Xinfin Network

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Discover Xinfin Network's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Xinfin Network?

Xinfin Network (XDC) is a hybrid blockchain platform designed to modernize the global trade and finance sector. It combines the benefits of public and private blockchains, offering a highly scalable, secure, and efficient decentralized infrastructure solution. The network supports smart contracts, processes 2000 transactions per second at low fees, and has almost instant transaction confirmation. XDC is the native token used to power transactions and provide access to exclusive features and services. The platform is designed to bridge the gap in global infrastructure financing by connecting investors and developers in a secure environment, facilitating peer-to-peer financing and asset tokenization.

How is Xinfin Network used?

XinFin Network (XDC) is a hybrid blockchain that combines the advantages of public and private blockchains, focusing on the trade finance space. It is designed to provide a scalable, secure, and interoperable platform for global trade and finance, enabling digitization, tokenization, and instant settlement of trade transactions. Here are some key ways XinFin Network is used:

  1. Trade Finance: XinFin Network is used to digitize and tokenize diverse trade finance instruments and assets, increasing efficiency and reducing reliance on complex FX infrastructures. This allows for better liquidity management for financial institutions.

  2. Institutional Investment: The network is primarily marketed towards large financial institutions seeking to incorporate asset tokenization into their business models. It provides a regulatory-approved and KYC-integrated network for decentralized operations.

  3. Decentralized Applications (DApps): XinFin Network supports the development of DApps, which can be sold on the network's market. Developers can create and deploy applications using the network's tools and infrastructure.

  1. Decentralized Oracle: Users can set up decentralized oracle networks on XinFin, enabling off-chain sensors to communicate data to and from blockchain networks. This expands the use case scenarios for blockchain technology.

  2. Cross-Chain Swaps: XinFin Network is working towards supporting cross-chain swaps, allowing for seamless transactions across different blockchain networks.

  3. Consensus Mechanism: XinFin uses a proprietary consensus mechanism called XinFin Delegated Proof-of-Stake (XDPoS), which is more energy-efficient and computationally efficient compared to traditional DPoS. This ensures high performance and fast block times.

  1. Validator Network: Validators on the XinFin network are responsible for securing the blockchain. To become a Validator, one needs to lock 10 million XDC tokens and attach KYC information to their node, ensuring that only invested parties handle vital network tasks.

Overall, XinFin Network is designed to provide a robust and efficient platform for various applications in trade finance, institutional investment, and decentralized technologies.

How do I store Xinfin Network?

To store XinFin Network (XDC) tokens, you can use the following wallets:

  • XinFin Web Wallet: This wallet supports XDC and XRC20 tokens. It is recommended to use the Keystore file option for added security.
  • XDC Android Wallet: This mobile wallet is designed specifically for Android devices and supports mainnet XDC tokens.
  • Guarda Wallet: This wallet is available on multiple platforms, including iOS, and supports XDC and XRC20 tokens. It is also suitable for managing other tokens.
  • XDCPay: This is a browser extension similar to MetaMask, allowing you to store and manage your XDC tokens within your browser.
  • Hardware Wallets: Compatible hardware wallets include Trezor, Ellipal, D'Cent, and BitFi, which provide an additional layer of security for storing your XDC tokens.

These wallets provide a secure and convenient way to manage your XDC tokens.

How to buy Xinfin Network?

To buy XinFin Network (XDC) tokens, follow these steps:

  1. Choose a Cryptocurrency Exchange: Select a reliable exchange that supports XDC trading. Compare exchanges based on features like fees, ease of use, and customer support. Some popular options include KuCoin, Bybit, gate.io, MEXC, and Bitfinex.

  2. Create an Account: Verify your email address and identity by providing photo identification. This process typically takes a few minutes.

  3. Make a Deposit: Fund your account using a payment method that suits you, such as a bank transfer, credit or debit card, or transferring cryptocurrency from another exchange or wallet.

  1. Buy XDC: Use your deposited funds to purchase XDC. On beginner-friendly exchanges, this involves entering the desired amount and clicking "buy".

  2. Secure Your XDC: Consider transferring your XDC to a personal crypto wallet to protect against exchange-related risks like hacks, scams, or platform bankruptcy.

