XinFin Network or XDC Network is an enterprise-ready hybrid blockchain that can support interoperable smart contracts and run decentralized applications (dApps) in the finance and global trade sectors. XinFin leverages a Delegated Proof of Stake (XDPoS) consensus mechanism.
The interoperable blockchain network supports Hybrid Relay Bridges for cross-chain communication and interoperability with other blockchain networks. It also enjoys an instant block finality and is among the most energy-efficient blockchain networks in the world, thanks to its public DPoS consensus algorithm.
In addition, the XinFin Protocol enjoys interoperability with legacy systems and blockchain networks. This makes it extremely easy to use for deploying applications related to core banking, ERP, and SWIFT systems.
XDC is the native token that powers the XinFin Network ecosystem. The utility token is used to pay transaction fees, execute smart contracts, and interact with dApps on the blockchain. XDC can also be staked by nodes who wish to participate in the consensus mechanism to help secure the network and validate transactions.
The XinFin Network originated via a fork from Ethereum and Quorum blockchains. Quorum is a permissioned blockchain network developed by JP Morgan.
The XDC blockchain enjoys a throughput of up to 300 TPS against Ethereum, which can process around 20 transactions per second. The blockchain also employs a smart contract manager that supports interoperability between the public XinFin XDC Network and other public blockchain ecosystems.
Its hybrid architecture lets it function as private and public blockchain networks by maintaining a private and public state. The private state of the network can keep critical data, such as financial data, secure, while the public state makes the data stored on the network transparent and verifiable.
The XinFin Network also leverages a Public XDPoS consensus mechanism, a delegated proof of stake consensus that allows for a decentralized way to validate transactions and create new blocks on the blockchain. Validators in the network are responsible for verifying transactions, producing new blocks, broadcasting new blocks throughout the decentralized network, syncing their data with other nodes, and helping secure the network.
The XDPoS consensus utilizes one-tenth of the energy required by proof of work blockchains like Bitcoin. XDC Network also offers meager transaction fees or gas fees. The Self-KYC-based nodes further enhance the security of the infrastructure by preventing the presence of anonymous network participants.
XinFin Network was launched globally in Q1 2017 and released the blockchain’s technical and business white papers in Q2. The pre-initial coin offering (pre-ICO) sales started in the second quarter of 2017 and concluded in the third quarter, followed by the launch of the XDC Android Wallet in Q4 2017.
XinFin launched the beta version of TradeFinex and set up XDCe in Q1 2018, followed by its cold storage wallet launch in Q2. In addition to partnering with global institutions and enterprises, XinFin set up multiple MasterNodes globally through the remainder of 2018.
The XDPoS testnet was rolled out in Q1 2019, while the Live XDC Public Net was rolled out in Q2 2019. The staking feature of the network went live in Q4 2019.
Through 2020 and 2021, XinFin focused on driving partnerships with financial institutions and getting XDC listed on leading exchanges and wallets. The company also launched hackathon events to increase the adoption of the XDC Network among dApp developers.
In Q3 2021, XinFin released the SDK for iOS, Android, Java, and GO. In Q1 2022, the release of PHP SDK, Rust SDK, and Dart SDK ensued. The first version of the NFT Marketplace and governance on XDC were released in Q2 2022.
XinFin Network (XDC) could be an exciting crypto to include in your investment portfolio as the project has solid potential for growth. As a hybrid blockchain that supports interoperability, the XDC Network is very versatile and could have several applications in Web3 and the mainstream among enterprises.
The blockchain can support dApps across several categories, including enterprise dApps. In addition, the interoperability feature allows XDC Network to interface with legacy systems and other blockchain networks, making it a convenient way for mainstream applications, especially in the finance industry, to evolve into decentralized applications.
The XinFin Network price could register an uptrend on the back of the rising adoption of its ecosystem among dApp developers and users. In addition, the announcement of new partnerships with mainstream businesses or the introduction of new use cases beyond global trade and fintech could also trigger higher buying interest and boost the XDC price statistics.
Finally, the XDC price and market capitalization could also trend higher when the mood in the overall crypto market turns strongly bullish. Higher investor confidence encourages more buying activity and could increase the XinFin Network price.
The XinFin Network mainnet token XDC has several applications. The following are some of its use cases.
XDC is used for paying transaction fees or gas fees within the XDC Network ecosystem. Users can pay gas fees when transferring payments using the blockchain, executing smart contracts, or interacting with dApps running on the XinFin Network.
XDC token holders can stake their cryptocurrency on the network to participate as network validators. After staking $XDC, they become eligible to verify transactions, contribute to block production, and even help secure the blockchain.
The XDC token is an attractive cryptocurrency to trade or hold in your portfolio. If you believe in the project’s future potential, you can buy or sell XinFin Network against other digital assets or hold it long-term. Check the live XDC Network price, current market cap, circulating supply, and 24-hour trading volume, and analyze the XDC Network price chart before you trade XDC.
Due to its hybrid design, the XDC Protocol can connect to legacy systems and other blockchains. As a result, it is a great way to upgrade core banking systems that use legacy technologies and make them more scalable and efficient without compromising security.
Blockchain technology holds the most promise in fintech applications, as evident from the stellar success of cryptocurrencies and decentralized finance (DeFi). XinFin Network offers a secure, low-cost, energy-efficient, and convenient way for banking systems to experiment with and adopt distributed ledger technology without security concerns.
The XDC blockchain can support tokenized and non-tokenized solutions that can improve business processes in legacy banking systems. Its technology can be used to make these processes far more transparent, offer a near-instant settlement, no single point of failure, and meager transaction costs.
You can create your own stablecoin pegged to a price-stable asset, tokenizing the asset and putting it on the blockchain without worrying about the volatile nature of cryptocurrencies. The XinFin Protocol lets you create fiat currency-backed stablecoins, non-collateralized stablecoins, cryptocurrency-backed stablecoins, and commodity-collateralized stablecoins. Here’s how to issue your own XinFin stablecoin in a few minutes:
1. Head to https://origin.xdc.org/ to create your own stablecoin issued on the XinFin Network.
2. Connect your XinPay wallet or unlock your crypto wallet with your private key to connect it to the MyContract dApp.
3. Click on Issue new Stablecoin and enter required details, including stablecoin name, symbol, circulating supply, and decimals. Click on Save & Review after inputting all information.
4. After reviewing all the details you have entered, click on Issue Token to deploy your very own stablecoin on the XDC Network.
There are many ways to grow your crypto portfolio by investing in XinFin’s XDC token. Here are some of the most popular options to earn from XDC:
Trade XinFin Network in the market through buying or selling XDC actions based on the XDC price action. Check the real-time XinFin Network price, market cap, circulating supply, 24h volume, and the latest crypto news before you trade XDC.
You can stake the XDC token on the XinFin Network to participate as a validator and contribute to securing the network. In exchange for your efforts in block production, you can receive rewards in $XDC and grow your crypto holdings.
You can also invest in the XDC Protocol’s native token if you believe in the future potential of the XinFin Network project. As the adoption of its technology picks up in the future, the value of XDC could also increase, earning you significant profits and helping you grow your portfolio.