Transaction costs are in discussion since the charges for transactions were expensive on Ethereum that affected major Dapps cost of handling due to high transaction charges. Each blockchain in the crypto space has their own components for the transaction model. However, the transaction fee for sending and receiving crypto can vary and it depends on the blockchain which the users utilize. Significantly, the XDC network charges nearly zero dollars as transaction fees. It not only focuses on transaction cost and speed but also provides solutions to different industries and sectors.
XDC functions on an EVM network which works on the same code that ETH employs. The intention of the Ethereum Virtual Machine (EVM) is to create more use cases for blockchain and cryptocurrency. As a matter of fact, EVM is a large virtual computer that allows other blockchain-based applications to operate within it, like an application in the cloud.
According to the following tweet, XDC imposes a gas fee of approximately 1/1000000 dollars, implying that a transaction fee doesn’t somehow exist.
Transaction Fee is Non-Existent
XDC Network is an open-source and hybrid blockchain protocol that runs on delegated Proof-Of-Stake (XDPoS) consensus algorithm. The network leverages democratic consensus and high transparency to give its users digitization, tokenization, and rapid trade transactions. Consequently, XDC serves as the XinFin network’s fuel token. It is employed for operating smart contracts and paying transaction fees, much like ETH is in Ethereum.
However, focusing on low gas fees, the network is configured to charge nearly zero dollars for transactions. This means that transaction fees are almost non-existent on the XDC network. Besides, according to the actual tweet mentioned above, XDC uses the same algorithm as ETH which is accomplished via the EVM network.
Ultimately, ETH has many limitations whereas XDC is exhibiting to fill in the challenges by providing the best solutions, notably in terms of transaction cost and speed. The major factors that seem attractive to use XDC network are quick trade transactions, highly secured, nearly zero gas fee, and 2000 transactions per second (TPS). Thus, XDC network is a growing blockchain that is also EVM compatible, enticing Ethereum developers and Dapps to switch to XDC.
When a user engages in a transaction or interacts with a smart contract, a crypto transaction fee is incurred. There are networks that offer minimal fees while others charge hefty fees, and it all depends on certain elements of the respective blockchain. While XDC ensures to provide a transaction fee close to 1/1000000 dollars without compromising any factors.
XDC Network provides no code tokenization platform, namely Origin that helps Creating tokens for any crypto project without any knowledge of coding. This leads to faster adoption of the network growing it’s ecosystem due to its easy to use structure and multiple advantages of the network lead to more than 11k XRC20 tokens deployed on XDC Network as per the data on XDC.Network.
