Cordite Society Limited, a UK-based cooperative firm, has announced the launch of XDC, the first digital currency on the Public Corda Network. This aims to rekindle finance-related activities within the DeFi space.
Furthermore, the regulated XDC digital asset operates under the Cordite Society Limited’s principles. Following this, the UK Financial Conduct Authority (FCA) defines XDC as a decentralized monetary tool for exchange means. Hence, XDC mainly functions as a store of value asset. This enables the plan of transferring today’s trading power to meet future needs.
According to XDC’s official whitepaper,
XDC is the first regulatory and environmentally friendly, finance grade, enterprise ready digital currency.
To give on-chain support and improve quality fintech services, XDC will cut down pre-existing failures like high transaction fees, volatility, inefficient exchange medium, and more in terms of cryptocurrencies within the Corda community.
For this reason, XDC intends to facilitate full support to its community participants by enabling them to trade with XDC currency for goods and services with no traditional intermediaries or counterparty risk.
What is more, XDC incentivizes and rewards its community members through their Cordite nodes. Each community member uses a Cordite node in creating an account. This is in line with how the Corda Network streamlines the integrity of XDC in the digital currency ecosystem. This node includes a unique readable address that can receive XDC.
Individual members can use Cordite nodes to transfer XDC assets via the Public Corda Network to their peers at all times, without any risks of double-spending. Moreover, minting proposals use these nodes for voting, leading to an increase in the supply of XDC over time.
XDC will run native on the Public Corda Network, the open-source version of R3’s network. Significantly, as of October 2020, R3 Corda blockchain is known to host 100 Italian banks through its Spunta blockchain.