Introduction to the XDC Network The invention of cryptocurrencies was largely driven by the ethos of decentralization and anonymity. However, the supporting technology – blockchain and distributed ledgers – has generated substantial interest due to their enhanced utility and global business applications. Let's explore a prime example, the XDC Network.
The XDC Network Advantage: Enterprise-Ready Blockchain. The XDC Network is a third-generation Layer 1 blockchain network, specifically designed with enterprise use cases in mind, particularly international trade and finance. Thanks to its unique hybrid protocol, the XDC Network has successfully penetrated the regulatory aspects of these sectors and can cater to the enterprise and institution side of this market.
A major advantage of the XDC Network lies in its ability to offer the best of both worlds - the transparency of public blockchain transactions, coupled with the speed and security of a permissioned blockchain that settles in 2 seconds and averages .00005 XDC fee per transaction.The public side of the network, accessible to all participants, facilitates basic transactions and data transparency. Simultaneously, it offers enterprises the ability to construct private applications within the network, ensuring the privacy of sensitive data.
Ethereum Scaling Challenges Tackled by the XDC Network Breaking from the traditional crypto ethos of anonymity and decentralization, the XDC Network acknowledges the need for privacy in certain business applications. To ensure these businesses function optimally without potentially revealing sensitive information, segments of applications are designed to remain private.
As a third-generation blockchain platform, the XDC Network has made major improvements over its predecessors, which lacked the capability to scale on a global level. Previous blockchain generations were not designed to support a platform on which enterprises around the world could build applications for global use.
The XDC Network vs Other Layer 1 Blockchains In a direct comparison with other popular Layer 1 applications, the XDC Network excels. It processes transactions faster and operates on a more affordable and sustainable network. The XDC Network provides enterprises worldwide with a decentralized yet hybrid blockchain, enabling real-time gross settlements to expedite the finance side and cross-border smart contracts to accelerate global trade.
Scalable Utility: The Uniqueness of XDC Network The XDC Network isn't just fighting the current legacy trade and finance system; it's aiming to disrupt and digitize these sectors within our present framework. Built through IBM’s Quorum and Ethereum to possess hybrid blockchain capabilities, it is EVM (Ethereum Virtual Machine) compatible, implying that any decentralized applications on Ethereum can conveniently migrate into the XDC ecosystem.
XDC Network: A Hub for All Crypto Enthusiasts The XDC Network promotes inclusivity and versatility, making it an ideal network for all participants in the aggregate crypto ecosystem, including retailers, institutions, and developers. It fosters global liquidity pools, private applications, and other private networks built on top of the XDC protocol.
XDC Network's Strategic Partnerships and Regulations The XDC Network, the first blockchain platform built with a focus on global trade and finance innovation, has received significant adoption and acceptance from respected organizations in these sectors. The XDC Network has achieved this by working with various high-level institutions and enterprises within the TFD Initiative and DNI Initiative, further enhancing the regulated and compatible integration of this innovative technology.
Partnership Connections & Regulations As the first blockchain platform built directly with the intentions to innovate our world of global trade & finance, XDC has not only seen growing amounts of demand to utilize their network, but also seen very strong levels of adoption and acceptance by some high entity and respected organizations within these sectors.
One of the largest companies in providing enterprise grade software and technological services. R3 is arguably best known for their business centric permissioned blockchain platform Corda, which has seen adoption from enterprises all around the world to bring the utility of blockchain and distributed ledgers to their respective sectors.
By utilizing the IMPEL / DASL crypto bridge built on Corda as a solution for cross distributed ledger interoperability. Corda has managed to bridge XDC Network to interoperate within the Corda Ecosystem to allow institutions and businesses access to the applications on XDC, where institutions data can be privately kept on Corda with only certain data points to flow into XDC, as $XDC will be one of the many settlement tokens for the enterprises utilizing Corda to augment Corda into a platform enterprises can freely utilize without any siloed applications.SBI Holding Japan, TradeFinex, and XDC Network to help transform digital trade in Japan Region.
The Unique Approach and Future Potential of XDC Network Unlike other Layer 1 blockchain applications like Ethereum, Polkadot, or Solana, Xin Fin has focused on building a platform to address the needs of the trade and finance industry. By digitizing trading instruments and documents, Xin Fin is one of the paperless trade ecosystems at the forefront of this $19 trillion dollar trade industry.
