xDai DPOS

xDai DPOS

Payment infrastructure for applications

Average rating : HIGH

xDai Stable Chain, the first ever USD-Stable Blockchain

Private-sale: NO INFO
Pre-sale: NO INFO
Crowd-sale: TBA - NOT STARTED

token metrics
Ticker: DPOS Available for token sale: 9.5
Token type: ERC-20 Private-sale/pre-sale token price: /
Accepts: Private-sale/pre-sale bonus: no info/ no info
Prototype: Yes Pre-sale min/max personal cap:
Team: POA Team Crowd-sale token price:
Team residence: International Crowd-sale min/max personal cap:
Company residence: International Cant participate:

experts opinionopen all

xDai Stable Chain is an ecosystem of sidechains bringing payments into the masses. 

xDai is not making a new stablecoin - it enables any existing stablecoin to have their own sidechain with the native token of their choosing: be it DAI, Reserve, USDT, and so on. Users can enjoy payments without experiencing volatility - plus with increased speed, ease, and great UX. xDai is already implemented in a list of apps and is actively used on: Burner Wallet, Poketto, AlphaWallet, DEX Wallet, Nifty Wallet, Status, Portis, Wallet Core, Metamask Mobile and Discordtip Bot.

In simple words, xDai allows freezing tokens on the main chain and then issuing the same number of tokens on a sidechain, thanks to interoperability bridges. 

It utilizes new POSDAO consensus to achieve greater decentralization. The Double token model implies that there can be any stablecoin as a native token for users, but only one DPOS staking token securing the entire ecosystem of sidechains and improving security. In the beginning, xDai Stable Chain was centralized since POA Network was the only one validator. But now, xDai has 10+ trusted validators onboard: POA Network, MakerDao, Giveth, Protofire, Syncnode.... more to be disclosed soon!

xDai plans to conduct a token sale at the end of September

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What I like:

  • Stable-coin Ethereum side-chain with fast, cheap & private transactions – helps to surpass the volatility and scalability adoption barriers
  • Enables any number of other side-chains with other stable currencies or Ethereum tokens as native coin, potentially creating additional value for ERC20 tokens
  • Team of experts with a proven track record in delivering innovative products
  • Backed by MakerDAO, the issues of the crypto collateralized stable coin DAI – arguably one of the most useful, adopted and disruptive DeFi projects right now

What I dislike:

  • POSDAO is not a leaderless consensus mechanism which opens the network to some attack vectors, i.e. the validator nodes are selected for 1 week, making them attractive targets for malicious actors during that time
  • Staking DPOS brings uneven revenue to holders, based on random candidate selection; the DPOS weekly snapshot for rewards distribution encourages periodical price spikes
  • Most of the work seems to either come from the POA project or to almost be completed with only seed funding, so why this new token and additional raise?
  • Project documentation is stored all over the place and has a confusing structure, naming is confusing, info such as advisors, investors, roadmap etc hard to find / unavailable

Overall, I’m on the fence about it. I am a big fan of the POA Network implementation and their available products so any new project from this team is exciting. An Ethereum side-chain with a stable coin as native token is an exceptional idea and the dual token model will allow for some interesting other side chains implementations.

That being said, the side-chain space is crowded with projects that can offer faster speeds, leaderless consensus protocols and fees so low that the price volatility of the native tokens only becomes an issue from millions of transactions onwards. Ethereum is itself on the brink of moving to faster speeds and cheaper transactions, with proposals to use ERC20 tokens as gas gaining more traction.

The xDai Chain project seems for the moment focused on Ethereum 1.0, which is great on short term but becomes an unattractive long term investment. The small amount of $36k locked in the existing xDai and small number of validators, transactions and TPS (70/s) is not exactly an indicator of it being currently unattractive, but higher numbers would definitely made it seem like it’s getting interest. 

The xDai Chain is certainly an interesting endeavor backed by a competent team and a major DeFi project, but its first mover advantage in the stable coin chains is not going to be enough to secure long term success without a clear plan, proven higher TPS, some predictability regarding the passive income for DPOS token holders and so on. It is also pretty early, as the team hasn’t even started a marketing push and there is a lot more information to be revealed, so I will keep an eye on its progress.

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