XODE: The Philippines’ First Blockchain Takes Off on Valentine’s Day!
by Caesar Ditan
CEBU CITY (February 14, 2024). Cupid hits his mark with another milestone in the Web3 Universe. XODE, the Philippines’ first blockchain, goes Mainnet on February 14, 2024, Valentine’s Day! Mainnet is the foundation of a blockchain network, where cryptocurrency transactions are processed and recorded. What it means is that the XODE parachain is now a fully functional blockchain. It is ready for public use, allowing users to send and receive data, tokens, and cryptocurrency, and to upload and deploy smart contracts.
“Today we announce that XODE goes Mainnet. This is a milestone not only for XODE but for Cebu and the Philippines. Now Filipino developers and entrepreneurs can leverage the efficiencies of our very own XODE blockchain, at a much much lower cost,” says Harold Glenn Minerva, Founder and CTO of XODE. “Because XODE is your cost-efficient vehicle for a decentralized, immutable, transparent, and secure peer-to-peer transaction, eliminating the middlemen and expensive intermediaries.”
The XODE Journey
The journey of the XODE blockchain started in August of 2023, following the three phases: Devnet, Testnet, and Mainnet. XODE entered its genesis at the Devnet level. As the development progressed, it eventually reached Testnet, using Testnet tokens. These do not have any value. These tokens are a test currency that allows you to test your decentralized application before going live. Testnet tokens can be used in place of real tokens on testnets. Now that XODE is in Mainnet, XODE uses its native token XON.
Who Can Benefit from the XODE blockchain?
In 2023, OFW remittances accounted for about 8.5% of the GDP of the Philippines. The cost of money transfers between different intermediaries is very high. Blockchain technology can eliminate the need for such intermediaries and help in lowering the cost significantly.
Every Cebuano, every Filipino will benefit from blockchain technology. That’s because many use cases directly affect our lives. The blockchain demand that will fuel its growth will be in Logistics, Banking, and Retail. And if you’ve been yearning for transparency and a less corrupt government, blockchain technology fits like a glove. That’s because, with blockchain technology, you can deploy self-executing smart contracts without any human intervention and costly intermediaries.
Blockchain Opportunities: Market Size
The global market size is huge. According to Dr. Manish Kumar Jain, the global market size of blockchain was USD 4.67 billion in 2021 and the expected global market size is USD 163.83 billion by the year 2029. To put that in perspective, that’s about 23% of the Philippines’ projected GDP at USD 698 billion.
Below are other blockchain technology markets by application:
- Transportation and Logistics
- Food and Agriculture
- Banking and Financial Services to include OFW Remittances
- Energy and Utilities
- Government
- Healthcare and Insurance
- IT & Telecommunications
- Media, Advertising, and Entertainment
- Retail and eCommerce
- Real Estate
Cebu Leads The Way
Here in Cebu, one such use-case under Entertainment is XGame. It is a Web3 Gaming platform that hosts a variety of games that incorporate NFTs and blockchain technology. XGame claims to be the portal connecting the game and fantasy world with the real world. Play, earn, and monetize with XGame as all the games hosted are play-to-earn.
XODE is encouraging Filipino developers to create decentralized applications for blockchain or dApps. One such example of a dApp is Xeward. It is an application for businesses using a rewards program to enhance and promote customer loyalty.
Indeed, the possibilities and opportunities to make a better life abound with blockchain technology. And XODE is leading the way!
