Key Use Cases for XinFin Hybrid Blockchain
While Bitcoin pioneered blockchain technology as the first cryptocurrency, XinFin has expanded on Bitcoin’s decentralized digital currency by building a global network that undergirds an interconnected marketplace of decentralized applications (dApps) — from decentralized autonomous organizations (DAOs) to Initial Coin Offerings (ICOs), stablecoins, decentralized finance (DeFi), and non-fungible tokens (NFTs). XinFin use cases are vast and expanding fast, offering blockchain projects enhanced efficiency, security, and decentralized equity to industries across the globe.
- XinFin Blockchain: Background and Use Cases
- StorX Decentralized Cloud Storage
- Plugin, a Decentralized Oracle Network
- Decentralized Email on XinFin Blockchain network by ledgermail.io
- Decentralized naming system by Butterfly Protocol
- WadzPay: Cross Border Remittance
- Tradeteq: Non-Fungible Tokens for trade finance
- Globiance: Stablecoins or Fiat backed Token
- Yodaplus: Multi sign custody for the institution
- A Breadth of Emerging Use Cases for XinFin
XinFin Blockchain: Background and Use Cases
While Bitcoin’s innovative decentralized network and cryptocurrency was a groundbreaking achievement, XinFin has expanded on its predecessor’s vision of a decentralized payments system building a global computer network that links users to a marketplace of decentralized applications (dApps) offering unprecedented efficiency, security, and user control. Through its ground-breaking combination of features like smart contracts, XinFin is used for a variety of innovative applications in finance, web browsing, advertising, identity management, and supply chain management.
The XinFin blockchain is powered by its native cryptocurrency — XinFin Digital Contract(XDC) — and enables developers to create new types of XDC-based tokens that power dApps through the use of smart contracts. The most common XDC-based cryptocurrencies are built on the XRC-20 token standard. XinFin smart contracts are self-executing contracts that facilitate, verify, and enforce transactions on the blockchain, and are a key innovation in XinFin and blockchain.
XinFin permissionless blockchain — which allows for the creation and development of applications without oversight from a central authority — creates a space for experimentation. There have been a number of dApps built on XinFin, Thousands of users, and many billions of dollars generated. Let’s take a look at some of the major use cases that have arisen on XinFin so far.
StorX a Distributed Cloud Storage Powered by XinFin Blockchain Network
StorX is a decentralized cloud storage network, which empowers users to store their data securely on the cloud. Each file uploaded on StorX is split and encrypted into multiple fragments to autonomous storage nodes operated by individual operators across the world. Designed as the collection of autonomous storage networks, no individual operator has complete access to your data. StorX is not only faster compared to legacy centralized storage providers but also allows users to save substantial amounts on costs compared to a centralized cloud. StorX enables users with spare storage capacity to lease space and earn fabulous returns.
StorX is based on XinFin’s blockchain platform and inherits its advanced security features, including immutability and consensus. Additionally, it features end-to-end encryption and as data stored on the network is split into encrypted fragments among storage nodes, individual host/operators will never be able to access the data or manipulate it. 100% Anonymity and Privacy — StorX encrypts and shreds your data into tiny fragments and distributes it across a decentralized network. The hosts store a fragmented copy of your file on their node and have no way of knowing the content of your files or its owner and only you hold the decryption keys that can assemble and retrieve your encrypted files. There is a great level of competition among host nodes competing to store data ensuring fair prices to every user and with a vast pool of nodes to choose from, the amount of storage available becomes significantly higher which in turn reduces the cost to store data. Not only is StorX superior compared to centralized cloud storage services in terms of features, but it also offers the best value for money at a fraction of the cost.
Due to the decentralized architecture of StorX, encrypted copies of your data are stored across multiple regions, ensuring faster retrieval speeds. StorX stores redundant data fragments of files on multiple storage nodes spread around the world. It eliminates any single point of failure as your data exists on multiple nodes and offers a high uptime that competes with the uptime offered by centralized cloud storage services. The duplication of data across multiple storage nodes across multiple geographical regions protects from incidents such as outages, system failures, or any hacks and malware attacks that could compromise data servers. StorX utilizes open-source software for its platform to ensure complete transparency. Open standards and used and supported as much as possible and users are not locked into any proprietary formats. You can import and export anything.
