Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
XFOC is a system that includes several services to ensure a much easier and efficient financial system for both crypto and fiat.
One of the great things about the growth of the cryptocurrency and blockchain sector by extension is that there is impressive and commendable innovation. Currently, there are thousands of different digital assets already being traded on many of the crypto exchange platforms, some of them with their own uniquely designed blockchain networks. However, of all the many different options, one of the most effective and forthcoming offerings is the XFOC.
What Is XFOC?
XFOC is the name jointly shared by a digital asset as well as the blockchain platform on which it operates, by Foot D-Labo Holdings Limited, based in Malta’s Sliema town. The XFOC ecosystem has more than a few offerings that include the XFOC cryptocurrency, the blockchain solution which will also be very beneficial even for traditional banking institutions, a Cashcard, the XFOC wallet, and many more.
XFOC offers more scalability than many of the available options. For example, block production in Bitcoin (BTC), requires an average of 10 minutes for completion. On the Ethereum (ETH) blockchain which is known to be several times faster, block production requires about 15 seconds. The XFOC however dwarfs the two largest cryptocurrencies in the market as its own block production time requires only 0.5 seconds. This high speed ensures that the XFOC blockchain is the best alternative for both the cryptocurrency and traditional financial sectors.
- XFOC Wallet
The blockchain’s native wallet promises to be simple and easy to use, delivering an unmatched user experience to all of its customers. The XFOC Wallet will allow easy and unified management for all supported assets including fiat currency, digital assets and several other financial products. The WALLET will also allow very easy integration of several bank accounts in different currencies, whether crypto or fiat. For banks, adopting FXOC will see a SWIFT code received, so that even regular bank transactions – including deposits and withdrawals – will be seamless.
To support banking, XFOC will also issue a CashCard to all of its WALLET customers. The card will work like a regular bank card and will also be used to deposit and withdraw cash at all banking partners anywhere in the world.
Furthermore, XFOC intends to contribute to a cashless society by infusing QR codes as well, so that payments in stores can be easily done via the app. Fiat currencies to be supported include the U.S. Dollar (USD), Chinese Yuan (CNY), Euro (EUR), Japanese Yen (JPY) and many others. For crypto, supported assets will include Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), XRP, EOS, the native unique Future Oriented Currency (XFOC) and a few others as well.
There will also be an XFOC Exchange platform which will allow for fiat-to-crypto and crypto-to-fiat conversions as well. Customers will be able to exchange any of the above fiat currencies with any of the aforementioned cryptos. The Exchange will also offer services for order book trading as well as OTC matching.
Security features include:
- Multisignature (multisig) – which will properly manage multiple signatures and ensure proper security even if one of such is compromised.
- System Monitoring – To monitor transactions and general activity including logs.
- Rate Limiting – Used against brute force attack and other technical attempts to breach an account, temporarily blocking access.
- Authority Control – Minimizing the chance of internal fraud by recording and controlling access and quickly flagging unauthorized processes.
XFOC’s official announcement states that sometime in spring (between March and June) next year, the WALLET app, as well as the exchange platform, will be available. By summer, the Cashless service involving QR codes will be launched and then the XFOC’S Cashcard will come in winter.
The XFOC project is bound to cement itself as one of the most viable ones in the industry. All of its features including security, cashcard, the wallet and its intended integration with banks and other financial institutions will not only increase popularity but will also guarantee significant adoption in a very short period of time.