Who is the team behind XinFin XDC?
XinFin.org is not a team; it’s a community that comprises of entrepreneurs, ex-bankers, ex-government officials who all are on a mission to deliver blockchain to solve real world problems. Our core team members include an entrepreneur with cloud hosting solutions business with over 10,000 clients (many of them fortune 500s), an entrepreneur who has created ventures in excess of $100 million in value, an ex-world bank executive that has helped in public infrastructure creation, and an ex-banker with over a billion dollars in asset management experience.
XinFin.org is developing a community of blockchain engineers, programmers, user interface experts, real world integration experts, and much more.
What is XDC?
XDC stands for Xchange Infinite Development Contract. It’s a native token on the XinFin.org platform that will be used for Trade and Financing as well as global real time gross settlement.
What is Goal of the XinFin Foundation?
Our goal is to build enterprise ready blockchain that enables centralized and decentralized financing of projects with which regulated entities can work.
Our goal in the long term is to get the Governments and Financial Institutions use blockchain based token itself on a real market need based use case. It came with two benefits:
• We got authorization from the Government for blockchain token XDC.
• We got regulated financial entities that will officially act as exchangers/market makers for the token XDC.
Why should I buy XDC?
Over the past five years, digital eco systems have outperformed any other assets like gold, the stock market or real estate. XinFin.org is building an institutional trade and financing marketplace built over its custom-designed Ethereum- derived token called XDC. Projects on the XinFin.org platform will be financed and settled through XDC. There is a huge risk as well as a huge upside to using blockchain-based tokens. The entire financial system of the world is being rewritten using digital assets built over blockchain. We believe blockchain will become a bigger development than any of the previous revolutions like the internet. The scalability and reach of a digital asset gives the buyer an opportunity to benefit from the rapidly growing economy.
What are the other applications of XDC?
XDC is launching with institutional financing as a use case with all other use cases like remittances, payments, and rewards points. The biggest benefit of XDC is that the transactions are performed in seconds—something that makes it useful in a variety of applications and use cases.
How is XDC built?
Public blockchains like Bitcoin and Ethereum are largely used as systems for peer-to-peer digital cash. Due to the mechanism of writing blocks and transactions held publicly through the miners, there is a huge computing power required to keep the blockchain stable from any DDOS attack. This has increased the latency time of transactions from anywhere between 10 minutes to 1 hour.
XDC is built by forking the Ethereum code base to make it more suitable to work on a private permissioned network. XDC transactions are completed in seconds and provide full privacy, also providing the ability to be distributed and decentralized at the same time. XDC is designed for a specific use case of global real- time gross settlement.
How will the xinfin.org marketplace work?
XinFin.org will be soon launching its marketplace for buyers, sellers and financiers on the tradefinex.org website. XinFin.org is connecting smart contracts with real- world contracts to enable real- world use cases of blockchain in the domain of institutional finance. The marketplace gives individuals the power to raise capital through crowdsourcing. It also lends a financing structure to financiers by giving them a certain percentage of bounty/cashback on tokens. It enables quality sourcing between suppliers and buyers with the ease of doing transactions through XDC, as a real- time gross settlement mechanism.
Is XDC Legal?
XDC is a Fintech Instrument that enables the real time payment, settlement and financing of global trade and financing transactions. Crypto-Currencies have mixed reviews as per various Governments. Japan recently recognized Bitcoin as a legal payment method. Many of the countries are yet to recognize crypto currencies. Some countries may not recognize crypto currencies at all. Role of Xinfin.org is to demonstrate the power of Blockchain technology to Governments and institutions.
How is XDC backed?
If you read through writings of economists or Central bankers, most of the times you will see reference of money supply or currency to productivity of businesses and nationx in general. While XDC is a digital asset, we do not aim to be a crypto-currency. XinFin.org is working with Governments and Institutions worldwide to increase productivity and also addressing issues in global trade and supply chain finance today, to bridge the $5 trillion infrastructure financing deficit. We greatly believe that XinFin.org will be able to convince the Governments and Institutions of the power of blockchain and getting some form of recognition for XDC in the future.
What changes have been made to Ethereum architecture for XinFin XDC and how has it resulted in a private distributed network?
