Crypto ProjectsReview

XinFin: Hybrid Blockchain for Trade Finance

XinFin is the next-generation of global computer networks that connect communities and enterprises around the globe using blockchain technology. In totality, it is a decentralized, hybrid, interoperable, and liquid network for institutions, retailers, and developers.

In this CoinQuora Project Review, we will dig deeper into the XinFin network — its technology, products, roadmap, partnerships, and latest updates.

What is XinFin?

XinFin stands for eXchange inFinite. This non-profit network is formed in order to reduce the existing gap in global infrastructure, particularly for the global trade and finance sector. It is co-founded by Atul Khekade and Ritesh Kakkad.

Thus, by means of creating a secured blockchain-powered platform, XinFin aims to allow investors to bid for different projects and finance them in a smoother and more reliable way. Hence, the main vision of the company is to leverage the advantages of blockchain and connect the investors and the developers in a secure environment. As a result, they can thereby transact finances against certain secured digital assets.

This network’s lineup of advisors include the following:

  • “Bitcoin Jesus” Roger Ver
  • com COO Mate Tokay
  • CoinPayments COO Jason Butcher
  • The Currency Analytics Founder Sydney Ifergan
  • Blockchain Advisor and Consultant Simon Bowles

How does XinFin Network work?

Starting out in Singapore as an open-source initiative, XinFin Network is an innovative solution built specifically to resolve these main problems:

  • Firstly, the network congestion on Ethereum (high transaction time)
  • Secondly, the high transaction fees on Ethereum
  • Thirdly, blockchain interoperability with the Ethereum system

Thus, XinFin Network supports all EVM-compatible smart contracts, protocols, and atomic cross-chain token transfers. Moreover, new scaling techniques such as sharding, EVM parallelization, and private-chain generation will be incorporated into the XinFin Network.

More so, the XinFin Network relies on a system of 108 Masternodes that comply with its very own consensus algorithm, XinFin Delegated Proof of Stake (XDPoS). This allows the network to support low transaction fees and 2-second transaction confirmation times. In addition, security, stability, and chain finality are guaranteed via double validation, staking, and true randomization processes.

What makes XinFin Network different?

XinFin Network
Source: xinfin.org

XinFin’s Singapore-based blockchain project introduced the first-ever hybrid blockchain platform which can handle both public and private blockchains simultaneously. In line with this, its novel technology infrastructure includes:

  • XinFin Delegated Proof of Stake (XDPoS) consensus
  • Build-in governance
  • Double validation and randomization
  • Stable masternode architecture

Taking this into consideration, the XinFin Network is specifically designed to achieve:

  • Cheap transactions: approx. 1/100 of that of Ethereum
  • 2,000 TPS to handle a robust DApp and token ecosystem
  • 2 second block time for fast transactions
  • Minimal energy consumption
  • EVM-compatibility, which allows for interoperability with the Ethereum ecosystem

The XDC Protocol

XDC Protocol
Source: xinfin.org

The XinFin Network is powered by the XinFin Digital Contract (XDC) hybrid blockchain protocol. In detail, the XDC protocol aims to leverage the advantage of both public blockchain and private networks. Thus, the XDC protocol is created to support the smart contracts layer, know your customer (KYC) layer, and price stability by using its hedge pool for other cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), and Ripple (XRP).

Hybrid Blockchain

To explain, a hybrid blockchain is best defined as a blockchain that attempts to combine the best aspects of both private and public blockchain solutions. Ideally, a hybrid blockchain will manifest controlled access and freedom at the same time.

In contrast, a hybrid blockchain is not open to everyone but still offers integrity, transparency, and security to its users. Having said that, the XDC network is made up of two kinds of network states: public and private.

The public state refers to the part of the network that is accessible to all participants such as retail users. They can open their wallets/accounts and buy, sell, or trade XDC tokens freely. On the other hand, institutional participants have the ability to run private sub-networks. Special nodes host the transactional and messaging activity on these private networks, which are not visible to the public.

Masternode

Masternodes create, verify and validate new blocks in the XinFin platform. Therefore, a XinFin Network masternode is a specialized server that uses its computing power to contribute to the network. Particularly, its job is to create and sign blocks. For this contribution to the network, masternodes receive rewards in the form of XDC.

Overall, the XinFin Network has a maximum of 108 Masternodes. Those who want to be a XinFin Network masternode must first become a masternode candidate. For this, you need to do the following:

  • run the XinFin Network software in a machine that meets the hardware requirements (16 cores CPU, 32GB of RAM, SSD storage, etc.)
  • deposit 10,000,000 XDC in a smart-contract via XinFinMaster

Once you are a masternode candidate, you need to actively support the XinFin Network community. Accordingly, the list of promoted masternodes every epoch (a 900-block period of 2-second block time) changes dynamically.

Other than that, a masternode can resign anytime. But, all earned XDC are locked for the next 30 days (1,296,000 blocks) after the resignation. Moreover, the rewards a masternode receives in each epoch is proportional to the number of signatures it signs.