StorX aims to leverage the world’s surplus data storage to create a platform that is ready to disrupt the $100 billion cloud storage industry with a solution that not only is more secure, private, and faster but also environmentally friendly at the fraction of the cost of centralized cloud storage services. It provides an alternative to those who want to break free from the monotony of centralized cloud service providers and their exploitative market practices and offers a solution that is built by the community, for the community.
Plugin, a Decentralized Oracle Network Powered by XinFin Blockchain Network
Plugin, a decentralized oracle platform, provides cost-effective solutions for any smart contract on the XinFin ecosystem. The plugin collects data from different external sources, consolidates, and makes sure the correct value is provided to its users at any point in time. This is the most crucial part for any decentralized oracle provider that is highly trusted by all its users.
The data collected from different oracle nodes are consolidated to arrive at the correct value. This doesn’t mean that the system is fully decentralized. In order for this kind of system to avoid vulnerabilities and provide a blockchain peer-to-peer system, any decentralized oracle provider must rely on the community to choose the data sources and validators and also on the rewarding & penalizing mechanism. The plugin uses an approach of carrot and sticks for rewarding the best and penalizing the vulnerable actors.
The plugin provides a high level of security and scalability for any kind of blockchain application which uses its data feeds. The main advantage of using a Plugin is that the data feeds are being provided by the platform at a very low cost compared to any other oracle provider as also the data feeds are highly diversified according to the needs of the customers and the XinFin community. As a result, Plugin can be considered as a decentralized oracle provider which is economical, scalable, and highly trusted. The potential of decentralized applications is limitless, and oracles are an essential part of enabling them to standardize our institutions.
LedgerMail a Decentralized Email on XinFin network
LedgerMail is the Pingala Software powered, most prominent, and world’s first Decentralized Email Service that combines the power of blockchain, XDPoS consensus, cryptographic algorithms, and zero trust mechanism with a mission of Protecting the Digital Rights of Email users in a decentralized manner. After having a thorough analysis of existing legacy email providers, the LedgerMail team has pointed out that email users are not only manipulated and controlled by centralized governance, but users are left with zero privacy, and security. They are also thrown into the hands of many hackers where it is easy to launch cyber-attacks via fraudulent emails.
The ever-growing LedgerMail platform will replace traditional email transfer protocols like IMAP/SMTP. However, LedgerMail uses blockchain technology in which cryptographically encrypted messages & attachments are stored on shared blockchain ledgers. In detail, each email transferred is confirmed and validated like a blockchain transaction. In order to bring the utmost level of security and create a tamper-proof decentralized email environment.
LedgerMail.io operates on the public blockchain of XinFin Network which is spearheading military-grade, super secure, and Forensic control allowed Blockchain 4.0 & XDPoS 2.0 algorithm with 108 transaction-validating master nodes. Also, 192 additional standby nodes are scattered around the globe.
Decentralized naming system (butterfly)
Butterfly Protocol is a decentralized autonomous organization (DAO) that aims to replace the Domain Name System (DNS) system and change the economics of domain ownership.
Butterfly Protocol and the XinFin Network announced that the Butterfly Protocol blockchain domain system will be used for a XinFin blockchain-specific domain system. Through a grant from XinFin, a blockchain registry system will be created that allows developers and users of dApps to register domains and use a growing set of open-source tools to develop a standardized URL path to data and processes.
In addition, to access dApps built for the XDC blockchain, the initiative will create human-readable wallet naming and the opportunity to create single sign-on access across the dApp ecosystem.
The XDC Network is EVM compatible, allowing seamless interoperability with Ethereum, and offers advanced smart contract capabilities for enterprise use cases, including asset tokenization and decentralized finance. The network is receiving increased interest from institutions looking to keep pace with rapid fintech disruption.
Blockchain domains are rapidly gaining acceptance as the world moves toward Web 3.0 with a growing decentralized internet and distributed computing environment. In addition, file storage is improving with hybrid cloud and local nodes providing a more robust infrastructure to handle data-driven societies’ demands. Naming systems for the decentralized space allow for ease of use and access while providing additional layers of security for fraud prevention.
WadzPay: Cross Border Remittance
WadzPay is building a technology-agnostic blockchain-based digital payments ecosystem with an interoperable layer connecting the various verticals to a unified platform. The company was founded in 2018 in Singapore and is currently operating in South East Asia, South Asia, Middle East, and Africa. WadzPay saw the potential for CBDC and Digital Assets to lead the next revolution in the payments industry enabling faster payments, improvements in security, and cost-efficiency with optionality. WadzPay is working with large international payment companies, banks, and global companies to enable digital asset-based transaction processing and settlement to revolutionize payment.
