XDAG Monthly Report
We’re Almost There!
October has been a great month for XDAG community, awesome growth in our Telegram and twitter community. We’re glad to have an increased number of community supporters, it’s showing more users and prospects are getting to know and ready to adopt XDAG. We just want you to know that, we appreciate your support and commitment.
We’re still in talks with several exchanges so xdag can be listed, since we all know a new exchange is what all our community wants. Hopefully we get good feedback from them.
XDAG’s BIP44 universal code is 586!
Thanks to the efforts of community enthusiasts, XDAG now finally has its own BIP44 cointype 586!
So what is the BIP44? Why does XDAG need BIP44? To understand BIP44 we have to mention the HD wallet. Since there are so many cryptocurrencies nowadays and they are not easy to manage when one user has too many private keys, the HD wallet was created, and its function is that one master private key can generate multiple sub-private keys, that is, one HD wallet can be used to manage multiple cryptocurrency accounts and only one master private key needs to be backed up, and when the user has multiple blockchain assets (BTC, ETH, XDAG, etc.), the user can manage them in one HD wallet, this is much more convenient. BIP44 is the standard private key management protocol used by HD wallets, XDAG has now joined the BIP44 protocol with a common standard code so that HD wallets can support the management of XDAG address accounts.
Obtaining this standard code will facilitate further alignment of XDAG with BTC and ETH, which has many potential benefits for the future development of XDAG:
- Enables multi-chain wallets to support XDAG
- Enables XDAG to back up private key files using mnemonics.
- Facilitate professional teams to manage XDAG wallet hierarchically.
Random X development is done, when it is fully reviewed we are going to launch it with the next update.
Briefly let talk about the “October effect” Bitcoin’s apparent effect has given more impression to still be the largest cryptocurrency by market capitalization and daily trading volume. Xdag also hit a new ATH price up too in the month of October, which is a very great edge for the community, we’re almost there, it’s only a matter of time XDAG adoption will surely be global.
We remain committed, focused and as a community project with you all continuous support we’re going to have the XDAG of our dream.