We’re living in the period where people started solving real life problems using the blockchain. As the world develops, we need more and more money invested into infrastructure and buildings. But its not as simple as it sounds, as costs are high and there aren’t so many investors. XinFin’s platform hopes to find a way to solve this problem.
XinFin‘s platform plans to connect institutions and governments with global suppliers. This way it creates an easier way of trading while also benefiting the investors. Each investor that invest in a XinFin project will receive a certain percentage of XDC’s after the project is finished. XDC is the token used by XinFin’s platform and on the XinFin’s blockchain. The XinFin will use the power of smart contracts to establish the connection between the clients & providers.
XinFin Blockchain – The Hybrid Blockchain
Unlike Bitcoin or Ethereum, XinFin doesn’t have a public blockchain nor a private one. Instead, it uses the paradigm of consortium blockchains. XinFin’s blockchain has actually two parts: a public blockchain and a private blockchain. The public blockchain of which all participants are part of and a
private/permissioned network that dissalows participation. And then there’s the private one. The private one will store a hash of transactions on the Ethereum blockchain. The public state of the XDC blockchain will be the same for all the active nodes, nodes owned by different kinds of constituents. By combining multiple nodes, there can be created a group of nodes, which can form a fully permissioned network with the access restricted only to its members.
It also uses a consortium membership. There will be three types of a memberships. Any holder of XDC tokens will be counted as a Tier 1 member. Tier 2 and Tier 3 are obtained by owning a certain amount of XDCs. Besides this, with a hybrid blockchain created like this, there’s a low chance of a fork happening in the XinFin Network. For more details, you can check their whitepaper.
Since the last time I’ve checked their project, XinFin made an impressive progress. Besides the fact that they’ve been to several conferences in Africa, they also launched their mobile wallet. Their wallet is already listed on Google store. So, if the browser only wallet from before was an issue for you – now you have an alternative.
If you want to be a part of the XinFin, you can buy XDCs now from their website. The early buyers already got a profit. Since it was on the pre-ICO stage – XDC’s price went up from $0.0003 to $0.0007 . Right now you can buy XDC for $0.0007, but the official ICO price will be a higher. As an inside info, XinFin also talks with NovaExchange in order to be listed on their platform. They’re also planning to switch from Proof of Work to Proof of Stake – which means the XDCs holders will be rewarded for their investment.
XinFin made a lot of progress with their project in the past months. With a successful ICO – XinFin will probably reach to fulfill their plan to help governments and institutions trade easily on the XinFin platform.