XDEX Blockchain Services

xtsChain services is the interface layer that connects data to a protocol-based blockchain ledger. It functions as both an oracle network to expose off chain documents and data to any protocol-based distributed ledger that supports external data inputs, as well as an internal blockchain ledger system for audit and verification of external chains.

Oracle Services

An oracle permits a blockchain to connect to off chain information and data. Used in conjunction with other XDEX features, xtsChain exposes the documents, logs, workflows, permissions, and every other granular piece of data to blockchain protocols via the internal cryptographic hashing services. These services encode the digital information in a hash value format to be further embedded in blockchain entries and transactions.

Internal XDEX Blockchain Ledger

The XDEX xtsChain services internal ledger is a historical record of all granular actions, events, documents, data, and transactions that have taken place in the network since the beginning. xtsChain serves as a single source of truth for the entire network – even when connected to external chains.

In this instance, XDEX becomes an audit chain to parallel external chain data and information.

Data and transactions are permanently recorded in append-only blocks to the XDEX ledger. All the confirmed and validated transaction blocks are linked from the genesis block to the most current block with each block linked to its previous block using the cryptographic hash of the previous block — hence the name blockchain.

Cryptography is used to secure the xtsChain itself and the communications between the elements of the blockchain system.  It ensures that the xtsChain ledger cannot be altered, except by the addition of new transactions. Cryptography provides integrity of messages from users or between nodes and ensures operations are only performed by authorized entities.

Delegated Proof of Stake Consensus (DPoS)

Originally known as “graphene”, Delegated Proof of Stake powers half of the transactions of all blockchains in existence. 

Also one of the fastest, it can scale beyond VISA transaction or NASDAQ trade volumes. Paired with an audit chain ledger for reporting and metadata storage, xtsChain is one of the most advanced, enterprise-grade  blockchain frameworks.

In general, xtsChain consists of a number of server nodes, each of which has a local copy of the ledger. The nodes communicate with each other in order to gain agreement on the contents of the ledger and do not require a central authority to coordinate and validate transactions.

The process of gaining this agreement is called consensus. Users of xtsChain-based applications send transaction requests to the blockchain in order to perform the operations the chain is designed to provide. Once a transaction is completed, a record of the transaction is added to one or more of the ledgers and can never be altered or removed. This property of the xtsChain is called immutability.

The authority to perform transactions on xtsChain is permissioned. Users must be enrolled in the blockchain before they are allowed to perform transactions. Depending on the user and use case, the enrollment process gives the user credentials that are used to identify the user when he or she performs transactions.

Smart Contracts

xtsChain includes the ability to use smart contracts. A smart contract is an executable software module installed into the blockchain itself and enforced when pre-defined rules are met. When a user sends a transaction to the blockchain, it can invoke a smart contract module, which then performs functions defined by the code logic within that module. 

Smart contracts have the ability to read and write to a local data store which is separate from the blockchain itself — and can be updated when transactions occur. The business logic contained in a smart contract creates or performs operations on business data that is contained in this persistent data store.

Subchains & Side Chains

xtsChain will support subchains and side chains, which can also be thought of as channels. Subchains are logically separate chains that occupy the same physical blockchain. Each subchain may be owned by a different entity and may be accessible to a different set of users. 

Nodes may be configured so that some nodes participate in certain subchains and not in other subchains. The result of this configuration is that the ledger on some nodes will contain transactions for that subchain while the ledgers on other nodes will not. 

xtsChain has different types of nodes that are assigned specific purposes instead of being wholly identical in their function. This configuration optimizes performance, speeding up xtsChain performance because every node does not have to perform every operation required for a transaction on the chain.