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XinFin (XDC) Cryptocurrency Review

Thanks to the capacity to transfer value across borders at a short time period and cost of legacy systems, smart contract blockchains have long been considered to be a disruptive technology for the financial industry. However, with most modern blockchain networks currently overburdened and have high fees, their opportunities are limited. Nevertheless, several high-efficiency platforms have emerged in recent years, looking to increase this potential.

9 min
Name:XinFin (XDC)
Consensus Mechanism:Proof-Of-Stake (POS)
Website:https://xinfin.org/

Table of Contents

What is XinFin?

XinFin is a Singapore-based hybrid blockchain platform with a highly scalable and secure Blockchain architecture. Сreated by eXchange inFinite (XinFin) it was launched to upgrade the international trade and financial industry via an efficient, accessible, and highly versatile solution. XinFin is the first-ever hybrid blockchain network processing public and private blockchains simultaneously. It aims to solve the scalability issues that many blockchain systems have.

XinFin’s primary goal is to minimize the global infrastructure deficit by enabling peer-to-peer financing between Governments, corporations, suppliers, and buyers - to make efficient use of capital and deploy projects. XinFin is already functioning in Singapore, the USA, Europe, India, and is currently working on several pilot projects across banking, aviation, travel, supply chain management, etc.

XinFin (XDC) is a fork of the Ethereum blockchain and enables the following features:

  • Hashing Algorithm: keccak-256
  • Block time: 2 seconds
  • Protocol Type: XDPoS
  • Total supply: 37 500 000 000 XDC

XinFin History

The XinFin platform was founded in March 2018 through an Initial Coin Offering (ICO) of $15 million. One year later, in June 2019, The XinFin mainnet went live and became one of the first smart-contract blockchains to use proof-of-stake (PoS) consensus.

It was founded by Atul Khekade, a software programmer who also funded the XDC-powered Blockdegree education platform, Ritesh Kakkad, an entrepreneur with multiple ventures in the digital space, and Karan Bhardwaj, Chief Technical Officer (CTO), who left the company in 2018 to proceed with his startup, Elatior Tech.

How Does XinFin Work?

XinFin Protocol Structure

XinFin blockchain runs on XDC01 protocol, built over the first of its kind Hybrid Blockchain architecture to enable cross-border smart contracts and real-time settlement for institutions. XDC protocol is created to support smart contracts, price stability, and KYC/AML layer using its hedge pool for Bitcoin, Litecoin, Bitcoin cash, and Ripple on its tradefinex.org platform.

The XDC hybrid protocol also supports FIAT payment systems. Moreover, the XDC blockchain protocol makes transactions run faster up to 2 000 transactions per second (TPS) with almost zero transaction fees.

The XinFin Hybrid Blockchain runs on its XinFin Delegated Proof-of-Stake (XDPoS) consensus mechanism. In short, the Proof-of-Stake system allows anyone with a certain amount of coins help verify transactions on the network.

XinFin blockchain uses staking. It is similar to mining, but it does not require any hardware. Stakeholders secure the network by validating transactions automatically and thus provide total network decentralization. Therefore, stakeholders must stake to increase the network security.

XinFin is an EVM-compatible and scalable public blockchain, so the developers can easily launch their Ethereum smart contracts on XDC Chain with almost instant transaction confirmation and few to none modifications needed.

The XDC network consists of two network states:

  1. Public state refers to a part of the network accessible to all participants.
  2. Private sub-networks are available only for institutional and permissioned participants. Participants activities are not visible to the unauthorized public.

XinFin Block Production

In XinFin Hybrid Blockchain the ability to host these private sub-networks and to produce blocks is the responsibility of masternodes.

A masternode is a server that provides computing power to create, verify, and sign block transactions. It then receives XDC as a reward. Every masternode (a block producer) can and must create blocks. XinFin network architecture uses 108 masternodes to reach consensus and provide network security.

Running a XinFin masternode has the following requirements:

  • Masternode candidates must deposit 10 million XDC.
  • They also have to provide 99.9% uptime and a dedicated Static IP.

If chosen as a masternode a candidate receives XDC rewards according to the number of signed blocks.

The list of masternodes is fixed within a certain period, the so-called ‘epoch’, and can be dynamically changed for every epoch. All the masternodes on the network are KYC enabled and selected to create blocks circularly. A block is created every two seconds. The maximum number of blocks created within an epoch is 900.

XinFin Security

XinFin Hybrid Blockchain is resistant to long-range attacks due to block finality and the order of block producers who create blocks at a specific point in time. This makes it impossible for hackers to create a longer valid chain because other block producers will refuse it.

