xDai Chain — Let the Decentralization Begin!
We’re excited to announce we have already on-boarded 3 additional entities that are playing the role of a validator for both the xDai Chain and the xDai Bridge. By including POA Network’s own validator node, we now have a total of 4 active validators for this new network! Each of these entities have successfully gone through the Ceremony event that takes place when on-boarding new validators. In simple terms, this event includes distributing the necessary keys, setting up the actual nodes, and having the correct configuration in order to effectively serve as a validator of the network.
Each entity that’s successfully on-boarded to serve as an xDai Chain validator results in the overall network becoming more decentralized and secure. Validators are also given access to tools such as Ballots and other governance DApps in order for them to govern the network in a much more self-managed way. Once a ballot is created, a majority vote needs to occur in order for a new validator to be added to the network. It’s with the use of these governance related DApps that allows validators to make decisions in a transparent manner and act in the best interest of the network.
In addition to validating blocks for the overall xDai Chain network, validators are also responsible for listening to any bridging activities within the xDai Bridge and providing their services here as well.
What is the xDai Bridge?
The xDai Bridge is an instance of the TokenBridge that operates between Ethereum and xDai Chain. Using the xDai Bridge, token holders of DAI can move their DAI from the Ethereum network to a pegged native token called xDAI that exists on the xDai Chain network. On the flip side, token holders of xDAI can obviously move their tokens to DAI using the same bridge. Validators must ensure their nodes are listening to all bridge related activities and ensuring the transformation of tokens is done in a safe, secure, and time-efficient manner.
To access the xDai Bridge, users can simply visit: https://dai-bridge.poa.network/
The POA Team is very excited to grow the xDai Chain ecosystem resulting in more successful DApps and increasing mainstream adoption. xDai Chain is already compatible with BlockScout, Nifty Wallet, Status Wallet, and many more DApps. POA Network takes pride in being an R&D shop and is always looking for opportunities to work with other blockchain entities to build industry standard solutions.
xDai Chain — Current Validators
MakerDAO is an autonomous blockchain organization that offers a decentralized stablecoin to minimize market volatility. Its stablecoin, Dai, is pegged to the U.S. Dollar and is backed by Ethereum collateral. In order to create Dai tokens, an Ethereum holder would need to send their ether to a collateralized debt position (CDP) thus creating a smart contract and allowing users to share value on the Ethereum blockchain. In addition to Dai, MakerDAO has issued Maker (MKR) tokens which are used to govern all the ongoing initiatives within the MakerDAO organization.
Giveth is a community of blockchain enthusiasts who strive to make the world a better place via the use of blockchain technology. Giveth has build their flagship DApp, the Giveth Donation Application, to challenge and improve the systematic ways of governing nonprofits. The organization has also build the Giveth Galaxy which fosters a large network of organizations to build the vision they strive to achieve.
Protofire is a team of engineers who deliver token-based protocols and developer platforms to accelerate growth of blockchain ecosystems. By delivering hands-on coding and contributions, Protofire specializes in supercharging developer adoption and network usage. Protofire has a team of experienced and cross-functional teams who actively contribute to open-source blockchain communities and host 100+ meetups globally to provide best practices as code review, code quality, security analysis, automated tests, coverage, semantic versioning, and extensive documentation.
POA Network (R&D)
POA Network is an Ethereum sidechain that is based on a PoA (Proof of Authority) consensus and a second layer of consensus called Identity at Stake. POA Network remains transparent by using US public notaries, known as validators, to govern the network. These individuals are publicly identified and stake their reputation and identities in order to validate blocks and secure the network.
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