What is XinFin?
XinFin stands for eXchange inFinite. This not-for-profit network was formed to reduce existing gaps in global infrastructure, especially in the global financial and trade sectors. XinFin aims to allow investors to bid on different projects and fund them more smoothly and reliably. Therefore, the main vision of the company is to take advantage of blockchain and connect investors and developers in a safe environment. As a result, they can transact financially with certain secured digital assets.
How Does XinFin Network Work?
XinFin Network is an innovative solution specially built to solve the following key problems:
- First, the network congestion on Ethereum.
- Second, the transaction fee is high on Ethereum.
- Third, the interoperability of blockchain with system Ethereum.
Therefore, XinFin Network supports all HThe Smart Contract is compatible with EVM, the protocol and atomic chain token transfer. Furthermore, new scaling techniques such as sharding, parallel EVM, and private chaining will be integrated into the XinFin Network.
Furthermore, the XinFin Network is based on a system of 108 Masternodes that adhere to its own consensus algorithm, XinFin Delegated. Proof of Stake (XDPoS). This allows the network to support low transaction fees and transaction confirmation times of 2 seconds. In addition, the security, stability, and finality of the chain are guaranteed through a process of double validation, staking, and true randomization.
What is the difference between XinFin Network?
XinFin introduced the first hybrid blockchain platform that can handle both public and private blockchains simultaneously. In line with this, its new technology infrastructure includes:
- XinFin Delegated Consent Proof of Stake (XDPoS).
- Integrated Administration.
- Double Authentication And Randomization.
- Stable Masternode Architecture.
XinFin Network is specially designed to achieve:
- Cheap deals: approx. 1/100 of Ethereum.
- 2,000 TPS to handle an ecosystem DApp and powerful token.
- 2 seconds block time for fast transactions.
- Minimum energy consumption.
- EVM compatibility, enabling interoperability with the Ethereum ecosystem.
XDC . Protocol
The XinFin network is powered by the XinFin Digital Contract hybrid blockchain protocol (XDC). For details, protocol XDC aims to take advantage of both public and private blockchain networks. Thus, the XDC protocol was created to support your smart contract layer, know your customer (KYC) and stabilize the price using its hedge pool for other cryptocurrencies like Bitcoin (BTC), Bitcoin Cash (BCH ONLY), Litecoin (LTC) and Ripple (XRP).
One Hybrid Blockchain best defined as a blockchain that attempts to combine the best aspects of both private and public blockchain solutions. Ideally, a hybrid blockchain would exhibit controlled access and concurrent freedom.
In contrast, a Hybrid Blockchain is not open to everyone but still provides integrity, transparency and security to its users. Having said that, the XDC network is made up of two types of network states: public and private.
Public status refers to the part of the network that is accessible to all participants such as retail users. They can open their wallet/account and buy, sell or trade XDC tokens freely. On the other hand, organizational participants have the ability to run private subnets. Special nodes host transaction and messaging activity on these private networks, which are not visible to the public.
Masternodes create, verify and validate new blocks in the XinFin platform. Therefore, a masternode of XinFin Network is a dedicated server that uses its computing power to contribute to the network. In particular, its job is to create and sign blocks. For this contribution to the network, masternodes receive rewards in the form of XDC.
Overall, XinFin Network has a maximum of 108 Masternodes. Those who want to become a masternode of XinFin Network must first become a masternode candidate. For this you need to do the following:
- Run XinFin Network software on a machine that meets the hardware requirements (CPU 16 cores, RAM 32 GB, SSD memory, etc.)
- Deposit 10,000,000 XDC in smart contract via XinFinMaster
Once you are a masternode candidate, you need to actively support the XinFin Network community. Accordingly, the list of masternodes promoted per epoch (900 block interval with 2 second block time) will change dynamically.
Also, a masternode can resign at any time. However, all XDC earned is locked for the next 30 days (1,296,000 blocks) after resigning. Furthermore, the reward a masternode receives in each epoch is proportional to the number of signatures it signs.
