XinFin is a hybrid blockchain platform designed to transform global trade and finance services by providing a decentralized infrastructure solution that is affordable, efficient, and extremely flexible.
What is XinFin Network (XDC)?
XinFin is a hybrid Blockchain technology company focused on international trade and finance that is enterprise-ready. The native coin XDC is used to power the XinFin network. Smart contracts, 2000TPS, 2second transaction speed, and KYC to Masternodes (Validator Nodes) are all supported by the XDC protocol.
The XDC Chain is a blockchain network that leverages XinFin Delegated Proof of Stake (XDPoS) to produce a scalable, secure, and commercial-grade network. The XinFin mainnet token XDC, which also provides an option to use XinFin’s real-world use-cases like TradeFinex.org, assists small and medium scale enterprises or organizations in originating their own financial requirements in a digital, fully structured manner, which they can then distribute to bank or non-bank funders using a common distribution standard.
There are two types of network states in the XDC network: public and private. The portion of the network that is readily available to all members is referred to as the public state. Retail users can easily purchase, sell, and trade XDC tokens using their wallets/accounts.
The possibility to run private sub-networks is available to institutional participants. The public state has no visibility into the transactional and communications activities on these private networks. These private sub-networks are hosted by special nodes known as ‘Masternodes.’
The goal of these private sub-networks is to provide the private blockchain state with limited visibility and safe access. These private sub-networks may be used to build a variety of corporate applications.
There are several ways to create private sub-networks. A single Masternode execute apps and host a private sub-network. A single private sub-network can have a number of Masternodes. A single Masternode can be a part of several private sub-networks.
A Masternode’s capacity to host or join a number of private sub-networks creates a flexible blockchain environment that operate a range of powerful dApps.
XDC Network: roots and history
XinFin is a permissioned blockchain that governments, companies, and private organizations may utilize to rebuild their tech stack and power a variety of unique use cases, complementing the historical financial ecosystem.
The platform was funded through a $15 million initial coin offering (ICO) in March 2018. In June 2019, the XinFin mainnet was launched, making it one of the first smart-contract blockchains to implement proof-of-stake (PoS) consensus.
The XinFin network’s fuel token is XDC. It is utilized for transaction fees and smart contract activities in the same way as Ethereum’s Ether (ETH) is. It may also be used to join the XinFin validator network and implement smart contracts.
Atul Khekade, Ritesh Kakkad, and Karan Bhardwaj, the platform’s three co-founders, all have extensive experience in the blockchain industry. Khekade is a well-known software programmer who is responsible for the establishment of numerous other digital companies as well as the funding of the XDC-powered Blockdegree education platform. Ritesh Kakkad is a serial entrepreneur with a number of digital businesses. However, Bhardwaj quit the firm in 2018 to form his own company, Elatior Tech.
How does XDC Network work?
XinFin’s XDC01 is a hybrid protocol that combines the greatest features of Ethereum with IBM’s Quorum platform to address global financial system inefficiencies.
Because of its high-efficiency smart contract and real-time settlement features, the platform enables businesses to engage in the global trade market at a fraction of the regular cost. XinFin claims that this will greatly improve the efficiency of cross-border transactions while also allowing for both public and private use cases.
Firms and governments may quickly transform existing centralized systems into a more robust decentralized network using XinFin’s smart contract features because XinFin leverages the ISO20022 financial messaging standard to assure interoperability between its hybrid blockchain and legacy financial systems.
Because XDC Chain is EVM compatible, developers can quickly launch their Ethereum smart contracts on it with little to no changes.
Because of XinFin’s hybrid design, it can support public, private, and consortium chains for almost any application. XinFin has already been utilized for remittance and peer-to-peer trading platforms, blockchain-powered insurance, online digital asset-linked identities, end-to-end land registry record management, and other applications, showcasing the platform’s adaptability.
XinFin has launched its mainnet, extended its partner and product ecosystem, and released its first stablecoins, i.e., SGDg and EURg, since its launch.
Why choose XDC Network?
XinFin, which advertises itself as a third-generation blockchain, is designed to address some of the issues that have plagued previous blockchain-based systems, such as limited throughput, excessive fees, and a bad developer experience.
One method XinFin employs to achieve this goal is through its XinFin delegated-proof-of-stake (XDPoS) energy-efficiency consensus protocol. This makes use of a decentralized network of validators to complete transactions and guard against assaults safely. XDPoS solves the “nothing at stake” problem by using a method called double validation to re-check transactions before they are submitted to the blockchain.
As XinFin founders claim, the whole XinFin network uses roughly 0.0000074 TWh of power to maintain consensus, while the Bitcoin and Ethereum networks use 71.12 and 20.61 TWh, respectively. As a result, XinFin is one of the most ecologically sustainable blockchains in use today.
Unlike other competing platforms, XinFin assures that a Masternode may be run on even simple consumer-grade computer hardware, expanding accessibility while maximizing decentralization. Self-KYC is a feature of XDPoS that public Masternode owners must utilize to perform identity verification before participating in consensus.
Transactions may also reach finality in under 2 seconds with almost zero transaction fees thanks to this ultra-efficient consensus method.