XDPoS Consensus

XinFin’s XDPoS mechanism is a decentralized way of validating transactions that occur on XinFin’s hybrid blockchain. Unlike other consensus algorithms, XinFin’s XDPoS uses real-time voting to elect a pool of validators (or delegates).

  • Truly democratic

XinFin’s XDPoS is an epitome of a truly democratic process due to the fact that even a machine with regular configurations can become a validator node. It can accommodate horizontal scaling when adding new nodes.

  • Environment-friendly

XinFin’s XDPoS algorithm does not have a high-energy requirement for XDC staking. Therefore, any typical computer can be used to stake XDC.

  • Agile and fast

XinFin’s hybrid blockchain records a transaction speed of up to 2,000 TPS on the public chain. It operates with unlimited horizontal scaling due to multiple private chains running at the same time.

  • Well-rounded

With a hybrid blockchain architecture, upcoming sharding will bring about several changes in the blockchain ecosystem. For instance, the management of chain-data will become much simpler, allowing easy synchronization with the entire blockchain history.

  • Enforces KYC

XinFin’s XDPoS is equipped with KYC enforcement on the nodes themselves. Thus, it solves substantial problems with traditional enterprise KYC providers. This will help streamline enterprise adoption.

  • Allows Light Nodes

“Light-nodes” or “regulatory nodes” remain in the network without contributing anything. They do not hold the entire data strand of the blockchain but can continue to operate seamlessly.

Products

To effectively facilitate interactions between network participants within the XinFin Network blockchain, the XinFin team built a set of products. These include the XinFin Explorer, XinFinMaster, XinFin Wallet, and XinFinScan. Moreover, the XinFin Network is also developing a decentralized exchange protocol as part of its long-term plan. Furthermore, more highly innovative products and technologies will be intensively developed and researched to make the XinFin Network compatible with blockchain games, open finance, and enterprise-oriented applications.

  • XinFin Explorer: a user-friendly and detail-oriented user interface that serves as the block explorer
  • XinFinMaster: a software needed to apply as a masternode candidate; shows masternode performance statistics
  • XinFin Wallet: securely store, send, receive XDC and other assets issued on XinFin Network; allows users to track XDC rewards
  • XinFin Scan: an all-in-one repository of transactions, finality, smart contracts, DApps, and token information

XDC Coin

XDC Coin
Source: xinfin.org

XDC is the native asset within the XinFin Network. Moreover, XDC can be traded freely on the public state of the XinFin blockchain. For this reason, retail users and institutions can operate accounts that can buy, sell, or trade XDCs through the XinFin Wallet application.

Additionally, the XinFin blockchain also has advanced smart contracting capabilities that utilize XDC within private or public DApps to act as a settlement layer. Besides, XinFin’s interoperability includes the ability for institutions or individuals to create DApps, smart contracts, or custom tokens while accepting or paying in the cryptocurrency of their choice.

By and large, a DApp or smart contract created on top of the XinFin hybrid blockchain can make use of highly-liquid existing cryptocurrencies like Bitcoin, Ethereum, and Ripple, among others.

Liquidity

XDC is currently traded globally at Mercatox, STEX, Bitfinex, Indodax, and Bitrue. It has pairings with XRP, ETH, USDT, USD, and IDR. XDC has specifically demonstrated the ability to be a liquid asset against multiple fiat currencies across the world.

The liquidity against fiat currencies enables instant settlement and mitigates counterparty risk. In fact, XDC was the second most liquid digital asset against Indonesian FX markets for Indonesian Rupiah (IDR).

At the moment, XDC is building its liquidity against USD, GBP, JPY, and AED. As a result, buyers, suppliers, or financiers can hold securitized trade finance assets in a fully-tokenized digital form that can be settled with fiat.

Utility

As mentioned above, XDC is the underlying utility asset that powers XinFin’s hybrid blockchain. To date, use cases built around XinFin’s blockchain and XDC cryptocurrency are the following:

MyContract

MyContract.co is a digital asset creation and management dashboard for any kind of asset. It claims to be in partnership with Chainlink and Razor Oracle.

By paying with XDC, you can create your own token in a few minutes by just providing basic token details, such as token name, token symbol, token decimals, total supply, and token sale limit. Besides, MyContract allows businesses to deploy their own smart contracts and tokens across numerous industries.

TradeFinex

TradeFinex
Source: xinfin.org

TradeFinex.org is a peer-to-peer (P2P) trade finance platform that creates digitized trade instruments of value between buyers and sellers. Regulated by the ADGM, it is generally an open protocol for banks, institutions, and normal investors. It has integrated with at least 4 regulated financial institutions.

Using XDC, buyers can secure capital at competitive rates within the TradeFinex platform. Suppliers and financiers alike have real-time tracking and visibility on global tenders and their investments.

DCB Bank

DCB Bank Ltd. is a private sector scheduled commercial bank. It chose XinFin as its blockchain partner to streamline insurance systems using blockchain. Participants who stake nodes on XinFin’s hybrid blockchain can access customer’s policy data.