The institutions looking to work with XinFin on the specific global trade and financing use case have specific needs. Firstly, the transactions should not have huge latency times that public blockchains have. Many of the trade and financing deals that are about to be executed on our marketplace platform need quick settlement times and also need a digital token for functionalities such as escrow and collateral; at the same time. To suit the use case better, there was a change made to the ethhash function to better match the difficulty for a private distributed network of participants and enable fastest transaction times. The XDC network is also independent of Ether or Gas. It runs by itself. Also, since there are no public miners in the system, it is designed to be fast, scalable and highly secure.
What inspired the team behind XinFin to seek an Ethereum-based blockchain solution?
Ethereum allows smart contracts. XinFin is working with real world use cases and our team evaluated that we can evolve the smart contracts to work with real world contracts. We also believe that Ethereum architecture is the most evolved for enterprise grade solutions.
How much of the XDC has been pre-mined? Have you done anything to allay the community’s concerns which often arise over a pre-mined token(s)?
80% of the XDC has been premined. We understand the community’s concerns, however, we all need to understand it’s a high time that blockchain delivers real world use case and user validation. Public mining raises scalability and security concerns that real world enterprises are not ready to work with.
How was proof of stake implemented as opposed to proof of work?
Proof of work is not feasible for instant payments, settlements and trade mechanisms. We have implemented proof of stake that selects validators randomly. Validators are base token holders who have locked their XDC into deposits.
When will XinFin.org marketplace launch and when will the first transactions happen?
XinFin will be executing its first couple of trade and financial transactions with real world institutions and enterprises along with its marketplace launch. Our mission is to make blockchains work for real world enterprises.
What is the XinFin’s mission?
XinFin’s mission is to deliver enterprise grade blockchain that solves real world problems with real solutions and real transactions. A large chunk of XinFin XDC tokens are allocated for financing public infrastructure projects that are designed to have cloud connectivity for payments and settlements.
Is XinFin mineable?
XinFin is not publicly mineable. XinFin uses proof of stake mining and to be a master node in XinFin, there is an evaluation process. Master-nodes work on a number of XDC tokens held as deposits on the XinFin.org blockchain. 90% of the pre-mined XDC tokens are held in escrow and are locked until the results are delivered.
Does the XinFin organization hold up any amount of coins or are all the coins distributed to the community?
20% of the tokens are distributed to the XinFin.org foundation which represents XinFin community. Exchange Infinite, which is a business-focused organization, holds 17% of the tokens which will be sold periodically to meet expense requirements of the organization. 5% are offered in Pre-ICO, 5% will be offered in ICO and another 7% to meet all future expenses for day to day running of the organization. 90% of the pre-mined XDC tokens are held in escrow and are locked until the results are delivered.
Is there a connection/relation between XinFin’s XDC and Xedoscoin (XDC) from 2014?
XinFin XDC is a new Crypto-token. XinFin.org is nowhere related with that coin. We are currently communicating with the exchanges to allocate XDC as an asset code for XinFin.org XDC. XDC stands for Exchange Infinite Development Contract, XinFin XDC or simply XDC.
Explain how individuals can crowdsource for support over the XinFin.org XDC network?
XinFin.org crowdsource feature will come along with our marketplace. It lets an individual initiate a project of public importance and then it promotes the project with crowdsource and support. Once the project is backed with a minimum number of votes, it is open on the marketplace for project management consultants who will bid for the process of management from conceptualizing to execution. The entire workflow from design to sourcing of materials will be available on xinfin.org with full transparency. Once the project has been confirmed and necessary approvals and votes have been secured from the community, it will be open to financiers. The financiers will get 25% bounty for financing the project.
Can you throw more light on the global remittances through the XDC network?
XinFin.org blockchain can process transactions in seconds. There are open APIs which will be launched shortly that will include features like buy, sell, send and receive. Over and above this, there is an independent entity from the XinFin community which is building FXRateLock feature that locks the FX rate for remittances for up to 5 days. The authorized market-makers from sender and receiver country can debit a bank account and remit a bank account upon confirmation of a XDC network transaction.