WadzPay, a leading blockchain-based payments platform from Singapore has announced a strategic partnership with the enterprise-ready hybrid Blockchain technology company, XinFin. In addition to supporting the increasing need for digital transactions, one of the advantages of payments in digital currency is the guarantee of lower fees, faster processing times, better data security, and privacy as compared to conventional payment methods. WadzPay currently offers Issuance, Acceptance, and Remittance products, and this partnership with XinFin will further enhance its offering with Trade Finance and Buy Now Pay Later (BNPL) like products and solutions.
The suite of products will be made available to merchants, wallets, aggregators, banks, and other financial institutions across the world. The partnership will also leverage XinFin’s Global Network and enable the use of XDC on the WadzPay platform along with 250 currencies which are already supported currently.
Tradeteq: Non-Fungible Tokens for trade finance
Non-fungible tokens (NFTs) are unique, indivisible, and provably scarce digital assets that are useful in gaming, art, and ensuring the provenance of luxury goods. The hype over NFTs began in late 2017 with the launch of CryptoKitties’ digital cat collectibles, but since then, the applications for the technology have grown rapidly. NFTs have attracted an increasingly mainstream audience to cryptocurrency and blockchain technology.
Tradeteq has partnered with Singapore-based exchange inFinite (XinFin) to offer tokenized trade finance products to institutional investors and has completed its first transaction. This is the first complete end-to-end transaction following a unique set of regulatory guidelines and trade finance standards.
The offering utilizes XDC Network’s enterprise-grade blockchain technology to transform trade finance assets, which are re-packaged and distributed by Tradeteq, into non-fungible tokens. Institutional investors can buy and sell these tokens, which represent the value of an off-chain asset. This gives token holders legal entitlement to an asset or package of assets.
The first transaction was conducted on 20 September 2021, with invoice finance company Accelerated Payments as the asset originator. This transaction sets the standard for all future NFT-based and tokenized trade finance transactions, with additional originators expected to join the platform over the coming weeks. To ensure a seamless and secure migration of these assets from an off-chain product to an on-chain token, Tradeteq and XinFin have partnered with both a traditional off-chain asset custodian as well as a digital asset custodian.
The platform launch comes amidst a growing appetite from banks and institutional investors seeking to add digital assets to their portfolios, develop back-office technology and custody solutions and safely store asset-backed and native digital security tokens. It relied upon cohesive participation from corporates, banks, originators, and custodians, and represents a major step forward in the tokenization of traditional fixed income products and investment notes.
Stablecoins on XinFin Network build by Globiance
Stablecoins are cryptocurrency tokens pegged to another asset, typically a fiat currency. For example, there are stablecoins backed by fiat currencies like the U.S. dollar and commodities like gold, while other stablecoins maintain their value algorithmically. Additionally, some stablecoins are backed by a balanced basket of major cryptocurrencies. Stablecoins are used as a reliable store of value in the cryptocurrency ecosystem, a hedge against price volatility for crypto traders, and as a stable, global currency for people whose local fiat currency is devalued due to economic or political instability. Today, many crypto exchanges have their own stablecoins.
GLOBIANCE Launches Fiat Pegged Stable Coins SGDG and EURG on XDC Network. A global financial services group with Headquarters in Singapore has launched mass-market Singapore dollar and Euro-backed stablecoins.
Globiance will cater to all major European, Asian, African, and American currencies, to provide native currency payments and trading to clients globally.SGDG and EURG are stablecoins pegged to the Singapore Dollar and Euro, convertible at a 1:1 rate. It is issued on XinFin’s XDC blockchains to leverage the speed, near-zero gas fees, and 2 seconds transaction time. The stable coins are fully compliant with KYC/AML and CFT regulations.
Regulated stable coin deploys on XinFin’s XDC Blockchain network to leverage 2 seconds transaction speed, 2000+ TPS, and near-zero gas fees. The enterprise-friendly consensus and governance model of the XDC network with KYC-enabled masternodes makes it more suitable for entities under a strict regulatory regime to deploy tokens on the XinFin [XDC] Network.
