XinFin: Enterprise Ready Hybrid Blockchain For Global Trade & Finance
Financial applications of blockchain technology have been one of the most rapidly growing sectors of the industry since the start of the Decentralized Finance (DeFi) movement. XinFin has created new ways (PDF) to make DeFi work on a larger scale.
Get best and latest bitcoin news today with coinsurges.
This application takes advantage of the trustless nature of smart contracts to facilitate financial transactions by improving efficiency, offering, and accessibility.
While the offering of new cryptocurrencies and platforms specifically designed for the Fintech industry has continued to rise, this growth has seen itself affected by the increasing congestion and limitation of existing blockchain networks that were not designed with scalability as their primary concern.
This has been the case for platforms built on the Ethereum network, which has seen its gas prices increase by more than 1000% over the past year, even experiencing peaks of up to 909 gwei back in 2020.
XinFin Working on Fintech and Blockchain’s Struggles
This rise in gas prices is not only an economic concern in terms of immediate fees but as it is directly related to slow processing of transactions, can also result in losses due to investors being able to act on time in a market where timing is everything.
Note: Check breaking stories and Latest Cryprocurrency News with coinsurges.
As crypto adoption increases and fintech platforms continue to grow, the need for high levels of transaction throughput is more relevant and important than ever both for enterprises and retail users.
Founded back in 2017, XinFin was designed to act as a bridge between legacy systems and blockchain technology to improve financial transactions, facilitate the transition toward blockchain, and deal with the limitations of popular blockchain networks.
Solving the Dichotomy
XinFin is a hybrid Blockchain technology company that aims to connect public and private blockchain implementation running in fully permissioned environments, taking advantage of the benefits of both the private and public paradigms to create new applications.
The company focuses on creating an enterprise-ready optimized solution for international trade and finance, applications that networks like Ethereum are particularly inadequate due to data visibility and audibility concerns.
While there are alternative networks to Ethereum such as Tron, Cardano, Algorand, Flow, Cosmos, EOS, Polkadot, and many more, these networks have proven to be inefficient or unpopular with developers or enterprises due to their approaches, as well as their status of development.
By separating the data available to public and private networks, as well as using different types of nodes with different levels of access, XinFin is putting security first.
New Ways to Stay Safe
XinFin is especially useful for users concerned about the possibility of a third party brute-forcing the relationship between transactions and their associated keys, which could undermine their business and financial operations.
The XDC network can be applied to a variety of use cases such as asset valuation and financing, resource monitoring, highly audited standardized contracts.
The network also may have applications in the trading of smart contacts, and many other applications that take advantage of the benefits of smart contracts and interoperability offered by its hybrid-blockchain paradigm.
XinFin tools are designed to work for enterprises and retail users alike by creating financially safe, transparent, and interoperable products.
These products are also are regulatory compliant and are likely to boost the growth of Decentralized Finance (DeFi), Fintech, and any other industry requiring a hybrid blockchain made to improve user experience.
The Substance Behind the Platform
The XDC protocol is designed around the use of smart contracts to automate transactions by using them in conjunction with their XinFin Delegated Proof of Stake (XDPoS) consensus algorithm.
This consensus algorithm makes use of 108 master nodes to provide low transaction fees and achieve transaction confirmation times of up to 2 seconds.
Consensus algorithms like XDPoS have proven to be more efficient, Eco-friendly, and reliable than the Proof of Work approach taken by Bitcoin and Ethereum.
These increased efficiencies and cost-saving characteristics make XDPoS consensus a perfect match for trade finance, NFTs, oracle solutions, and many other applications including enterprise use cases.
The network can process 2,000 transactions per second (tps) while providing security and stability to the network through double validation, staking, and true randomization.
XinFin and the XDC Token
The fuel of the XDC Blockchain is its native utility token: XDC. The token was developed to be cost-efficient, determine the tier of a user’s membership, incentivize users to carry out commerce in the network, work as the main medium of exchange, and charge for the processing of transactions.
While XDC is designed to facilitate transactions in the network, custom tokens can be created by using child chains supported by the protocol, further increasing the flexibility of the network to be used by different industries.
The XDC token also has the advantage of being anti-deflationary due to a fraction of all fees being diverted to a burning contract that removes it from circulation, decreasing supply and counteracting inflation by creating scarcity.
Creating a Comprehensive Set of Tools
The XinFit ecosystem has a comprehensive toolkit for developers and users to take advantage of everything it has to offer in a wide range of ways. This toolkit includes XinFIn Scan, XinFin Masternode, XinFin Wallet, and XinFin Stats.
XinFin Scan is a dynamic, user-friendly block explorer that provides users with different details about current blocks and transactions in the XDC Network.
Running blockchain nodes has historically been limited to those with a great deal of technical expertise, making the process overly complicated. XinFin Masternode makes the process by operating as a one-of-a-kind, one-click masternode installer to easily participate in the network while earning XDC.
XinFin Wallet is the ecosystem’s crypto wallet. It not only supports XinFin’s own tokens XDC, XDCt (Apothem Testnet), and XDCe (ERC20), but also supports mainstream cryptocurrencies like Ethereum, USDT Tether, and USDC, facilitating operations and integration with financial systems.
Statistics are fundamental in the world of Fintech and as such, XinFin was the tool specifically created to provide users with live metrics on the number of masternodes, TPS, performance, and many either essential pieces of data to empower the community and facilitate the planning of strategies.
The Past, The Present, The Future
XinFin was launched back in 2017 with the deployment of its wallet and the pre-Initial Coin Offering (ICO) sales, as well as the release of its technical whitepaper.
That same year, the company started the development of TradeFinex, an alternative investors’ network, and launched XDC Wallet’s Android version by the end of the year.
Ever since, the team behind XinFin has continually expanded the network by launching new products such as a cold storage wallet, the XDPoS Network, APIs, and community events like hackathons.
By 2019, the network had already added 6 members to its governing body and started getting whitelisting from regulators to facilitate adoption by enterprises.
As of February 2021, there are more than 100 institutions and individuals participating on the network with a total of 1.42 billion XDC being staked in the network and more than 10,000 Wallets with an XDC balance in use.
With approximately 700K XDC having already been burned permanently, the network has continued to gain popularity while the token’s value increases in the crypto market, reaching a market capitalization of more than $300k.
So far, the flagship applications of the network include TradeFinex, MyContract (a decentralized agnostic oracle), BlockDegree (and Edtech framework for the storage of degrees and certificates), and Globiance (the company behind stablecoins like SGDG, EUROG, and HKDG).
The XinFin ecosystem’s roadmap for 2021 includes new wallet integrations, drive adoption through dApps running on the network, new exchange listings, market maker incentivization, and development of interoperability with the Ethereum ecosystem.
It is also likely to achieve legal clearing in multiple countries, enhanced XDC staking, hackathons, social events, and many other goals designed to further improve the platform.
The post XinFin: Enterprise Ready Hybrid Blockchain For Global Trade & Finance appeared first on Blockonomi.
Related: Coins Marketcap