What is the reason behind the availability of mining of the last 20% of XDC token only to credible institutions worldwide but not everyone?
XinFin.org is releasing a white paper that publishes the algorithm for mining XinFin.org XDC. XinFin XDC network uses a combination of Proof of Stake/importance/reputation algorithm that lets a community vote for a miner. The miner needs to build and maintain their reputation (as per the algorithm) that lets them mine the XinFin XDC. This function has been designed as per real world enterprise and institutions’ feedback for them to work with the XinFin XDC network and to provide auditability to regulators/authorities if required.
When exactly will the marketplace launch take place?
XinFin.org marketplace is scheduled to launch in October 2017 along with the biggest ICO that we plan to be. The difference between other ICOs and XinFin XDC ICO is that it will launch not just with a white paper but completed demonstrations of real world transactions with reputed and/or regulated institutions. XinFin.org has currently opened its Pre ICO in limited numbers to its early backers and community members and is live on www.xinfin.org.
Link to wallet: https://ewallet.xinfin.org
Do you have open forum discussion or Bitcointalk Link to share?
Yes. We do have open community discussion forum and we also have Bitcointalk forum link:
Community discussion forum: http://xinfin.net
Bitcointalk Link: https://bitcointalk.org/index.php?topic=1989818.0
A few hot questions on XDC
What all exchanges you are planning to go live on?
The trade exchanges will be announced when trading pair goes live. There are many who are working on integration. Since XDC protocol is a new chain, there are additional layers of integration. This decision has been mainly taken to address the security issues with ICOs and large institutional participation that has been expressed. And, the fact that we need larger round in bank account as opposed to cryptos can’t be negated. As we roll out our pilots, we will need to go for upto $500m round. We are filing follow on offering prospectus with MAS.
How many XDC tokens are sold till date?
The rough numbers say that about 3B tokens are out to about 2K holders. 7B will also be open in follow on offering but these will only be for institutions and will be only through banking channels. The follow on offering will be largely open only for funds and institutions in Infrastructure and lending verticals.
What is total supply of XDC tokens?
The total supply of XDC tokens is 100B. Only 10B out after Follow on offering and then there will be a very limited supply every year for projects. All the info is available to you in white papers.
XinFin comes under which country jurisdiction?
XinFin stands for Exchange Infinite. Please note that it is not Chinese. Our Jurisdiction is Singapore and we are fully complying with MAS compliances. We will be filing prospectus for institutional round upon completion of Pilots. Just to update that XinFin has successfully completed a mini solar plant IoT Blockchain integration that defines a smart contract and generates a XDC transaction upon generation of electricity. Our team is working on getting the videos ready and it will be showcased in a couple of weeks. We plan to invite major Institutions and Governments to engage on the platform for financing solar projects; by giving such transparency and settlement linked to XDC protocol.
Is ICO for public sale or not?
Yes, it is, but mainly for large funds through banking channels. However, public will be able to trade XDCs against ETH and BTC in few days. Our teams are working on the integration. Also, the price will be a lot more for institutions. 7B tokens need to raise about $500M!
Speaking as a currency trader, a stagnant XDC price wouldn’t make trading against another digital asset very profitable. Unless there is a consistent fluctuation of XDC price, XDC could trade against other assets, but no one could trade against it. How is this; an incentive to trade? Or, are we missing something?
The price will have its fluctuations once the exchanges start bringing volume. As of now, it has been purposely kept in close loop. Our ready product line will make the traders most excited. Remember, a lot of ICOs end up being stagnant in terms of price when it goes on exchanges. Most of the early backers cash out because the projects do not have anything ready. After the Pre-ICO round, we took our time in developing our product line. We are also announcing a massive enterprise alliance in a couple of months. So, traders will find it very exciting for sure.
It’s very easy to float an ERC20 token and speculate. But, XinFin Blockchain is original. It’s forked out of Quorum & Ethereum and is a Hybrid blockchain.
How is XDC wallet going to work?
The XDC wallet app is now also available on Google Play & iOS. You can easily send your tokens to exchanges from the wallet on xinfin.org. Google Play and iOS has an in-built exchange so that you can directly buy XDC through Ether and BTC and also withdraw.