Blockdegree

blockdegree
Source: blockdegree.org

Blockdegree provides online blockchain training to engineers and professionals while creating awareness of XinFin’s platforms.  It purportedly has been recognized by the US government and by Singapore’s SkillsFuture.

Interestingly, students can seek help to get funding from any funders around the world to fund their certifications.

Airnetz

From Q2 2019, Airnetzcharter.com enabled XDC Payment relay bridges and rate stability through its instant swap with USDC. AirnetzCharter.com GDS System hosts over 5,000 aircraft and 25,000 airports worldwide. The integration and hosting with XinFin’s XDC protocol assist customers to primarily facilitate life-saving instant medical evacuation and air ambulance

Globiance Stablecoin

Based in Singapore, Globiance has launched a number of stablecoins on the XinFin blockchain. These stablecoins are fully-backed by the respective fiat money on which they are pegged to. Some of these include SGDG, EUROG, and HKDG.

Roadmap 2021

For 2021, the XinFin team focuses on wallet integration, custodian integration, and rapid adoption of XDC. Here is an overview of what’s in store for the XDC community this year.

  • New wallet integrations to build a robust support infrastructure for the XDC Mainnet Chain
    • Software/hardware wallets
    • Digital asset custodians
    • OpenLaw, R3 Cordite, ExelTrip integration
    • Multisig Wallet facility
  • Drive rapid adoption of XDC with existing DApps on the XDC Network
    • Scale-up Liquidity Pools on TradeFinex
    • Develop Blockdegree partnerships with institutions to cross-sell education with a 50% profit share
    • Develop enterprise connectivity to blockchain and crypto-asset ecosystems in MyContract
  • Add more exchange listings
    • For both residing and non-residing US, Japan, Korean customers
  • Develop interoperability of XDC with Ethereum ecosystem
    • Bancor and XDC developers are working on BancorX integration of XDC with USDC, USDT, and ETH
  • Legal Clarity on XDC Network and native asset
    • In Singapore, UK, Liechtenstein, US, Japan, and UAE
  • Enhance XDC staking
    • Expand XDC Masternode networks
    • Community staking on exchanges and custodians
  • Hackathon & internship to promote XDC adoption and DApp integration

The XinFin team also encourages community members to take part in the development and utilization of the XDC Network. Thus, efforts that can boost XDC adoption with running systems will be incentivized through XinFin Bounty programs.

To know more about XinFin’s roadmap and milestones, click here.

Network Partnerships

xinfin partnership
Source: xinfin.org

Since 2018, the XinFin team has collaborated with various industry leaders within the tech, blockchain, and crypto sectors. These include Ramco Systems, AIX, R3 Corda, ADGM Academy, Nanyang Technological University, Temasek Polytechnic, Circle (issuer of USDC), Indian Institute of Technology, and R3 Cordite.

XinFin Latest News

Recognized Cryptocurrency in Indonesia

Business-oriented news channel CNBC Indonesia hailed XinFin Network’s native asset XDC among the list of recognized cryptocurrencies in Indonesia. XDC has already proven its liquidity among the Indonesian crypto market that has over 1.5 million traders in 2020.

In retrospect, in September 2018, the Ministry of Trade of the Republic of Indonesia legalized the trade of Bitcoin and crypto assets as commodities in Indonesia. With this in mind, the Indonesian government shows optimism in embracing the growth of the crypto industry in the fourth most-populated country in the world.

Massive Adoption, DApp Deployment

As of November 2020, XinFin recorded at least 127 institutions and individuals who participated in its network. According to them, they staked 1.272 billion XDC. There are also at least 7,000 wallets that contain XDC.

Additionally, over 15 DApps have already been deployed on the blockchain network. Some of these include TradeFinance, Blockdegree, My Contract, Globiance stablecoins, and various wallet products.

XDCE Token Burning and Swap

The most recent update about the XinFin network is the community’s decision to further reduce the supply of XDCE tokens by burning. After the last major token burn, the XDC network has decided to burn 500 million XDCE tokens.

Moreover, the community also plans to further reduce the XDCE token supply once the contract termination of XDCe (currently proposed 31st March 2021) is completed. The users holding XDCE are requested to swap their XDCE with XDC before the mentioned date. AlphaEx will facilitate the swaps for XDCE users.

XcelTrip Integrates XinFin Mainnet and XDC

Decentralized travel booking platform XcelTrip announced that they are integrating XinFin mainnet and XDC from January 2021. With this, XcelTrip users can now pay using XDC for both hotel and flight bookings on the platform.

Aside from XDC, XcelTrip users can still use traditional payment methods for their bookings. As per the announcement, they accept credit/debit cards, net banking, or UPIs.

 

Casseia Perez

An aspiring journalist who spills her ideas in cryptocurrency and blockchain-related matters. With her background in Communication and Journalism, she is more inclined to write about reality than fiction.

Related Articles

Back to top button