xDai (STAKE), or the Gnosis Chain, is a platform that offers scalability, stability, and an extendable beacon chain framework. The platform supports stable payments on the EthereumVirtual Machine (EVM) blockchainnetwork developed for inexpensive and fast transactions. The Gnosis Chain platforms aim to provide utility to the users like the ability to transfer stable coin free for theoretical concerns, fear, uncertainty, doubts, or volatility. The platform is an independent ecosystem that supports the transactions holding value. When the DAI platform was bridged to Gnosis Chain, the platform moved with a transparent purpose of stable and secure transactions on a neutral and fast network. With open governance, tokenstability, and open access, the platform seeks to create a trusted environment for applications and users built on the Gnosis Chain.
The platform believes that the high congestion and gas prices of Ethereum have made it difficult for the system to work efficiently. The Gnosis Chain is a platform that aims to provide stable, low-cost transactions for all the projects and users. The platform offers a compatible chain for projects that require complex transactions or nano-transactions that are relatively expensive on the Ethereum network. The Gnosis Chain aims to scale infrastructure and chain parameter optimization and additional chain deployments to meet the capacity needs. As per the whitepaper, the platform utilizes a Proof-of-Stakealgorithm implemented as DAOto provide fair, energy-efficient, and decentralized consensus.
The platform utilizes two tokens: xDai for stable payments, transaction or gas fees, and STAKE token for staking, protocolprotection, and community governance. The STAKE token is utilized for voting, and the community members can create and vote on proposals associated with the improvements or changes users wish to see within the ecosystem6. The delegators and validators also utilize the STAKE token to secure the network. Users can participate in chain consensus by running validators nodes and delegators placing a stake on the nodes2. xDai is the native cryptocurrencyused within the ecosystem to pay for gas and transaction fees and is pegged to the US dollar.
History of xDai (STAKE)
The xDai stable chain was introduced in October 2018, and later in December 2021, the name was changed into Gnosis Chain with a token merger between STAKE and GNO tokens. The core development team of the platform includes Igor Barinov, who specializes in product and operations; Vadim Arasev, POSDAO, core protocol development expert; Ulyana Skladchikova, product manager; and Mojmir Racak, community manager.
