- What is XinFin?
- Who are the founders of XDC?
- How does XinFin work?
- Key Attributes of XDC
- How to buy XinFin in India
What is XinFin (XDC)?
A hybrid blockchain platform, XinFin is built to modernize the global trade and finance sector through an accessible, efficient, and highly versatile decentralized infrastructure solution. Using its democratic consensus and high transparency, XinFin (XDC) provides its users with digitization, tokenization, and quick trade transactions.
The XDC Network is powered by the XDC01 protocol, which is created to support the smart contracts layer and AML/KYC segment of the network. Much like Ethereum blockchain’s native coin Ether (ETH), XDC is the fuel token of the XinFin network. It helps in paying the transaction fees and help in smart contract operations. The XDC token can also be staked to participate in XinFin’s validator network and for deploying smart contracts.
Who are the founders of XDC?
The three co-founders of the platform have long storied histories in the blockchain ecosystem. They are namely Atul Khekade, Ritesh Kakkad, and Karan Bhardwaj. Khekade is an experienced software programmer credited with founding several other tech firms and also funding the XDC-powered Blockdegree education platform. Ritesh Kakkad is a serial entrepreneur of multiple ventures in the digital space while Bhardwaj had left the company in 2018 to pursue his own startup, Elatior Tech.
How does XinFin Work?
As mentioned above, XinFin’s XDC01 is a hybrid protocol that takes combines the best of Ethereum and IBM’s Quorum platform to provide a solution to the gaps in the global financial markets. The platform makes way for organizations to take part in the global trade market at a very low cost. It is possible for the network to provide such low costs because of its high-efficient smart contract and real-time settlement capabilities.
XinFin believes their solution will make cross-border transactions far more efficient along with enabling both public and private use cases. The XinFin Network uses the financial messaging standard ISO20022 to ensure compatibility between its hybrid blockchain and legacy financial systems. This helps in ensuring firms and governments easily convert their centralized systems into a more robust decentralized network.
So far, XinFin’s versatility has been used for remittance and peer-to-peer trading platforms, blockchain-powered insurance, online digital asset-linked identity, end-to-end land registry record management, and more.
Key Attributes of XDC
- XDC is self-described as a third-generation blockchain. Built to tackle some of the common challenges faced by earlier blockchain-based systems, the XDC Network covers all; such as low throughput, high fees, and poor developer experience.
- The XDC network’s energy-efficiency consensus mechanism known as XinFin uses delegated-proof-of-stake (XDPoS). This helps the validators to securely finalize transactions and defend against potential attacks.
- Unlike many platforms, XinFin ensures its masternode can run efficiently with even basic consumer-grade computer hardware. This helps the XDC Network to be highly accessible and as a result, maximize decentralization.
Did You Know? XDPoS has a self-KYC feature, that the public masternode holders must use to complete identity verification before they can participate in consensus.
HOW TO BUY XinFin (XDC)?
Use these three-step processes to buy your first XDC using the CoinDCX crypto investment app in India
- Sign Up for the CoinDCX account: Enter a valid email address and a user name on the sign-up page. Once the Email Id has been verified, set a strong password to secure your account.
- Verify the account: You need to complete your KYC, to buy XDC on the CoinDCX platform. All you need to do is upload the documents and your account will be set up in 15 minutes.
- Buy XDC: After the account has been verified, you can deposit any amount of fiat currency you are comfortable with and start your crypto journey!
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