Smart contract blockchains have long been hailed as disruptive technologies for the financial industry due to their ability to transfer value across borders at very fast speeds and at much lower costs than legacy systems.

But most modern blockchains are plagued by challenges such as network congestion and high fees, which stifle prospects. On the other hand, a number of effective platforms have emerged in recent years that seek to capitalize on this potential.

XinFin

XinFin, the smart contract blockchain using PoS consensus, compatible with EVM, is one of the platforms that has made a lot of effort.

What is XinFin (XDC)?

XinFin is a hybrid blockchain platform built to modernize the global financial and trade sectors through an accessible, efficient and highly flexible decentralized infrastructure solution.

XinFin is designed to complement the legacy financial ecosystem by providing permissioned blockchain that governments, businesses and private companies can use to overhaul their technology systems, creates a whole host of new use cases.

The platform held an ICO in March 2018, raising $15 million. XinFin’s mainnet (mainnet) went live just over a year later (June 2019), becoming one of the first smart contract blockchains to use PoS consensus.

XDC is the native token of the XinFin network. Like ETH, it is used to pay for transaction fees and smart contract-related operations. Users can also stake XDC to become a validator of XinFin and deploy smart contracts.

The platform has 3 co-founders, including Atul Khekade, Ritesh Kakkad and Karan Bhardwaj. They are all people with a lot of experience in the blockchain ecosystem. Notably, Khekade is a virtuoso software developer known for founding several other tech companies and funding the XDC-backed Blockdegree education platform. Ritesh Kakkad is a serial entrepreneur with multiple venture firms in the digital space. On the other hand, Bhardwaj left the company in 2018 to pursue his own startup, Elatior Tech.

What is the plan to co-build the XDC ecosystem? Like many other blockchain platforms, the team behind XinFin does all it can to support the growth and development of the XDC ecosystem and product. One of the ways to do this is through the XDC Ecosystem Co-Builder program, in which startups on the XDC Network are provided with the capital and technical support needed to build products.

How does XinFin work?

XinFin’s XDC01 is a protocol that combines the advantages of Ethereum and IBM’s Quorum platform to provide a solution to inefficiencies in the global financial markets.

The platform allows organizations to participate in the global commercial market at a fraction of the cost of conventional thanks to highly efficient smart contracts and real-time settlement capabilities. XinFin believes this will make cross-border transactions much more efficient, while enabling both public and private use cases.

XinFin uses the ISO20022 financial communication standard to ensure compatibility between the hybrid blockchain and the legacy financial system, allowing companies and governments to easily transform their centralized system into a network. Stronger decentralization thanks to XinFin’s smart contract feature.

Since XinFin is EVM compatible, it is easy for developers to deploy their Ethereum smart contracts on XDC Chain with little or no modification.

XinFin’s hybrid architecture allows to support public, private, and hybrid chains that can be implemented for practically any purpose. So far, XinFin is used for remittance, supporting peer-to-peer trading platforms, blockchain-based insurance, online digital asset-linked identity, managing land registry records from end to end – demonstrating the flexibility of the platform.

As of May 2021, more than 100 organizations and individuals are running a validator node. Since its launch, XinFin has implemented the public network (mainnet), expanded its partners and product ecosystem, and launched the first stablecoins (SGDg and EURg). For the rest of 2021, they plan to build relationships with digital asset custodians, integrate R3 Cordite, and bring multi-signature capabilities to the platform.

What makes XinFin unique?

Describing itself as a third-generation blockchain, XinFin was built to address some of the challenges faced by early blockchain-based systems – such as low throughput, high fees, and developer experience. least.

To do this, the platform implements an energy efficient consensus mechanism called XinFin delegated-proof-of-stake (XDPoS). The mechanism uses a decentralized validator network to securely complete transactions and protect against potential attacks. XDPoS uses a double-validation process to double-check transactions before being committed to the blockchain, providing a solution to the “nothing at stake” problem (each validator wants to vote on most forks because no want to lose stake in the most voted fork).

According to XinFin, the entire network consumes around 0.0000074 TWh of electricity to maintain consensus, while the Bitcoin and Ethereum networks are reported to consume 71.12 and 20.61 TWh respectively to achieve the same. This makes XinFin one of the most eco-friendly blockchains currently in operation.

Unlike some competing platforms, XinFin ensures that even basic consumer computing hardware can easily run a masternode – making it highly accessible and maximizing decentralization. XDPoS has a self-KYC (identity verification) feature that public masternode holders must use to complete identity verification before they can participate in consensus.

This super efficient consensus mechanism also allows transactions to be processed in less than 2 seconds with almost zero transaction fees.

The platform currently has a rapidly growing app ecosystem. Some of the top products/apps built on XinFin include:

TradeFinex: Alternative investor network and P2P platform used to distribute trade assets to investors (including banks and non-bank sponsors).

– MyContract: A decentralized oracle framework used by both industry players and the general public.

– BlockDegree: An educational technology platform recognized by the US and Singapore governments, focusing on blockchain education.

– Stablecoins: Many stablecoins are currently active on XinFin, including SGDg, EURg and HKDg – all introduced by Globiance.

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