XDPoS (which stands for Delegated Proof-of-Stake) and, in contrast to Proof-of-Work and similar processes, consumes almost no energy. Above all, this covers four major weaknesses associated with conventional blockchains:

  • Through the XDPoS consensus mechanism, the XDC network uses up to 90% less energy than traditional blockchains like Bitcoin, thus contributing to the greenness of the crypto ecosystem.
  • The network offers extremely cheap and fast transactions and is therefore also suitable for microtransactions.
  • In order to operate a network node (also called a “node”), you must identify yourself. This reduces the risk of fellow players who have malicious intentions and hide behind their anonymity.
  • By increasing the number of transactions processed per second, you solve the scaling problem that many other blockchains suffer from.

XinFin’s XDPoS system is a decentralized way of settling transactions that take place on XinFin’s hybrid blockchain (XDC). This is done through real-time voting that determines a pool of delegated validators. Hence the name: Delegated Proof-of-Stake.

XDPoS resolves consensus issues in a fair and democratic manner through voting between token holders. This results in an innovative hybrid model that combines the advantages of on-chain consensus and off-chain scalability. In this way, the XDC network achieves unmatched transaction times while maintaining the security and decentralization of a public blockchain.

interest aroused? Here is the official website of XinFin.

What is Globiance?

Globiance is a complete banking and exchange platform. The platform has payment interfaces, banking services, stablecoins and centralized as well as decentralized marketplaces. Globiance offers various payment options and services for private and corporate customers.

The Globiance personal bank/debit card offers a great way to access cryptocurrencies, shop, transact or pay directly with GBEX tokens, cryptocurrencies or fiat.

Globiance is ISO 20022 compliant and even offers forensic tools. Powered by the GBEX token, the platform has endless features and options that reward GBEX holders with GBEX tokens on a daily basis. This includes Globiance’s staking program.

There you can invest your GBEX tokens and receive rewards in return. The tokens can be found on the decentralized exchange of Globiancethe European Globiance platform and 13 other Globiance platforms worldwide, or on one of the following exchanges: Probit, Bitrue, Bitsmart, SWFT and Lbank.

Visit the official website of Globiance and learn more.

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