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What Is XinFin Network and XDC Token?

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by Oluwapelumi Adejumo · 5 min read
What Is XinFin Network and XDC Token?
Photo: Coinspeaker

The guide is ensuring a deeper understanding of XinFin Network – a platform that aims to solve most of the problems that blockchain networks are experiencing at the moment and focuses on social development goals. 

The core idea behind the creation of cryptocurrency and the entire blockchain technology is to either replace the traditional financial systems or make them better. This is what  XinFin Network and its XDC token are all about. XinFin Foundation, a non-profit organization that works with governments of different countries to reduce the gap in the global infrastructure believes that it is the absence of government-sponsored finance that has affected the development of several infrastructure projects all over the world.

In order to solve this problem, the XDC Network appeared. It is a secure blockchain transaction platform where investors can bid for and finance infrastructure without all the hassles and paperwork that usually comes with the process of financing an infrastructural project in a foreign country. Due to leveraging the features of the blockchain platform, connecting investors and developers has now become easier. Besides, all financial transactions and negotiations can be conducted on a secure platform with secured digital assets in place.

The mission of the XinFin Foundation is to use blockchain technology to improve the deficit in global infrastructure. This is achievable as the team has made it possible to use community-driven digital assets in an open-source blockchain platform. Thereby, it is redefining what peer-to-peer (P2P) transactions are all about. On its blockchain platform, users have access to the right environment for businesses to thrive regardless of the physical borders that exist between them as cross broader transfers and trade can take place seamlessly.

XinFin Foundation: History, Mission, and Team

The team behind XinFin Foundation consists of top and respected individuals within the crypto community. It includes Alan Lai, a blockchain engineer at UC Berkley, Ankit Patel, who serves as director and is in charge of R&D, as well as Atul Khekade, an early investor with expertise in Ecosystem Development. Besides, it has Ritesh Kakkad on board, a prominent blockchain strategist, and Sameer Dharap, who is the Vice President and expert in Blockchain application. Among other names are Emerson Sanfilippo, Meenu Sarin, Tadashi Yoshida, and Confidence Nyirenda. It is not only the diversity and expertise of the team that is impressive. The advisors are worth mentioning as well. Among them is Roger Ver, who is CEO of Bitcoin.com and popularly known as Bitcoin Jesus due to his role in the global adoption of Bitcoin from as far back as 2011. There is also Mate Tokay, Bitcoin.com COO, and one of the most vocal proponents of Bitcoin and Bitcoin Cash. Others include Jason Butcher, the co-founder of Blockchain Hub and COO of Coinpayments, Sydney Ifergan, an expert in ICO, CMO, AND Crypto, and Simon Bowles, a blockchain consultant and advisor.

Founded back in 2017 in Singapore, XinFin Foundation offers a scalable, secure enterprise-grade blockchain that is well suited for highly regulated industries and commercially sensitive data. With this team of developers, strategists, and advisors, XinFin Foundation has developed the XinFin network, which solves the issue of scalability that most blockchain platforms, including Ethereum (ETH), presently have.

XinFin Network’s Functioning

The XinFin Network is supported by a system of 108 Masternodes. Unlike Ethereum which experiences congestions and high fees on transactions, the XinFin network has low fees. Its fast transactions have an average of 2-second confirmation time. It also supports interoperability with Ethereum.

Techniques like double validation, true randomization process, and staking via smart contracts guarantee stability, security, chain finality of XinFin Network. There is also the XinFin Digital Contract (XDC), and all EVM compatible smart contracts, atomic cross-chain tokens, and protocols can be run on the Network.

The team plans to further improve the platform and integrate techniques. Among them are private chain generation, EVM parallelization, and hardware integration. All of them are a part of the bigger picture and long-term improvements. They will be subject to research and integration into the XinFin network as time goes on.

The XinFin Delegated Proof of stake (XDPoS) consensus is at the core of the Network, and it is what contains the Masternode architecture. For token holders to become Masternode, they have to deposit 10,000,000 XDC tokens. The master nodes are responsible for block creation within an epoch (the period between block creation), and for the completion of a block, three quarters of the Masternodes must sign off on it. Every Masternode that signed off a block creation is rewarded.

The XDPoS takes full advantage of the power of stakeholder consensus issues in a fair and democratic way. Besides, it has a Self KYC feature that makes it more, regulator friendly and increases its use cases.

XDC Token

The XDC token is the native utility token powering the XinFin Hybrid Blockchain. This token serves as the settlement mechanism for decentralized applications built on the XinFin Hybrid Blockchain. There are several uses for the XDC utility token, which include MyContract, Kramaa, TradeFinex, iFactor, TurantPay, Land Registry, and Blockdegree.

The XinFin blockchain network has a total supply of 100 billion XDC tokens. This supply is limited and locked. As for the token allocation, it is as follows:

  • 25% is a wage for the founding team;
  • 15% went for the ecosystem development pool;
  • 10% went for pre-placement and follow-up token offering:
  • 32.5% serves as a reward pool for institutions hosting master nodes and incentives for participants on the platform;
  • 10% serves to hedge commerce between financiers, buyers, and suppliers against fluctuations in XDC token value;
  • 5% goes for philanthropic and social causes;
  • 2.5% goes for a contingency fund.

Conclusion

While XinFin Network is still in its early stages, it has already made significant and noteworthy progress. With a diverse and truly global team as well as highly experienced and reputable advisors, this platform definitely has a lot of offer.

What makes the XinFin Network unique is its multiple features. They solve most of the problems that blockchain platforms are experiencing at the moment. Besides, the platform also focuses on social development goals.  This Network seeks to become the perfect smart-contract public blockchain for small and big businesses as well as governments when it comes to dapps, token integrations, and token issuance.

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FAQ

The XinFin Network is a solution to the scalability challenges of current blockchains, including Ethreum. It offers efficient, secure, stable, and fast transactions with low transaction costs while also supporting interoperability with the Ethereum network.

What issues is XinFin Network aiming to solve?

XinFin Network seeks to solve the network congestion and high transaction time as well as exorbitant transaction costs of Ethereum. It is also creating a truly decentralized and blockchain that is interoperable with the Ethereum system.

How does XinFin Network function?

XinFin Network depends on the architecture of 108 Masternodes with the XinFin Delegated Proof of stake (XDPoS) consensus to function efficiently.

What is XDPoS?

The XinFin Delegated Proof of stake (XDPoS) consensus is at the core of the Network, and it is what contains the Masternode architecture.  It is the XDPoS that makes it the XinFin Network EVM-compatible and scalable.

What is XDC token?

The XDC token is the native utility token powering the XinFin Hybrid Blockchain. This token serves as the settlement mechanism for decentralized applications built on the XinFin Hybrid Blockchain.

What are the use cases of XDC?

Several use cases have been found for the XDC token, and so far, they include MyContract, Kramaa, TradeFinex, iFactor, TurantPay, Land Registry, and Blockdegree.

How to buy XDC?

You can buy XDC tokens from some of the top cryptocurrency exchanges in the world using your credit or debit card or with bank transfers. The process is quite simple.

Is XinFin Network compatible with Ethereum?

Yes, the architecture is similar to that of Ethereum, and you can easily port any smart contract written in the Ethereum protocol to XinFin Network and can even create hybrid dApps that will run on both XinFin Network and Ethereum. 

How is XinFin Network secured?

The XinFin Network has lots of safety features that make it secure. Notable are the Randomization and Double Validation features. There is also the irreversibility of block creation once it is finalized, making it impossible to rewrite the blockchain history, and spamming the Network is quite difficult as it will require a lot of XDC in transaction fees.

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