As Xinfin continues to develop and build strong connections with influential players, the prospect of gaining substantial market share or even powering the entire sector through their protocol becomes an ever-closer reality.
TradeFinex: Decentralizing Finance on the XDC Network Perhaps the most popular application on the Xin Fin network is TradeFinex, a peer-to-peer decentralized finance-focused application. It offers a secure capital market for the digitization of assets, allowing real-time tracking with IoT integration. Compatible with current legacy systems and ISO20022 compliant, TradeFinex is poised to be a game-changer in the enterprise blockchain technology sector.
Image Idea: A visual depiction of a digitized asset moving through the TradeFinex system.
TurantPay: Revolutionizing Global Payments with Xin Fin TurantPay, another Xin Fin-powered application, aims to resolve the latency and risk issues plaguing our existing global payment systems. By offering near-instant settlements with minimal fees on the Xin Fin platform, TurantPay is set to transform the way institutions and retail clients engage in global payments and settlements.
MyContract: Simplifying Smart Contracts with XDC Network Xin Fin, with its institutional and enterprise-grade focus, supports several applications centered around micropayments and microservices using the $XDC token. MyContract, a blockchain-agnostic application powered by Xin Fin, simplifies the generation of smart contracts and token creation for users.
Businesses and governments can seamlessly integrate smart contracts into their operations and tokenize their assets and ownership onto any blockchain.
Meet the Team Behind XDC Network
Atul Khekade | Founder of Xinfin (Company that created XDC Network) Atul Khekade Atul Khekade is one of the Co Founders of XinFin the company that created the XDC Network blockchain dating back to March of 2017, currently his primary focus is development of the technological and ecosystem aspects of XinFin.
Prior to Xin Fin, Atul has built up a long list of experience both in regards to the technological world and the trade finance side. With some notable features on his resume such as a consultant for Oracle, a founding member and managing director of Moneta Go and founder along with having some experience with holding a C level position and founding a few startups of his own.
Beyond just being one of the Co Founders for XinFin, Atul’s relentless work has been a huge catalyst to the success of Xin Fin. Atul is also a Co Founder and developer of Tradefinex, which is a regulated decentralized finance application protocol built on top of Xin Fin where users can trade tokenized real world assets through Xin Fins Digital Contracts collateralized by the $XDC token or $XDC backed stablecoins.
Roger Ver: From Bitcoin Champion to XDC Network Advocate Roger Ver Roger Ver, one of the earliest advocates of Bitcoin and a polarizing figure in the crypto world, has now directed his attention to the Xin Fin Network. Fondly referred to as the "Bitcoin Jesus" in his early days, Ver's influence in the crypto space is undeniable, despite the controversy surrounding his endorsement of Bitcoin Cash.
As early as 2011, Ver's former company, Memory Dealers, became the first mainstream company to accept Bitcoin as a payment method. Now, Ver has set his sights on Xin Fin, joining the advisory board to advance the technological foundations set by Bitcoin.
Image Idea: A split-screen photo depicting Roger Ver in his early days of promoting Bitcoin and a recent picture of him in his role at Xin Fin.
Andre Casterman: Trade Finance Veteran Joins Xin Fin as Advisor Andre Casterman, a high-ranking entity in the trade finance world, has aligned with Xin Fin as an advisor. With a rich history working in this industry, including a 24-year tenure at Swift and over five years at the International Chamber of Commerce, Andre is a board chair of the International Trade Forfaiting Association and is well-positioned to support Xin Fin's ecosystem growth.
Andre's current roles include being a member of the World Trade Organization, ITFA, and heading the TFD Initiative. Recognizing Xin Fin's potential, he invited them to participate in the TFD Initiative, where he oversees executive decisions. His years of experience working with regulators make him an invaluable asset to Xin Fin as they aim to collaborate with influential organizations in their sector.
From being much faster at processing transactions, to an infinitely more affordable and sustainable network, Xin Fin is able to provide enterprises around the world with a decentralized yet hybrid blockchain for the enablement of real time gross settlements to accelerate the finance side and cross borer smart contracts to simplify but also add haste to the world of global trade.
While there are a plethora of other third generation blockchains that may boast similar numbers, or ones even higher than Xin Fin. There aren’t many other Layer 1 applications out there that are capable of allowing high status regulated entities to trade on the platform without the worry of potentially funding malicious activities or the ability to easily build private applications within a public network.
https://itfa.org/about-us/board-members/ The International Trade & Forfaiting Association is a global organization built up of over 200 members consisting of financial institutions, corporations and intermediaries within the sectors of trade & finance.