XinFin's XDPoS mechanism is a decentralized way to validate transactions occurring on hybrid XinFin's blockchain. Unlike other consensus algorithms, XinFin's XDPoS uses real-time voting to select a group of validators (or delegates).
XinFin's XDPoS is the epitome of a truly democratic process due to the fact that even a conventionally configured machine can become a validator node. It can scale horizontally when adding new nodes.
XinFin's XDPoS algorithm does not require high energy for XDC staking. Therefore, any typical calculator can be used to place XDC bets.
Agile and Fast
XinFin's Hybrid Blockchain records transaction speeds of up to 2,000 TPS on the public chain. It works with unlimited horizontal scaling due to multiple private threads running at the same time.
With the Hybrid Blockchain architecture, the upcoming sharding will bring some changes in the blockchain ecosystem. For example, the management of chain data will become much simpler, allowing easy synchronization with the entire blockchain history.
XinFin's XDPoS is equipped with the ability to enforce KYC on the nodes themselves. As such, it solves significant problems with traditional enterprise KYC providers. This will help streamline enterprise adoption.
Enable Light Nodes
“Light-nodes” or “regulatory nodes” remain in the network without contributing anything. They do not hold the entire data chain of the blockchain but can continue to operate seamlessly.
XinFin Development Team
– Ankit Patel – Director: Ankit, a young and ingenious talent with a knack for research and innovation, has made a great contribution as a Java Developer. His area of expertise is XDC research and development. Despite years of limited experience, he is well versed in blockchain technology and is currently working on cross-border payments through XDC.
– Ritesh Kakkad – Co-Founder, Blockchain Strategist: As a serial entrepreneur working on the idea and development of cloud storage services and web infrastructure company, Ritesh's work has been taken by Microsoft and recognized by the BBC. For more than 20 years, Ritesh has accumulated extensive experience in the fields of Cloud Hosting, Cloud Setup and Internet-Architectural. Ritesh is currently leveraging his experience at XinFin in the areas of protocol setting and Blockchain.
– Atul Khekade – Early Investor & Ecosystem Developer: With over 14 years of experience in technology, Atul played a key role in conceptualizing and demonstrating the first authorized Blockchain system for group of leading banks in Asia. He is dedicated to the development of alliances and investor management, and aims to bridge the Government's $5 trillion infrastructure gap, using XinFin Blockchain applications.
– Similar to Dharap – Vice President, Blockchain Applications: With over 13 years of experience in Management Consulting & Transaction Consulting with KPMG & PwC, Sameer has led consulting engagements on Strategy, Supply Chain Response, Performance Improvement and Transaction Advisory for 500 clients, PE players and government institutions. Having worked in over 20 industries, his project management skills and ability to understand strategic goals will help XinFin form a solid foundation for an app-based business model.
To facilitate effective interaction between network participants in the XinFin Network blockchain, the XinFin team has built a set of products. These include XinFin Explorer, XinFinMaster, XinFin Wallet and XinFinScan. Furthermore, XinFin Network is also developing a decentralized exchange protocol as part of its long-term plan. Furthermore, more innovative products and technologies will be developed and intensively researched to make XinFin Network compatible with blockchain games, open finance and enterprise-oriented applications.
- XinFin Explorer: user-friendly and detail-oriented user interface that serves as a block explorer.
- XinFinMaster: a software required to apply as a masternode candidate; show masternode performance statistics.
- XinFin Wallet: securely store, send, receive XDC and other assets issued on the XinFin Network; allows users to track XDC rewards.
- XinFin Scan: an all-in-one repository of transactions, finality, smart contracts, DApp and token information.
XDC is the original asset in XinFin Network. Furthermore, XDC can be freely traded on the public state of the XinFin blockchain. For this reason, users and retail organizations can operate accounts that can buy, sell or trade XDC through the XinFin Wallet app.
In addition, the XinFin blockchain also has advanced smart contract capabilities that use XDC in private or public DApps to act as a mediation layer. In addition, XinFin's interoperability includes the ability for organizations or individuals to create DApps, smart contracts, or custom tokens while accepting or paying with the cryptocurrency of their choice.
