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What is XDC Network (XDC) token, Wallet and xinfin.io project?

What is XDC Network (XDC) token, Wallet and xinfin.io project?
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The XinFin cryptocurrency is an authorized blockchain platform aimed at facilitating international trade finance and inter-organizational payment transactions. XinFin inherits much of its functionality from two prominent platforms – the public Ethereum (ETH) blockchain and the private Quorum blockchain.

XinFin's native cryptocurrency, XDC, currently trades at $0,095 USD with a circulating offering of 12,3 billion symbols for a market value of around $1,1 billion USD.

What is the XinFin (XDC) token?

The XinFin cryptocurrency was created as a fork of blockchain Quorum, which, in turn, is a fork of Ethereum. The platform combines Ethereum's decentralized open access functionality with Quorum's support for creating private access networks.

The platform uses its own variation of the Delegated Proof of Stake (PoS) block verification method, which allows it to achieve fast transaction speeds and low costs. XinFin positions this verification model and its speed and cost efficiency as core value propositions.

The XinFin token is primarily aimed at financial institutions, governments, insurance providers and, in general, all commercial entities that may have an interest in efficient trade finance, settlement and inter-organizational payments transactions.

One of XinFin's most useful features for financial institutions is the ability to integrate data from internal legacy systems, such as ERP systems or SWIFT payment databases, into the blockchain using the ISO20022 electronic data interchange standard. ISO20022 is widely used by financial institutions for inter-organizational data exchange.

So far, XinFin has made some modest, albeit limited, progress in targeting governments and finance organizations. It cooperated with the government of Maharashtra, one of the largest Indian states, to present a proof of concept for blockchain land registration registries.

The XinFin token has also recently partnered with the Trade Finance Distribution (TFD) Initiative , a consortium of financial institutions that cooperate to improve the transparency and efficiency of inter-organizational payments. The TFD Initiative includes some prominent names in the financial industry such as ABN AMRO, ING, Deutsche Bank, Standard Chartered, ANZ Bank and the Commonwealth Bank of Australia.

What is XDC Network (XDC) token, Wallet and xinfin.io project?

Initiative members are expected to make use of XinFin for some of their operations or projects. So far, there has been an announcement of the Initiative to use XinFin for “SME-oriented supply chain finance”.

How does the XinFin cryptocurrency work?

At the heart of XinFin's value proposition is its Delegated PoS (DPoS) block verification model. XinFin credits this model with its low transaction costs and fast performance. XinFin's average transaction confirmation time is only about two seconds, while transaction fees are about 1/100th of typical fees in Ethereum.

We XinFin Master

XinFin's DPoS uses the concept of master nodes, powerful server-like computers capable of quickly processing a large number of transactions, to achieve its technical efficiency.

Any user can join XinFin and propose their candidate as a master node. In this sense, XinFin is a decentralized open access network. To qualify as an active master node, you will need to commit at least 10.000.000 XDC ($950.000 USD), have the necessary hardware and software, and get enough votes from other network nodes to place you in the top 50 master nodes during each era.

XinFin season

Each epoch on XinFin lasts about 30 minutes and involves 900 transaction blocks. Given the massive requirement of nearly a million dollars to become an active master node, XinFin currently has only 108 master nodes.

XinFin Rewards

Master nodes earn XDC rewards for block verification. XinFin uses a double verification step to increase the security of the lock verification process. When a master node verifies a block, a second master node is randomly chosen to confirm the block. Only after this confirmation, the block is added to the ledger.

Network users who are not master nodes can earn rewards by betting their XDC on qualified master nodes. Each time the master node they voted for with their XDC wins a block reward, network users also receive rewards, albeit in much smaller amounts.

Although XinFin has public access mode, organizations can create their own closed access networks on it and benefit from the cost and speed of the platform. Being a fork of Quorum, XinFin offers great functionality for setting up restricted access networks.

Who is behind the XinFin cryptocurrency?

