What Is xDai (STAKE)?
xDai is a cryptocurrency that is pegged to the US dollar. The xDai chain is a stable payment blockchain that is designed for fast and inexpensive transactions. STAKE is secured by proof-of-stake consensus. xDai was founded on Oct. 1, 2018.
STAKE is a multi-chain staking token that is designed to secure the payment layer. Staking allows validators and delegators to provide transaction consensus and receive staking incentives for block production. It is only required for consensus providers, not everyday on-chain transactions.
xDai was created by the POA Network, an open-source public side-chain of Ethereum founded in April 2017. It offers a framework for smart contracts which provides developers with an easy and effective way to code on Ethereum, while also leveraging the POA Network capabilities.
Who Are the Founders of xDai?
The founder of xDai (STAKE) is Igor Barinov. He is also the founder of the POA Network, an R&D company whose mission is to ensure that the Ethereum protocol is cheap, fast, secure and scalable. Barinov has developed several projects in the past, such as BlockScout and TokenBridge.
Igor Barinov is also a co-founder of Block Notary, Forcera OU and is a blockchain consultant at Acronis.
What Makes xDai Unique?
xDai is a derivative of the DAI cryptocurrency, which is a stablecoin whose price is pegged to the US Dollar. The cost to perform a transaction with xDAI is $0.000021 USD. Such a transaction takes up to five seconds.
xDai can be received or sent to another user through the usage of the Dex Wallet mobile application, or the Poketto xDai mobile wallet.
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How Many xDai (STAKE) Coins Are There in Circulation?
The xDai chain uses the ERC20-to-native TokenBridge functionality to provide stable, fast and inexpensive transactions.
xDai’s (STAKE) circulating supply is at 4,058,408 STAKE as of February 2021, with a maximum supply of 8,537,500 STAKE.
How Is the xDai Network Secured?
xDai provides virtual public utility for users. The xDai token is used to secure the xDai chain by validators and delegators. Users can participate in chain consensus and stake their xDai to secure the chain and receive rewards.
Two bridges connect the xDai Stable Chain to the Ethereum mainnet that supports seamless two-way asset transfer between the chains. The tokens are acquired on the mainnet and then bridged to the xDai sidechain through the usage of the DAI-xDai bridge for transaction tokens; the OmniBridge is used for cross-chain transfers.
It is important to note that xDai runs on the public POSDAO consensus and delegated proof-of-stake and anyone with enough STAKE to run a node can become a validator. Delegators help determine the validator bet by placing STAKE on candidates that they want to see become validators.
Where Can You Buy xDai (STAKE)?
If you want to purchase, sell or trade xDai (STAKE), you can do so at the following exchanges:
If you are interested in learning how to buy Bitcoin and are unfamiliar with the process, see our in-depth guide here.
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