Xinfin.org is a hybrid blockchain that aims to optimize the world of global trade and finance. Find out how it works today in our review.
What Is XinFin?
XinFin aims to connect governments and institutions through a global finance marketplace, building a commerce of trust using secure, real-time payment solutions. Using an industrial-grade blockchain and IoT integration, XinFin aims to connect the world, make the global economy more efficient, and drive global economic growth.
Obviously, those are some ambitious goals.
The platform revolves around the use of XDC tokens. XDC is used to execute trades in real-time over secure, blockchain technology. There’s also a marketplace called Tradefinex where users – including governments, organizations, corporations, and individuals – can access financing at globally competitive rates.
How Does XinFin Work?
XinFin consists of an industrial-grade blockchain platform with the ability to integrate IoT devices. The end result is a system that can host applications across industries, including fintech, travel, healthcare, aviation, and more. Using XinFin and XDC, governments and institutions can connect with global suppliers and financiers. The platform facilitates decentralized peer-to-peer trading and financing for economic development.
Some of the core functions of the XinFin ecosystem include:
The XinFin / XDC ecosystem co-exists within a public and private blockchain network. XinFin’s website explains that public blockchains have limited for enterprise-grade applications. That’s why we’re seeing a growing number of private blockchains – or at least private and public hybrid blockchains like XinFin.
With XinFin, all users are part of the public network. However, the private network is only open to certain participants. The private network state is maintained in its respective network, although a record (hash) of transactions and smart contracts is stored on the public blockchain. The end result of this hybrid system is more flexibility, faster transaction times, better security and auditability, and overall better enterprise use than a public blockchain.
XinFin’s hybrid blockchain uses a hybrid consensus mechanism. Hybrid consensus combines proof of stake with proof of authority. Certain participants in the blockchain – like central banks, national trade associations, and national regulators – get importance under proof of authority. At the same time, the mechanism restricts the number of tokens to any individual or institution, which means the network will have more stakeholders and a decentralized environment. This avoids a proof of stake problem where everyone gets a stake, and it avoids a proof of authority problem where centralized authorities get too much power.
XinFin plans to release its own token standard called XDC01 to ensure users on the blockchain will not accidentally send their tokens to an incompatible ERC20 based blockchain, or to a wrong address that doesn’t exist in the network. XDC01 is built on top of the ERC20 standard. Because of the hybrid nature of the XDC blockchain, the network allows interoperability with Ethereum and bitcoin, with the end result being the creation of “a truly decentralized cryptocurrency space.”
Low Cost Financing
One of the key goals of XinFin is to make it easier to access low-cost infrastructure financing using blockchain technology. To accomplish that goal, XinFin is creating a peer-to-peer financing mechanism using its TradeFinex platform, smart contracts, and underlying XDC tokens. XinFin will liaise with governments and institutions to deploy this financing mechanism, with the end result being lower costs for governments and a reduced tax burden on citizens.
Real World Applications
XinFin is a consumer-centric blockchain that aims to solve real-world problems. The company claims to already be working on several pilot projects for solar, travel, aviation, and fintech. These industries can access unique features like global institutional crowdsales to better access financing.
XDC tokens are an international finance mechanism used for transactions on the Xinfin platform. You can access the XDC online wallet, which lets you easily store XDC tokens on their website.
XinFin’s Blockchain Applications: Uses For XinFin
With the above features and goals in mind, XinFin has created three separate blockchain applications. Those applications include a marketplace platform (Tradefinex), a remittance and wallet system (XDC), and industrial applications.
XinFin Marketplace (Tradefinex)
XinFin’s marketplace platform is called Tradefinex. The global platform promises to help buyers secure capital at globally competitive rates. It gives suppliers visibility while giving financiers real-time visibility on their investments through the use of asset digitization and IoT integration. Individuals, communities, companies, and governments can use this platform to execute trade and financing through smart contracts. There’s also an in-platform rating system to evaluate borrowers.
Remittance & Wallet
XinFin’s blockchain platform offers integrated wallet solutions to enable real-time payment and settlement across the globe. It uses the XDC protocol, including the use of XDC tokens for the exchange of goods and services. The XDC ecosystem is currently in development, although the XDC wallet is available to download from XinFin.org.
XinFin aims to combine the best features of Ethereum and Quorum to create the XinFin blockchain for industrial applications. The platform can be integrated with existing legacy systems using XinFin APIs, thereby making it simple, economical, and convenient to use. The platform is secured using a digital ledger that stores data performing settlement through the XDC protocol.
Who’s Behind XinFin?
XinFin’s development is led by a non-profit called the XinFin Foundation. Key members of the XinFin Foundation include Atul Khekade (Early Investor & Ecosystem Development), Ritesh Kakkad (Blockchain Strategy), Sameer Dharap (Vice President, Blockchain Applications), Peter Reo (Early Investor, Advisor, Blockchain Architecture), Jack Xu (Early Investor, Co-Founder, Head of Operations), and Karan Bharadwaj (Chief Technology Officer).
XinFin was founded in 2017. The company has offices in San Francisco, London, Singapore, and Melbourne.
XinFin aims to bridge the global infrastructure deficit using the power of blockchain technology. The company wants to increase global economic efficiency, helping governments access lower-cost sources of financing in a peer-to-peer, enterprise-grade environment.
To accomplish that goal, XinFin uses a hybrid blockchain with a hybrid consensus mechanism. That blockchain supports IoT integration.
To learn more about XinFin and their ongoing development, visit online today at XinFin.org.