Since Bitcoin reached mainstream attention, a lot of entrepreneurs focused on opening a business in the cryptocurrency industry, as known as fintech. Ethereum was probably the most successful altcoin by introducing the term of smart contracts . Using Ethereum’s smart contracts, a lot of new altcoins were born – each of them based on the same principle, targeting a special niche.
One of the most promising ones is Xinfin. Xinfin wants to create an institutional marketplace over the ethereum blockchain with the purpose to solve real world problems of the financial industry. Furthermore, they want to do this by integrating the use of smart-contract between the buyers, sellers and financers, offering instant payments and settlements using it’s native token – XDC.
The XinFin team has listed four specific benefits which they make them different:
- Their marketplace is designed to solve any cross-borders settlements instantly by their mechanism, using the native XDC token.
- Any real world contract will be mapped by smart contracts.
- Their XDC token will be used to incentivize financiers to funds projects
- They want to build an equity exchange over XDC, especially for projects that wants to raise capital.
What caught my attention more exactly was the term of financiers. Up to 25% of their blockchain’s coins will be rewarded to financiers as a bounty/cashback for financing certain infrastructure projects. This way, an investor will be motivated to invest in a certain project and will also gain a decent profit over time. More about this concert you can read in their Executive Summary
I spoke with Alex Mathbeck from xinfin.org regarding a few of my questions regarding this project:
1) 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.
2) Is XinFin mineable?
XinFin is not publicly mineable. XinFin uses proof of stake mining and to be a master node in Xinfin, there is a evaluation process. Master-nodes work on number of XDC held as deposit on the Xinfin.org blockchain. 90% of the pre-mined XDC tokens are held in escrow and are locked until the results are delivered.
3) 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.
4) Is there anything related between XinFin’s XDC and Xedoscoin(XDC) from 2014?
Xinfin XDC is a new Crypto-token. XedosCoin is a defunct/dead coin and Xinfin.org has no relation with that coin. We 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.
You’re probably wondering why would XDC will run on its own private distrubuted network. Basically, they want to reduce the latency time of public blochains like Bitcoin, Ethereum and the others ones by running their XDC on a private distrubuted network who’s arhitecture will allow to complete a transaction in a maximum of 5 seconds.
In case you’re interested in the XDC and you believe in them, I think right now it’s a good time to invest in it, as they have 5% of the total supply as a pre-ICO offering to private investors. Even if you don’t have a large amount of money, a XDC has a $0.0003 value making it perfect for a long time investment. If Bitcoin went from a few cents to $2800 and Ethereum from $1 to $200 in less than a year, I’m sure XDC could reach in a year upon their launch to at least $0.03, providing you a decent ROI. If you’re however investing, keep in mind that these are only my own opinions about it and not a financial advice, so invest with caution. But if you are unpatient, you can find their wallet here, allowing you to purchase XDC using Bitcoin/Ethereum.
Xinfin’s concept is a great one, however there’s a long road from the concept to the implementation. I hope they will manage to set up a White Paper and put their idea in practice.