When it comes to the digital currency space, the market is full of innumerable tokens that hardly serve a purpose – other than to boost the value of a coin so the founding team can make a quick, intense profit. The sector is full of value-transfer coins, where they can be used as a store of value or sent to another user and may also offer a flimsy blockchain-based platform that nobody ever really wanted. We have way too many investment options like that to sort through, so it’s always a breath of fresh air when we can find a token that’s backed up by technology that’s actually useful.
XinFin (XDCE) is one of the digital tokens that falls into that category – this network boasts a lot of utility in enterprise use cases and beyond.
What is XinFin (XDCE)?
This technology was built with the future evolution of our financial markets in mind. As it stands, the blockchain revolution is still in its infancy – and we are a long way from the average person using cryptocurrency on a daily basis. As crypto becomes more and more enmeshed into our financial system, there are even more complications: legacy technology and outdated ways of doing things are already incredibly complex without throwing cryptocurrency into the mix.
Coins that are currently the most-used digital currencies solve pretty narrow goals, such as payment coins (Litecoin and Bitcoin Cash), settlement coins (Ripple) and smart contract coins (like Ethereum and QTUM). XinFin (XDCE) has developed an umbrella solution, that is designed to complement the existing financial infrastructure – not take its place.
The XDC01 Protocol and its uses
The unique XDC01 Protocol is what powers this scalable, safe, permissioned and commercial grade blockchain network. This hybrid architecture is the result of a fork from the Ethereum network as well as Quorum, providing the best of both private and public blockchains – and it is built to be interoperable with legacy systems.
The platform is powered by the use of two digital tokens. The first is its native fuel, XDC (XinFin Digital Contract), which is an ERC20 token that users need to participate in the network. The other one is what you will see on the exchanges – XDCE. These tokens can be swapped for XDC tokens on a 1-for-1 basis.
So, what exactly was this technology built for? The answer is that XinFin offers a lot.
According to their whitepaper, there are endless possibilities for business applications that can be launched on this network. Anyone can develop and release a decentralized application (dApp) on this protocol, which would bring the combined hybrid power of Ethereum and Quorum into complex sectors like finance, supply chain management, procurement, settlement, distribution – the list goes on. The network also supports child chains for specific industries.
Pretty much any type of organization in any industry can launch an application with XinFin (XDCE), and the beauty is that they don’t have to be tokenized solutions – businesses can make non-tokenized dApps. According to the team behind XinFin, they are already working on use cases in varying sectors “like banking, aviation, tourism, power, medical, and other industries.”
One of the biggest pains about top coins like Bitcoin and Litecoin is that they aren’t private. That simply doesn’t work for a lot of enterprise use case necessities. XinFin enables participants on the network to build private sub-networks. Institutions can keep everything confidential related to the parties of the transactions.
Ecosystem participation incentives
For users who are willing to host master nodes on the network, which is what support the delegated proof-of-stake consensus, they receive token rewards as remuneration. In fact, about 1/3 of the XDC token supply is reserved for paying master node hosts. Here is how they keep it stable:
“Part of the supply will be used for reward scheme for the participants on the platform. The rewards amount will be determined depending on the project value, purpose and the participants involved. This supply is locked and a maximum of 10% of the XDC tokens held by the institution running the Master Node can be released every year.”
Those are just three of the various ways that XinFin (XDCE) can be used, and why it can be a very advantageous option for enterprise customers to check out. You can understand more about the technology on their site.
The content within this press release was provided by the organization referenced. usaCommerce is not endorsing and is not responsible for or liable for any content, products, accuracy, advertising, quality or other materials found on this page. Readers are advised to perform their own research before executing any actions related to this company.