Censorship attacks can happen if 3/4 of block producers in XinFin Hybrid Blockchain are controlled by attackers. XinFin Hybrid Blockchain improves censorship resistance with its architecture, where nodes have to stake a significant amount of tokens to become block producers.

Moreover, the stakes of XinFin Hybrid Blockchain masternodes are locked in smart contracts and unlocked after one month. So if any masternode misbehaves, it will be out and its stake cannot be used in any way for one month.

To strengthen blockchain security, XinFin Network XDPoS protocol also provides:

  • Double validation, when a block is created by one masternode and must be verified by another one.
  • Randomization, when the user validating the most recent block is chosen randomly.

XinFin Use Cases

  1. XinFin Hybrid Blockchain can be used for processing decentralized value transactions and building decentralized applications (DApps).
  2. XinFin is used for peer-to-peer and remittance trading platforms, online digital asset-linked identity, blockchain-powered insurance, end-to-end land registry record management, etc.
  3. XinFin Network is used for issuing new tokens, as their XRC21 token standard allows transaction fees to be paid in the token itself (as opposed to ETH for Ethereum tokens, ETC for Ethereum Classic tokens).
  4. The XDC Network is EVM compatible. It allows seamless interoperability with Ethereum and offers such advanced smart contract capabilities as asset tokenization and decentralized finance.
  5. On November 30, 2020, Globiance, a Singapore-based global financial services group launched Singapore dollar (SGDG) and Euro-backed stable coin (EURG) pegged to the Singapore Dollar and Euro, convertible at a 1:1 rate on XDC Network. SGDG and EURG can be converted to fiat and withdrawn to bank accounts.

XinFin dApps

  1. TradeFinex is an enterprise-grade blockchain dAPP built for global infrastructure deficit minimization through retail investor participation, and efficiency increasing by workstream automation.
  2. MyContract.co is a dAPP for delivering automated services for token crowd-sale smart contracts.

What is XDC Token?

XDC is the native cryptocurrency that powers the XinFin hybrid blockchain protocol. Like in Ethereum blockchain XDC coin is used for paying transaction fees and smart contract operations and helps run the network by providing a standard value for the chain. It can be staked to participate in XinFin’s block production and to deploy smart contracts. XDC is currently in Top100 cryptocurrencies according to coinmarketcap with a max supply of 37.5B XDC.

XDCE is an ERC20 token pegged to XDC at a 1:1 rate. XinFin transferred 15B XDC tokens (out of 37.5B Max XDC supply) to a swappable token XDCE. This XDCE token supply will allow a swap for all existing 15 billion XDC tokens out in circulation at any time. The main XCDE use purpose is to be the liquidity gateway for XDC because of inevitably speculation and trading on many exchanges.

How to Buy XDC?

XinFin (XDC) Network was listed on several crypto exchanges, such as BitFinex, CuCoin, HotBit, etc., but it can not be directly purchased with fiat money. You can buy XDC coins by buying Bitcoin, ETH, or USDT from any exchange and then transfer them to the XDC trading exchange.

You can also buy XDC using Guarda Wallet. Just do the following:

  • Log in to your Guarda Wallet account.
  • Click Buy.
  • Find XDC in the list of cryptocurrencies.
  • Choose the needed amount.
  • Click Buy.

Where to Store XDC?

XinFin is supported by several types of hardware and software wallets and even native XDC Wallet. Moreover, XinFin (XDC) is a fork of the Ethereum network, so it can be stored in any ETH compatible wallet.

We recommend you to use Guarda Wallet. Guarda is a non-custodial multi-currency crypto wallet available on the web, mobile, and desktop platforms. It allows you to buy, store, and exchange XinFIn coins safely in one place.

To create a Guarda cryptocurrency wallet:

  • Open the Guarda website.
  • Click Create XDC Wallet.
  • Choose to create a new wallet if it is your first Guarda wallet.
  • Create a strong password and confirm it. Store your password in a secure place!
  • Download your wallet backup and also store it in a secure place and preferably offline.

Read our guide for detailed information.

XinFin Future (Roadmap)

Among the XinFin plans are to forge relations with digital asset custodians and bring multi-sig capabilities to the platform. Moreover, to operate as a Decentralized Autonomous Organization, the XDC needs:

  • To achieve the XDC integrations across hardware and software wallets.
  • To add more digital asset custodians and crypto exchanges.
  • To provide XDC liquidity to support trade finance liquidity
  • To increase XDC adoption through marketing efforts that build awareness about the XDC Network’s protocol and benefits.

Conclusion

On a par with other popular blockchain protocols, XinFin’s XDC hybrid protocol is highly potential, because it is built to tackle the challenges faced by earlier blockchain-based ecosystems, such as high fees, low throughput, and poor developer experience. The capability of processing both public and private networks also opens new possibilities in the blockchain ecosystem.

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