Additionally, Uphold is a popular exchange for buying XDC, especially for new traders, but it is not available to Germany and Netherlands residents.

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History of Xinfin Network

The history of XinFin Network (XDC) began in 2017 when XinFin was co-founded by Atul Khekade, an Indian blockchain evangelist. The XDC Network was launched as a public/private mainnet in 2019, aiming to transform real-world trade and finance markets. The network is designed to be scalable, interoperable, and secure, with features such as hybrid relay bridges, instant block finality, and Ethereum Virtual Machine (EVM) compatibility.

In 2021, the XDC Foundation was established as a legal entity to support the XDC Network. The foundation relies on community input to decentralize its influence and promote the growth and adoption of the network. The XDC Network has since become a significant player in the blockchain industry, with various integrations, utility projects, and partnerships.

XDC Network has also been recognized for its innovative approach to trade finance. It was selected to join the TFD Initiative, a global effort to boost automation and transparency in trade asset and risk distribution. This initiative includes major financial institutions and aims to increase the accessibility and transparency of trade flows.

The network's hybrid architecture supports both public and private transactions, ensuring the security of sensitive data. It also allows for asset digitization and tokenization, making it a versatile solution for enterprises. The XDC Foundation continues to support the development and use of the XDC Network, which is being utilized by various third-party operations.

In summary, the history of XinFin Network (XDC) spans from its inception in 2017 to its current status as a prominent blockchain solution for global trade and finance, with a strong focus on interoperability, scalability, and security.

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How Xinfin Network works

XinFin Network, also known as XDC Network, is a hybrid blockchain designed to improve global trade and finance by providing a scalable, secure, and interoperable platform for decentralized applications (dApps). Here's an overview of how it works:

Architecture and Consensus

XinFin Network operates on a delegated proof-of-stake (XDPoS) consensus mechanism, which ensures high security, stability, and chain finality. The network relies on a system of 108 Masternodes that create, verify, and finalize blocks within a specific time period called an epoch. Each epoch lasts for approximately 30 minutes, and block rewards are paid out to Masternodes at the end of each epoch.

Native Token: XDC

The native cryptocurrency of XinFin Network is XDC, which serves as the reserve cryptocurrency for all third-party applications running on the network. XDC is not mineable but mintable by Masternodes. It is used to fund the development of XinFin Network and its ecosystem, incentivize the building of the network, and facilitate decentralized governance.

Smart Contracts and Interoperability

XinFin Network supports all EVM-compatible smart contracts, protocols, and atomic cross-chain token transfers. This allows for seamless integration with other blockchain platforms, particularly Ethereum. The network continuously researches and incorporates new scaling techniques such as sharding, EVM parallelization, and private-chain generation to enhance its capabilities.

XDCPay and Wallets

XDCPay is a browser extension that enables users to access XDPoS-enabled dApps without needing to run a full XDC node. It integrates the XDPoS Web3 API into each site's JavaScript content, allowing dApps to read data from the blockchain. Users can efficiently process transactions using XDCPay, which supports various browsers like Google Chrome, Mozilla Firefox, and Opera.

Trade and Finance Applications

XinFin Network focuses on international trade and finance, providing a highly secure, permissioned, and scalable commercial-grade architecture. The TradeFinex platform, built on the XDC01 protocol, enables real-time settlement of trade transactions via smart contracts. This platform connects different participants without limits, facilitating instant and secure transactions.

Key Features
  • Scalability: XinFin Network can process up to 2000 transactions per second, making it significantly faster than traditional blockchain platforms.
  • Security: The network employs military-grade security measures to ensure the integrity of transactions and data.
  • Interoperability: XinFin Network supports EVM-compatible smart contracts and atomic cross-chain token transfers, enabling seamless integration with other blockchain platforms.
  • Governance: XDC is used as a long-term, decentralized governance instrument for the XinFin Network.

Overall, XinFin Network offers a robust and scalable platform for decentralized applications, particularly in the realm of global trade and finance.

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Xinfin Network's strengths

Xinfin Network (XDC) has several strengths that make it a robust and versatile blockchain platform. Here are some of its key strengths:

  1. Hybrid Architecture: XDC Network combines the benefits of public and private blockchain networks, offering a hybrid architecture that is both secure and scalable. This allows for the integration of real-time cross-border trade with a backed integrated wallet solution, ensuring secure and efficient transactions.

