XODE’s mainnet debut: Philippines’ first homegrown blockchain network
On February 14, 2024, the Philippines achieved a groundbreaking milestone with the launch of XODE’s Mainnet, the country’s first indigenous blockchain network. This marks a significant milestone for the Philippines as it becomes the first country to boast a locally developed and operated blockchain network.
With development and testing completed, XODE is poised to make its Mainnet debut in August 2023, marking the conclusion of this phase.
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How XODE’s Mainnet Works
XODE’s Mainnet is based on the Polkadot network, which enables cross-chain interoperability and scalability. Polkadot is a network of multiple blockchains, called parachains, that can communicate and exchange data with each other through a common relay chain. XODE operates as a parachain on Polkadot, which means it can benefit from the security, speed, and innovation of the Polkadot ecosystem.
It uses a proof-of-stake (PoS) consensus mechanism, which means that validators stake their tokens to secure the network and process transactions. PoS is more energy-efficient and eco-friendly than the traditional proof-of-work (PoW) mechanism used by Bitcoin and Ethereum. PoS also allows for faster transaction confirmation and lower fees.
A New Era for Web3 Transactions in the Philippines
Harold Glenn Minerva, XODE’s founder and CTO, expressed the significance of the Philippines’ homegrown blockchain network.
He said, “XODE is proud to be paving the way for a more inclusive and accessible digital economy.” By saying this, he highlighted the economic advantages and social impact of XODE’s blockchain technology, which aims to empower Filipino developers and entrepreneurs, reduce the cost of money transfers, and drive growth in various sectors.
In Cebu, XGame, a Web3 gaming platform, has been introduced to revolutionize the entertainment sector, allowing players to earn while maintaining complete control over their digital assets.
Why is Xode’s Mainnet Launch Important?
The launch of XODE’s Mainnet is a crucial milestone in the Philippines’ digital transformation journey. And here’s the reason why:
“XODE will offer Filipino developers and entrepreneurs an affordable alternative to costly intermediaries.”
Harold Glenn Minerva, XODE’s founder and CTO
Blockchain technology is expected to bring about positive change in sectors like logistics, banking, retail, and more. With the debut of its Mainnet, XODE sets in motion its metamorphosis.
Blockchain technology has the potential to benefit Filipinos in all aspects of life, especially as it promises enhanced transparency and reduction of corruption within governance structures.
With the blockchain, self-executing smart contracts will be deployed, eliminating the need for human intervention and costly intermediaries.
How XODE Can Help the Filipinos
XODE’s Mainnet can eliminate the need for costly intermediaries and intermediaries that charge high fees for sending and receiving money, especially for overseas Filipino workers (OFWs) who remit money to their families.
It can enable self-executing smart contracts that run on the blockchain without any human intervention or manipulation. This can foster trust and accountability among the participants and reduce the risk of fraud and corruption in various sectors and industries.
Moreover, it can empower Philippines developers and entrepreneurs with an affordable and accessible platform to create and launch innovative decentralized applications (dApps) that can leverage the features and functionalities of the blockchain. These dApps can offer novel solutions and services for various sectors and industries, such as gaming, finance, social media, and more.
Developers are encouraged to contribute to XODE’s ecosystem through the creation of decentralized applications like Xeward. These dApps will enable businesses to offer innovative reward programs, enhancing customer loyalty.
In Conclusion, XODE’s Mainnet launch is a historic event for the Philippines and the blockchain community. It showcases the potential and the promise of blockchain technology to transform the digital landscape and create a more prosperous and equitable society.
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Wajeeh Khan
Wajeeh Khan is a financial researcher and writer with 7 years of experience. He has immense exposure to a range of financial assets, including stock, cryptocurrencies and forex - and is particularly well-versed in asset valuation, analysis, and portfolio management. Since 2016, Khan has worked with notable online platforms within financial journalism, including Invezz, Trading-Education, Dog of Wall Street, and News Break. All in all, he has written, editted, and published over 7,000 articles, guides, and market insight. Online casinos started as a hobby for Khan in 2018. But in only two years, it had already become another niche that he started actively researching. Over the past three years, he has written a diversified set of content around gambling for clients from all over the world. Academically, Khan has a Bachelor's in Economics and a Master's degree in Finance. He's also completed a bunch of courses on digital journalism and financial markets at large.
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