Singapore based XinFin unveiled the first of its kind Hybrid Blockchain protocol for global trade and finance market at UNLOCK Blockchain, Dubai.
XinFin unveiled its Hybrid Blockchain network, powered by the XDC protocol at Unlock Blockchain conference on 14th Jan in Dubai. The XDC protocol enables real world enterprises to work with Blockchain and digital assets ecosystem with a network architecture that combines best features of public and private blockchains.
“The major hurdles for mainstream adoption of Blockchain ecosystem is the power intensive mining process, highly congested trust less networks, security and scalability. The XDC protocol is designed considering real world applications in global trade and finance.” Said Atul Khekade, head of ecosystem development at XinFin.
“XinFin has architected its hybrid network from a fork of Ethereum and Quorum. The network consensus is two tiered. Along with a PBFT derived consensus mechanism between nodes, XinFin has implemented a stake based rule set that governs node participation.
The network runs on a delegated proof of stake consensus between trusted master nodes. The network maintains a private state and a public state. Private state ensures that the sensitive financial data is secure yet at the same time its public state makes it transparent and verifiable. The architecture makes the XDC protocol secure, scalable and lightning fast. Its Hybrid nature also makes it highly interoperable with legacy systems and other Blockchain platforms. XinFin network is highly compatible with the Ethereum network and its smart contracts while the underlying fuel is very cost efficient. IoT layer over the XDC protocol allows real time state change to the Blockchain. The XDC protocol will support utility tokens in compliant jurisdictions to run on the XDC protocol.” Said Karan Bharadwaj, CTO of XinFin.
“The various tiers of XinFin master nodes makes it flexible for participants to work with the XDC protocol in a secure environment. The XDC can act as a pure messaging and confirmation layer using existing payment rails or as a settlement layer through approved and regulated institutions.” added Mr. Khekade.
Tradefinex.org was first of the distributed apps launched that uses the XDC protocol. TradeFinex is a smart contracts User Interface for global trade and finance using XDC Protocol. Tradefinex application is aimed at helping enterprises and policy makers to minimize inefficiencies in the $27 trillion annual infrastructure and international trade market. TradeFinex platform was inaugurated at the 2nd Global Summit on P2P Digital Asset System Summit held in India and is being extended to over 300+ trade unions and 450,000 members of ASSOCHAM, one of the leading trade association in India. Global tie-ups and roll outs are being scheduled in coming weeks.
XinFin network has initiated onboarding of global alliances and developer communities to build disruptive Apps on XDC protocol to improve business process efficiency.