  2. Delegated Proof of Stake (XDPoS) Consensus: XDC Network uses the XDPoS consensus mechanism, which ensures quick transaction times, minimal gas fees, and high security. This mechanism involves validators performing a small amount of Proof of Work (PoW) when proposing a new block, making it highly resistant to spamming.

  3. High Performance: XDC Network is capable of handling up to 2,000 transactions per second (TPS), making it suitable for high-volume transactions and enterprise use cases.

  1. EVM Compatibility: XDC Network supports Ethereum Virtual Machine (EVM) compatibility, allowing developers to build autonomous decentralized applications (DApps) and migrate tokens and projects like ERC-20 and ERC-721 easily.

  2. Tokenization: XDC Network enables the tokenization of real-world assets like commodities, securities, and property, allowing for fractional ownership and efficient trading.

  3. Interoperability: XDC Network offers high interoperability, integrating seamlessly with legacy systems like SWIFT and ERP, ensuring secure data transfer across platforms.

  1. Security: XDC Network ensures data protection and privacy through secure hardware wallets and multi-factor authentication, reducing the risk of errors and fraud.

  2. Developer-Friendly: XDC Network provides a robust and scalable foundation for developers to build decentralized applications (dApps), facilitating faster development and deployment.

  3. Enterprise-Ready: XDC Network is designed to meet the needs of enterprises, providing a secure and reliable infrastructure that can handle high volumes of transactions with ease.

  1. Community-Driven: XDC Network has a strong community backing, with the XDC Foundation established in 2021 to promote the growth and adoption of XDC through collaboration with developers, trade experts, and content creators.

These strengths make XDC Network an attractive option for businesses and developers looking to leverage blockchain technology for efficient and secure transactions.

Xinfin Network's risks

XinFin Network (XDC) carries several risks that investors should be aware of:

  1. High Risk Investment: XinFin Network is considered a high-risk investment, and investors should be prepared to potentially lose all their invested capital.

  2. Risk Gauge Rank: According to InvestorsObserver research, XDC has a high risk gauge rank, indicating that the coin is susceptible to price manipulation due to its low market capitalization and trading volume.

  3. Market Volatility: The cryptocurrency market is known for its volatility, and XDC is no exception. Its price can fluctuate rapidly, leading to potential losses for investors.

  1. Regulatory Risks: As a blockchain-based project, XinFin Network is subject to regulatory changes and potential legal challenges, which could negatively impact its operations and value.

  2. Security Risks: While XinFin Network has implemented various security measures such as double validation and randomization, it is not immune to potential security breaches or attacks that could compromise the integrity of the network.

  3. Centralization Risks: Despite its decentralized architecture, XinFin Network relies on a system of 108 Masternodes, which could lead to centralization concerns if a small group of nodes gain significant control over the network.

  1. Scalability Risks: XinFin Network aims to solve scalability issues, but if it fails to achieve the desired levels of scalability, it may struggle to compete with other blockchain platforms.

  2. Competition Risks: The blockchain and cryptocurrency space is highly competitive, and XinFin Network faces competition from other projects that may offer similar or better solutions, potentially impacting its adoption and value.

Investors should carefully consider these risks before investing in XinFin Network (XDC).

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Xinfin Network’s team

  • Atul Khekade: Co-Founder, Ecosystem Development. Founded MonetaGo India and Exchange Infinite (XinFin.org), a next-generation SWIFT built on blockchain technology.
  • Ritesh Kakkad: Co-Founder. Serial entrepreneur with multiple ventures in the digital space.
  • Karan Bhardwaj: Co-Founder. Left the company in 2018 to pursue his own startup, Elatior Tech.
  • Ruchi: Handles legal affairs, with a background in corporate law, immigration laws, and Intellectual Property Rights laws.
  • Aaditi: Manages public relations, with experience in handling human resources and liaising with government agencies.
  • Omkar: Technical team leader, involved in expanding knowledge in blockchain applications and smart contracts.
  • Anil: Software developer with experience in cloud-based technology, working on mobile wallets and identity technology for Ethereum-based Quorum technology.
  • Dattatray: Specializes in mobile app design, logo design, branding, and other features published in the print industry.

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