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Friday, September 17, 2021

What is xDaichain?

This post was originally published on RealT tokenized real estate

xDaichain is a stable payment blockchain designed for fast and inexpensive stable transactions. xDai is used for transactions, payments, and fees, and STAKE is used to support Proof-of-Stake consensus.

xDai is the ideal cryptocurrency for everyday payments and transactions. The fees are extremely low, the payments are very fast, and the value remains stable at US $1 per xDai (like Dai on Ethereum).

STAKE is a multi-chain staking token designed to secure the payment solution. Staking allows validators on the blockchain to provide transaction consensus and receive staking rewards when they validate transactions.

What is xDai used for?

xDai is a layer 2 and will therefore allow the use of decentralized applications in the same way as Ethereum but at an infinitely lower cost and at a higher speed. There are currently several layers 2, such as Matic Network (now Polygon), Loopring, Celer, Optimism, or OMG Network.

To put it simply, it’s like Ethereum but faster and cheaper! xDai also allows the use of decentralized exchanges like Levinswap, Honeyswap (swap, yield farming, everything is there!), and soon Agave.

Why is RealT switching to xDai?

If you actively follow the news surrounding Ethereum, you will know that the network is currently congested. Transaction fees have become particularly high even (especially) for transactions with small amounts such as for rents paid to holders of RealT tokens.

To do this, several solutions exist to allow everyone to use the functionalities deployed on Ethereum: layer 2 or second layer solutions. To put it simply, it is like building a road above the road with an unrestricted infrastructure, faster and above all less expensive. But to be able to use it, you have to take a bridge in order to cross your cryptocurrencies on the secondary chain.

You will therefore notice that your wallet address on the xDai network is exactly the same as your Ethereum address, this is quite normal since the overlay is created on top of Ethereum. On the other hand, you must imperatively “bridge” your cryptocurrencies in one direction or the other under penalty of never seeing them arrive on your wallet.

In order to fully fulfill RealT’s initial promise to pay daily rent to investors, it has therefore become essential to develop the rental distribution system by switching to a faster and above all much cheaper solution.

How do I use xDai with my wallet?

Changing the network also involves some small changes in the wallets, so here are two solutions that we recommend in order to use xDai with peace of mind and find your RealTokens!

MetaMask

To start, here is a video presentation of MetaMask

https://medium.com/media/de250acf27be131fb8c633bd420c57c4/href

By default, MetaMask is configured only on the main Ethereum network. However, with a short and simple manipulation, you can even configure the xDai network to your MetaMask wallet.

1 — Open MetaMask

2 — Click on “Main Ethereum Network” then on Custom RPC

3 — Enter the information of the xDai network in this order:

4 — Finally, save and connect by changing Ethereum mainnet to xDai

AlphaWallet

You don’t want, you don’t know, or you don’t use Metamask (cross out unnecessary), then we invite you to download and use AlphaWallet. It’s a smartphone wallet (android and iOS) natively built on xDai so you won’t need to program anything!

Even more choices!

All tastes are in nature! You have your own wallet configured with xDai or you want to test another wallet, here is a non-exhaustive list of what currently exists on the market: Burner Wallet, Burner Wallet 2, DEX Wallet, Nifty Wallet, Poketto Cash, Portis Wallet, Saturn Wallet, Status Wallet, Torus Wallet.

And of course in very little time, the official RealT wallet compatible with ETH, xDai, and other L2 implementations!

xDai faucet

A faucet is a very well-known system allowing you to recover a small amount of cryptocurrency for free. In order to allow users to make their first transactions on xDai, xDaichain allows you to claim 0.01 xDai for free and once a day on your address.

To do this, go to https://blockscout.com/poa/xdai/faucet, then enter your wallet address and validate. It’s that simple!

How to bridge between Ethereum and xDai?

To pass your tokens from the Ethereum network to xDai you will therefore have to bridge the gap between the 2 networks. It’s within everyone’s reach and you will learn new features on the blockchain!

xDai Bridge — Dai only

1 — Connect your wallet on which are your DAI and ETH (to pay gas costs)

2 — Select the quantity of DAI to send to xDai

3 — Validate the transaction

4 — The DAI have been bridged!

OmniBridge — Any type of ERC-20 tokens

For OmniBridge the operation is exactly the same, with the difference that this bridge is not restricted to Dai. You will be able to spend any ERC-20 token available on xDai.

And here’s a video recap:

https://medium.com/media/403951f42bc52f6641d9c308d53272d2/href

Distribution of rents

Within your RealT’ portfolio, you will now have the choice to claim your rents on Ethereum through a smart contract integrated to the website with a daily provision of rents, to receive your rents on the xDai network daily without charge or to reinvest your rents automatically on the reinvestment property, rents also compatibilized daily but with a sending of tokens certainly weekly.

Note that if you choose to claim your rents on Ethereum, the gas (transaction) costs will be at your expense.

If your wallet is not xDai compatible, you can create a second wallet on MetaMask for example, your rents will be paid to the xDai wallet even if your tokens are on ETH.

https://medium.com/media/6a0aef269de709ca449b28bb3f14ae0a/href

Selection menu in your portfolio
Informative message before confirming your choice to receive your rents on xDai
Informative message before confirming your choice to reinvest your rents on the reinvestment property

Here is a guide to transfer your USDC on xDai into Fiat-Currency

https://mediafire.com/RealT_-_QuickGuide.pdf

Article written in collaboration with Clément from the website francecrypto.fr

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What is xDaichain? was originally published in RealT on Medium, where people are continuing the conversation by highlighting and responding to this story.

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