XinFin cryptocurrency was founded in 2017 by technology entrepreneurs Atul Khekade and Ritesh Kakkad. The company is registered in Singapore. The project's core network was launched in June 2019.

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Both co-founders are active in the project. Khekade is heading XinFin's Technology and Ecosystem Development function, while Kakkad is involved in a broader role as project strategist. Kakkad is also an early investor in XinFin.

The project also has the support of five business advisors. Among them are Bitcoin.com CEO Roger Ver and Bitcoin.com COO Mate Tokay.

There is no reliable information on any external financing guaranteed by XinFin to date.

XDC Coin Price History

From its launch in 2017 until early 2021, the XDC traded at tiny fractions of a US cent, dropping below $0,01 until mid-February 2021.

It then began to appreciate rapidly, riding the wave of the general market bubble, and reached $0,13 in mid-April 2021. cryptocurrency market, XDC dropped to around $0,05 in mid-June.

What is XDC Network (XDC) token, Wallet and xinfin.io project?

The market rally helped the XDC to quickly rally back to the $0,10 levels, and in late August the currency peaked at $0,18. It has not been able to sustain these levels for very long, and at this point its value has halved from that peak. At the time of this writing, the XDC was trading slightly below $0,10.

Although twice as low as its historical peak so far, XDC has appreciated 1.000% since the beginning of the year. Compared to the overall crypto market valuation of 267% over the same period, the XDC performed comparatively well this year.

What is the future of the XinFin token?

The overall outlook for the XinFin project looks cautiously optimistic. Although the platform has not yet completed deals with many institutional clients, recent developments inspire confidence in the platform's business viability.

The partnership agreement with the TFD Initiative should serve as a great springboard for XinFin into the world of big finance. TFD has a large number of financial and banking giants among its members. If even a small fraction of these companies start using XinFin extensively, the platform will receive a much-needed boost from corporate “social proof”.

In March 2021, XinFin also signed an agreement with R3, owner of the blockchain Corda. Under the deal, XDC has become a platform-wide recommended settlement currency for the Corda blockchain.

Considering that Corda is the undisputed leader of enterprise blockchain solutions for the financial sector, this deal is another positive development for XinFin. While Corda customers can create their own tokens and currencies on the platform, XDC solves the problem of the lack of a platform-wide currency that would support operations between all private networks hosted on Corda.

The market's optimism towards XinFin is evident in its strong appreciation since the beginning of the year (1.000% against the overall market average of 267%).

The main problem that can hinder the pace of XinFin is the relative lack of network decentralization. The platform has only 108 nodes to verify blocks. Although additional verification techniques such as the double verification step and the continuous voting process for each epoch are employed, the total number of verifier nodes is comparatively low.

This can serve as a trust issue for potential clients, especially with XinFin trying to attract the interest of large entities such as governments and financial institutions.

What is the XDC Network (XDC) cryptocurrency Price Forecast?

The XDC Network price is forecast to peak at $0.2399 throughout 2022.
According to our crypto price prediction index, in 2023, the XDC Network (XDC) price could reach a maximum level of $0.4074, with the average trading price of $0.3030.

Conclusion

XinFin cryptocurrency is a blockchain that provides organizations with an efficient platform to conduct financial transactions. The platform mainly tries to meet the needs of financial institutions and governments.

While running as a decentralized public platform at its core, XinFin offers organizations the ability to create their own private or permission-enabled networks on the platform.

Although XinFin had little commercial success before 2021, this year proved to be a major step forward for the project. Since the beginning of the year, XinFin has signed important partnership agreements with organizations such as R3 and TFD Initiative.

These deals are expected to increase future opportunities for the blockchain. The year 2022 should bring the first substantial benefits from these partnerships.

The problem that could impede the adoption or expansion of XinFin in the corporate world is the relatively low level of decentralization of the platform. XinFin's reliance on just 108 verifier nodes may appear not to be sufficiently decentralized by some in the industry. The main question is whether XinFin's technical advantages, such as low costs and fast transaction speed, will outweigh its lesser decentralization in the eyes of potential customers.

More information about XDC

Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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