Deutsche Telekom Becomes a Validator for the XDC Network: New Horizons for Blockchain
Date: 2024-07-26 Author: Gabriel Deangelo Categories: BLOCKCHAIN
One of Europe’s largest telecommunications companies, Deutsche Telekom, has announced its next step in the world of blockchain. The company has become a validator for the XDC network, which specializes in tokenized real-world assets (RWA). This was reported by CoinDesk, citing a statement from the company.
Deutsche Telekom’s Role in the XDC Network
Deutsche Telekom has provided its infrastructure to support the operation of the XDC network. Deutsche Telekom’s subsidiary MMS is participating in this project, having joined the network as an infrastructure provider. MMS will operate Masternodes, a backup type of node that is activated if the number of validators falls below 108.
Dirk Roeder, Head of Web3 at Deutsche Telekom MMS, said:
“We are leveraging our enterprise-grade infrastructure to secure blockchain applications with a focus on the financial sector.”
XDC Compatibility and Innovation
XDC is a layer-one blockchain compatible with the Ethereum Virtual Machine (EVM). Its network has already issued stablecoins backed by the euro and the US dollar, as well as tokenized assets such as gold and US Treasury bonds. With Deutsche Telekom’s participation, the XDC network will gain additional reliability and security, which is especially important for the financial sector.
This move follows Deutsche Telekom’s activity in the blockchain space. In May 2023, the company became a validator for the Polygon network. In addition, it operates nodes on the Bitcoin and Lightning Networks, and in June 2024, the company shared plans to mine the first cryptocurrency.
Partnership with Fetch.ai
In addition, in February 2024, Deutsche Telecom entered into a partnership with the Fetch.ai Foundation, the organization behind the platform of the same name. As part of this collaboration, MMS became a validator of the Fetch.ai network, demonstrating its commitment to active participation in various blockchain projects.
Deutsche Telekom continues to expand its horizons in the blockchain space, strengthening its position as a key player in the market. Becoming a validator of the XDC network is an important step that highlights the importance of blockchain technology for the future of the financial sector. The participation of a large company like Deutsche Telekom in the development of blockchain initiatives promises to significantly improve the security and efficiency of these systems.