XDC . Exchange
XDC is currently traded globally at Mercatox, STEX, Bitfinex, Indodax and Bitrue. It has pairs with XRP, ETH, USDT, USD and IDR. XDC has particularly demonstrated its ability to be a liquid asset to many fiat currencies around the world.
Liquidity against fiat currency allows instant payments and minimizes counterparty risk. In fact, XDC is the second most liquid digital asset in the Indonesian forex markets for Indonesian Rupiah (IDR).
Currently, XDC is building its liquidity against USD, GBP, JPY and AED. As a result, a buyer, supplier, or financier can hold trade finance assets securitized in a fully encrypted digital form that can be paid for in fiat.
As mentioned above, XDC is the underlying utility asset that powers XinFin's hybrid blockchain. So far, the use cases built around XinFin's blockchain and the XDC cryptocurrency are as follows:
MyContract.co is a digital asset creation and management dashboard for any asset class. It claims to cooperate with Chainlink and Razor Oracle. By paying with XDC, you can create your own token in minutes by providing only basic details about the token, 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 multiple industries.
TradeFinex.org is a peer-to-peer (P2P) trade finance platform that creates valuable digital trade tools between buyers and sellers. Regulated by ADGM, it is typically an open protocol for banks, institutions, and ordinary investors. It has integrated with at least 4 regulated financial institutions.
Using XDC, buyers can secure capital at a competitive level within the TradeFinex platform. Vendors and financiers both have real-time tracking and visibility on global tenders and their investments.
DCB Bank Ltd. is a private sector scheduled commercial bank. It has chosen XinFin as its blockchain partner to streamline insurance systems using blockchain. Participants who place nodes on XinFin's hybrid blockchain can access customer policy data.
Blockdegree provides online training on blockchain for engineers and professionals and raises awareness of XinFin platforms. It has been recognized by the US government and Singapore's SkillsFuture.
From Q2 2019, Airnetzcharter.com activated the XDC Payments relay bridge and stabilized the exchange rate through instant swaps with USDC. AirnetzCharter.com's GDS system covers more than 5,000 aircraft and 25,000 airports worldwide. The integration and storage with XinFin's XDC protocol supports customers mainly to facilitate immediate medical evacuation and air ambulance.
Headquartered in Singapore, Globiance has launched several stablecoins on the XinFin blockchain. NS stablecoins These are fully backed by the respective fiat to which they are pegged. Some of these include SGDG, EUROG and HKDG.
For 2021, the XinFin team focuses on wallet integration, custodian integration, and rapid adoption of XDC. Here's an overview of what's available to the XDC community this year.
- New wallet integration to build strong supporting infrastructure for XDC Main Chain
- Software/hardware wallet
- Digital asset custodian
- OpenLaw, R3 Cordite, ExelTrip . Integration
- Wallet Facility Multisig
- Drive rapid XDC adoption with existing DApps on the XDC Network
- Scaling up liquidity pools on TradeFinex
- Develop Blockdegree partnerships with institutions to cross-sell education with profit sharing 50%
- Develop business connection with blockchain ecosystem and crypto-assets in MyContract
- More exchange lists
- Open to both resident and non-resident customers in the US, Japan, Korea
- Evolving XDC's Interoperability with the Ethereum Ecosystem
- Legal clarity on the XDC Network and original content
- In Singapore, United Kingdom, Liechtenstein, USA, Japan and United Arab Emirates
- Boost bet XDC
- XDC Masternode Network Expansion
- Exchange staking community and custodians
- Hackathon & Internship to Drive XDC Adoption and DApp Integration
The XinFin team also encourages community members to participate in the development and use of the XDC Network. Therefore, efforts that can promote XDC adoption with running systems will be encouraged through XinFin Bounty programs.
The core idea behind XinFin's initiative is to make transactions safer and more transparent between parties involved in cross-border transactions. XinFin, as an organization, believes in establishing an environment that will help businesses thrive without worrying about the complexities of international money transfers.