XinFin and XDC Network
The origin of XinFin and the conception of the XDC blockchain network can be traced back to the conceptualisation and development of the platform, which officially began in Singapore (2017). The Blockchain Software company XinFin (originally eXchange InFinite) was created by a team of entrepreneurs, developers and blockchain enthusiasts who recognized the limitations of existing blockchain networks and sought to build a hybrid blockchain solution that addresses the specific needs of enterprise use cases.
That is the brief of the XinFin and XDC Network origin story!
The founders of XinFin observed the challenges faced by traditional public blockchains like Bitcoin and Ethereum, such as limited scalability, high transaction fees and slow confirmation times. On the other hand, private blockchains lacked decentralisation and transparency. This led them to explore the idea of a hybrid blockchain that could combine the best of both worlds.
Hybrid Blockchain Concept
The core idea behind XDC Network’s creation was to design a hybrid blockchain that integrates features from both public and private blockchains. This unique approach enables XDC to be scalable, secure and flexible enough to cater to various use cases while maintaining the benefits of a decentralised network.
Development and Testing
The development team started working on the XDC protocol (DPoS), building and testing its consensus mechanism, smart contract capabilities and interoperability features. The development process involved rigorous testing to ensure the platform’s stability, security and performance. There is an upgrade to XDC 2.0 imminent to address improvements to block finality, as per Chained Hotsuff, and real-time on-chain forensic montioring.
XDC Network Token ($XDC)
The native cryptocurrency of the XDC network, known as $XDC (XinFin Digital Contract), was introduced initially as an ERC20 token ($XDCe) and was to serve as the utility token that powers the platform. $XDC facilitates transactions, acts as a means of value transfer and fuels the execution of smart contracts on the network.
Enterprise-Focused Use Cases
XinFin designed the XDC Network with a focus on enterprise use cases, particularly in industries like trade finance, supply chain management and cross-border payments. The goal was to provide practical and efficient blockchain solutions for businesses looking to leverage decentralised technology.
As the development progressed, the XinFin team actively engaged with the blockchain community to gather feedback, suggestions, and insights. Community involvement was essential in shaping the platform’s features and ensuring that it meets the needs of its users. In 2021 the XDC Foundation was born to help further those aims. Currently there is a drive to formalise a Decentralised Autonomous Organisation (DAO) experience for the Network.
To foster the growth and governance of the blockchain ecosystem, the XDC Foundation, a non-profit organisation, was established. The foundation played a crucial role in promoting the adoption of XinFin, supporting developers and facilitating partnerships with various stakeholders.
The culmination of all these efforts resulted in the birth of the XDC blockchain network, a hybrid blockchain platform with a focus on enterprise use cases, scalability and interoperability. Since its inception, Xinfin has continued to evolve, expand the XDC Network’s functionalities and gain traction in various industries seeking to integrate blockchain technology into their traditional operations.
The www.xinfin.org website is a global portal for many technical resources of the XDC Network’s use-cases and provides high level analytics of the global spread and adoption of the blockchain network. It is very Developer friendly and focused on all matters related to getting projects built.
Also, when any new project project is launched (or migrated), Xinfin will proudly add it to the growing list of XDC Network Projects!