Jul 20, 2021
How can developers earn on Gitcoin while contributing to XDC, an open-source project
The arrival of blockchain-based ecosystems has brought in new monetization opportunities for open-source developers. They can search for active bounties on Gitcoin.
Days, when enthusiastic and generous developers burned the midnight oil to create software for free, are way behind. Today, anyone contributing to the development of open-source software (OSS) looks to monetize their work through a number of ways — paid support for extra services, dual licensing, paid certification, and many more.
Advent of blockchain-based ecosystems and cryptocurrencies added a new dimension to monetization opportunities for OSS developers. Gitcoin is a platform where developers can get paid for working on OSS in technologies like Python, Rust, Ruby, JavaScript, Solidity, HTML, CSS, and more. Gitcoin came into being in 2017 as a platform that introduced payments for work in open-source software.
A prominent blockchain project that can help developers to collect bounties is the XinFin XDC Network. Gitcoin supports the Open-Source XinFin XDC Network by integrating the XDC hybrid Blockchain to the platform. Developers are paid their rewards in XDC, the native cryptocurrency of the XinFin XDC Blockchain. The Network has few active bounties that can be searched in Gitcoin.
With extensive documentation and GitHub resources, the XinFin XDC Network has already made big steps towards creating a developer-friendly blockchain.
Now that you are aware of the monetization option the XDC Blockchain provides the developers, it will be a good idea to take a deep dive and know what makes XDC the perfect prospect for developers to put their time in.
What makes XDC stand out
Denoting eXchange infinite, the XinFin XDC is a hybrid EVM-compatible blockchain platform connecting communities and enterprises across the globe. A first-of-its-kind blockchain network, XDC amalgamates the power and transparency of public blockchains with the security and speed of private networks.
The XinFin XDC is a permissioned blockchain that governments and private organizations can use to update their tech stack and enhance efficiency of their work processes. A third-generation blockchain, XDC successfully tackles challenges troubling earlier blockchain-based systems such as low throughput, poor developer experience, and high fees.
This ultra-efficient protocol enables an individual or an enterprise to participate in the global trade market with settlements that reach finality in under 2 seconds with near zero transaction fees.
Use cases of XDC network
The protocol facilitates multiple types of real-world contracts and transactions. On one hand, the protocol can work as a messaging and confirmation layer for domestic or cross-border approved payments, while on the other, it can also serve as a payment and settlement layer supported by approved financial institutions with secured and audited smart contracts and IoT integration.
It is a norm for central banks to pour liquidity into financial markets to make it penetrate to MSMEs. XDC would absorb such liquidity and distribute it to the grassroots via originators. Payment obligations for financial instruments, such as invoices, letters of credits, and receivables are expected to be soon on the network.
Currently, XDC has been under use for remittance and peer-to-peer trading platforms, digital asset-linked identity, blockchain-powered insurance, end-to-end land registry record management and many more, underlining the versatility of the network.
How hybrid works
XDC Network combines chosen components of Ethereum and IBM’s Quorum platform to resolve the inefficiencies in the prevalent global financial system. It has a public state shared by all members. Additionally, enterprises on the network can host private sub networks as well. In other words, enterprises have a public state as well as their own unique private state. The public state is used to share basic data securely and transparently across the network, while the private state protects sensitive or financial data from the external world.
Hybrid architecture of XDC equips it to support public, private and consortium chains which are capable of executing almost any task.
Energy-efficient consensus mechanism
XDC achieves energy-efficiency as well as decentralized decision-making with a consensus mechanism known as XDC Delegated-Proof-of-Stake (XDPoS). A decentralized network of validators delegated by the attackers securely finalizes transactions and blocks fraudulent activities. XDPoS uses double validation process to re-check transactions before committed them to the blockchain, thus effectively resolving the ‘nothing-at-stake’ problem, a scenario when a staker left with nothing to lose, might begin signing every transaction, whether it is an accidental fork or a malicious attempt to reverse a transaction. Such a scenario is fatal to the credulity of the system.
As of May 2021, XDC had more than 100 institutions and individuals running a validator node.
Maximization of decentralization
Contrary to several other blockchain-based platforms that require specialized software, XDC requires just consumer-grade hardware to run a masternode. This makes it easier for anyone to run a node and optimizes decentralization. Before public masternode holders are allowed to take part in consensus, they are required to complete identity verification using a self-KYC feature.
Brief history and roadmap 2021
Funded through an initial coin offering (ICO) in March 2018 with a fund of $15 million, XDC was among the first smart-contract blockchains to use proof-of-stake (PoS) consensus. In June 2019, the XDC public net (mainnet) was launched. Till May 2021, XDC strengthened its partner and product ecosystem. A few flagship products launched on XinFin include
TradeFinex — a P2P platform for distribution of trade assets to investors
MyContract — a decentralized oracle network
BlockDegree — an EdTech platform
Globiance — stablecoins including an SGDg, EURg, and HKDg
In the months of 2021, XDC plans to enter relationships with digital asset custodians, introduce multi-sig capabilities to the platform, and integrate R3 Cordite into the ecosystem.
How developers can assist
To make a hybrid blockchain compatible with legacy financial systems, XDC uses the financial messaging standard ISO20022. This enables both governments and enterprises to transform their centralized systems into a more reliable decentralized system, by hooking to smart contract capabilities of the protocol. As XDC is EVM compatible, developers can hop on Gitcoin deploy their Ethereum smart contracts on the protocol with ease and get bounties in XDC, the native cryptocurrency on XDC blockchain.
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