Oliver Marco La Rosa, Group CEO of Globiance says “Globiance represents a significant opportunity to set a new standard of transparency and auditability in digital currencies and will help drive trust and mass adoption of stablecoins. Stable coins or digital Fiat use blockchain technology to enhance automation and digitization i.e., trade finance or cross-border remittance, at the cheapest and most scalable way of moving money.”
Yodaplus: Multisig custody wallet for the institution,
A Yodaplus multisig wallet is a wallet shared by two or more users called copayers. Depending on the kind of wallet, the number of signatures required to sign a transaction will be lower or equal to the number of copayers of the wallet.
When you want to send funds from your wallet, a transaction is created and signed. By signing the transaction, you are digitally saying: “I am the owner of the funds, I have the key to manage them, and I approve this transaction.” Single signature (also known as “basic”) cryptocurrency wallets need one signature to sign a transaction. Multisig is the shortened name for multi-signature, and, as the name indicates, this kind of wallet requires one or more signatures to sign a transaction For example, a 3–3 wallet is a multisig wallet that is shared by three people and requires three signatures to sign a transaction. A 2–3 wallet is a multisig wallet that is shared by three people and requires two signatures to sign a transaction. You may also see “2 of 3” to indicate the number of copayers needed.
features of multisig wallets
- All the copayers can see the funds and transactions of the wallet.
- Requires one or more copayers to sign a transaction to send funds from the wallet. This feature adds security to your funds.
- A unique recovery phrase for each of the copayers who share the wallet. However, if one of the copayers’ recovery phrases is lost, there may no longer be enough copayers to sign transactions. Without enough copayers to sign transactions, you will not be able to spend the wallet’s funds.
To move funds, every wallet requires the user broadcasting the payment to sign the transaction. Multisig wallets also require one or more co-payers to sign the transaction. For example, with a 2–2 wallet Copayer A wants to send funds. When they try to move funds, the wallet creates a transaction proposal that is only signed by Copayer A. Sending the funds requires both Copayer A and Copayer B to sign the transaction. Until Copayer B approves the transaction, the funds stay in the wallet. When Copayer B approves the proposal, their wallet signs the transaction. Signing the transaction broadcasts it to the network and sends the funds. The transaction proposal does not expire- there is no time limit to approve a transaction proposal. There is no copayer hierarchy. This means that any copayer can create a transaction proposal, and all the co-payers can sign the transaction proposal. A 2–3 wallet requires two co-payers to sign a transaction (out of three copayers total). Copayer A creates the transaction proposal. Either of the remaining copayers (Copayer B or Copayer C) can approve the transaction proposal. A 2–3 wallet has three copayers but requires only two signatures.
A Multisig Wallet needs multiple signatures to transfer funds, which makes your Wallet more safe and secure. Multiple Multisig contracts are available in the market or if you are good at solidity, you can write your own Multisig contract. In either case, you need to audit the contract carefully before deploying it on Mainnet.
A Breadth of Emerging Use Cases for XinFin
There are myriad sectors in which XinFin is providing utility and creating value. Industries from cloud storage to Decentralized Email Solutions to Oracle are creating novel tools on the protocol to enhance efficiency, trust, and democratize access to various types of services.
In the massive global remittance industry, cross-border payments can be sent directly, quickly, and inexpensively by using a P2P protocol like XinFin. For example, companies such as Everex, Abra, and BloomX use blockchain technology to cut out various intermediary banks that charge fees for currency exchange.
XinFin tamper-proof blockchain-based ledger can assure supply chain and logistics managers about the provenance of products through verifiable blockchain-based cryptography. These businesses can track a product’s journey on the blockchain from the manufacturer to the checkout aisle, knowing that the data has not been tampered with. Meanwhile, end consumers can rest easy knowing that the products they purchase are in fact genuine. Everything from luxury goods to organic foods is tracked and traced with the XinFin network.
Additionally, through the use of cryptographic methods, XinFin ensures secure information sharing, which is essential for the transfer of sensitive data like medical records and identity information. Finally, XinFin tokens democratize access to products that were once beyond the reach of many.
XinFin is the network of choice for innovation in the blockchain and cryptocurrency space. With its flexibility and robustness, new applications continue to emerge, and increased scalability in the future will continue to support development. The future of XinFin looks more exciting than ever. $XDC token trading at $ 0.12 as per coinmarketcap while writing this article.