ITFA was created in 1999 with the vision to create a more educated secure, transparent ecosystem within the trade finance industry. While also consistently working to improve the governance and regulations of doing business within this sector.
They are working with the TFD (Trade Finance Distribution) Initiative a consortium discussing the foundations of global trade & finance to close the $1.5 trade & finance gap around the world.
Back towards the summer of 2021, Xin Fin was one of the members having the honour of being selected to be a member of this organization. Since then Xin Fin has been working with multiple high level institutions and enterprises within the TFD Initiative. From Deutsche Bank, HSBC, London Forfaiting, Santander Asset Management, and many others within the trade and finance industry.
In addition to the TFD Initiative, XDC Network has become a DLT technology provider for the DNI Initiative to support and accelerate the widespread adoption of MLETR (Mode Law on Electronic Transferable Records), which picked up adoption by the UNCITRAL back in 2017. With the DNI Initiative’s focus primarily on tokenizing the trade & finance industry, XDC Network fits perfectly like the last piece of a puzzle with other members joining the ecosystem such as Nokia, UK & HM Departments, Lloyds Bank, along with many other regulated entities who could provide potential solutions to their mission of augmenting this industry to be both regulated and compatible to integrate this next level of innovative technology of immutable records and instant settlements through a distributed ledger.
Scalable Utility Rather than fight the current legacy trade and finance system, Xin Fin has built their protocol to disrupt and digitize these sectors within our current lives.
Essentially being created through IBM’s Quorum and Ethereum to have the capabilities of a hybrid blockchain, XDC Network is thus EVM (Ethereum Virtual Machine) compatible, meaning any decentralized applications on Ethereum can be conveniently migrated over into the XDC ecosystem for a much more scalable platform for utilization with near instant finality on transactions.
The XDC Network will be secured by their delegated Proof of Stake system, in which nodes on the network will be responsible for validating and broadcasting all the transactions that occur across their hybrid blockchain network. As Xin Fin aims to work within the regulated world of the global trade & finance sectors, each validator node on the network will be required to KYC in order to solve the issues of anonymous users on the network, along with having a more professional and regulated system, fit for the enterprise side of blockchain adoption.
There will be two types of nodes operating on Xin Fin, lite/regulatory nodes and master nodes. Master nodes will be the ones responsible for the majority of the networks activities along with storing all the data of the protocol. The team understands that in order to allow a truly decentralized system for consensus, nodes will be required to be ran even with the most basic of technological devices. This will not only help in the decentralization aspects, as anybody with a device can participate in the ecosystem, but is one of the many reasons that allow Xin Fin to be exponentially more scalable than many of the other blockchain protocols along with being magnitudes more efficient in terms carbon emissions.
Additionally,XDC network will run a unique process of double validation to double check verified transactions before they are engraved into the blockchain until the end of time. This is just another security and precision enhancing mechanism that allows Xin Fin to be a perfect match for the regulated side of demand for the integration of this technology.\
XDC Network for All The versatility of a hybrid blockchain platform enables the Xin Fin Network to be a network that can cater towards the needs for all participants in the aggregate crypto ecosystem. From retail, institutions, to developers. From access to global liquidity pools, private applications and other private networks built on top of the XDC Network protocol.
Final Thoughts XDC Network has taken a very unique approach in regards to building out a Layer 1 blockchain application relative to many others out there such as Ethereum, Polkadot, Solana, and may others.
Rather than the core focus on decentralization and fully open permissionless blockchain for anyone to build on. Xin Fin has taken the approach of building a blockchain platform that can mesh the needs and issues within the trade and finance industry with this new innovative technology in order to further develop that sector with this technology through digitizing trading instruments and documents.
The trade and finance industry is worth approximately $19 trillion, and with the work that XDC Network has already done with not just development and starting from a strong foundation, but building connections and coexisting with other large players in this space that have authoritative power, the potential for Xin Fin to possibly swallow up some of that market share or even have it all powered by their protocol is beginning to gradually become closer and closer to a reality.
Article Links: https://docs.xdc.org/
https://itfa.org/xinfins-xdc-network-the-first-blockchain-company-to-join-the-global-tfd-initiative/
https://medium.com/xdc-foundation-communications/xdc-network-at-itfa-porto-2022-e578894ede8c
https://xdc.org/solutions/trade-finance
