What’s the more-feasible stablecoin network? The XDC or ERC-20 network
Both the XDC and ERC-20 networks support stablecoin operations. However, each network has unique aspects that influence its feasibility. Hence, comparing the two networks in terms of block time, network transaction fees, and transaction time is essential.
Block time is the average time a blockchain network takes to generate an additional block or data file. More elaborately, it is the time taken to validate a new batch of transactions within a network. Within the cryptocurrency space, once a transaction is validated that’s when the transaction takes place. So, blockchain networks with shorter block times have faster transactions.
In the context of XDC and ERC-20 networks, the XinFin-XDC based stablecoin has a block time of approximately two seconds while the Ethereum (ERC-20) based stablecoin has a block time of roughly 10 to 20 seconds. These statistics indicate that transactions are validated within a shorter period on the XinFin network as compared to the Ethereum network. As such, transactions are faster when using XDC-based stablecoins.
Transaction Fees (TX fees)
Transaction fees are another metric that differentiates the feasibility in XDC and Erc-20 networks. Transaction fees on the Ethereum network are roughly 0.62% as compared to 0.00042% on the Xinfin network.
Put into context: for $50 worth of USDT on the Ethereum network, the transaction cost was 0.001359897 Ether or approximately 0.31 USD. For the same transaction on the XDC network, the cost was 0.00021 XDC or 0.00000078 USD.
The costs imply that the Ethereum based network is approximately 397,436 (0.31 USD /0.00000078 USD) times more expensive than the XDC network.
On March 12, for instance, due to high network transactions, Ethereum Network Fees/ Gas prices spiked to as high as $3.70per transaction. So one has to pay 3.7% fees for a transaction worth 100 USD.
In another more confusing event on June 10, gas fees on the ERC-20 network hit an all-time high in the history of Ethereum.In particular, gas fees reached $2.6 million for a transaction that involved only $130. Shortly after the first transaction, another gas fee amounting to $2.6 million was charged for the transfer of $86,000.
Given the recent uncertainties in the ERC-20’s transaction fees, XinFin’s XDC based Stable coins offer a more reliable alternative.
To read more go through with this article on medium: https://medium.com/@ruslanwing100/xdc-or-erc-20-network-whats-the-more-feasible-stablecoin-network-592a2b21a1cb
You can also read my article to get a clear idea about the transaction with transaction Hash and other details: https://medium.com/@vinn9686/which-one-should-you-choose-erc-20-or-xinfin-stablecoins-65871a9da0bc