Bitcoin, Ethereum and Ripple are currently the three largest ranking cryptocurrencies according to market capitalization. The three coins constitutes over 50% of the total market capitalization with the prices rising in the past fortnight. However, the sweet stay at the top is set to be challenged in the near future with the rise of superior and better blockchains. One of the tokens set on the top 50 positions by the year is XinFin (XDCE) ̶ the hybrid blockchain aiming to take over the $27 trillion international trade industry.
XinFin XDC01 Protocol
XinFin was first conceptualized in 2017 by a Singapore based firm XinFin FinTech. This is the first hybrid blockchain to be launched in the international trade industry. The current trade industry is currently losing opportunities worth up to $1 trillion annually through inefficient and cumbersome processes that slow the movement of goods and services across borders.
The XDC Ecosystem (Source XinFin official website)
XDCE, through its XDC01 protocol will allow international trade merchants to harness the power of public and private blockchains to enhance efficiency in trade and reclaim the $1 trillion USD lost annually.
Bitcoin’s unsolved problems
Bitcoin is currently showing dominance in the market with 41% of the total market capitalization. However, the public blockchain has a running list of defects such as slow transaction speeds, high transaction fees and its public nature is also a turn off to many. Blockchains have forked from Bitcoin in a bid to solve the problems it faces but most have failed in one way or another. XDCE however provides a total solution to the pioneer cryptocurrency as well as having extra functions that make it far superior to Bitcoin, Ethereum and Ripple.
XinFin advantages over Bitcoin
It seems premature to speak of a XDCE topping the charts, but with the XDC01 protocol abilities, the platform offers the best alternative for current international trade problems. The quick and efficient developments in the XinFin network gives it a chance to compete with the largest cryptocurrency in the market.
- The XDC01 hybrid protocol vs Bitcoin public blockchain
Bitcoin is strictly a public blockchain. Transactions carried out using BTC are easily traceable given the ledgers are publicly available. The need for transparency and prudence in carrying out financial transactions makes this property desirable however, while carrying out international trade some information need to be kept private between two parties. This is where Bitcoin fails, lack of privacy makes it difficult for adoption in the multi trillion dollar industry a liability
The XDC01 hybrid protocol offers a switchable platform to both public and private blockchains. At each point of transaction, the user is offered the option of keeping the transaction public or private.
- Low transaction fees
Ever since the advent of Bitcoin in 2009, one problem has haunted the coin as a payment system, high transaction fees. The recent increase in hash power at the start of the year on the Bitcoin mining protocol reduced the transaction fees of BTC significantly. However, reports in the recent past have shown that the fees are still very high compared with its peers. On the other hand, XDCE provides almost free transactions with the platform charging very low rates compared to its peers in the market. The hybrid blockchain makes it cheaper for businesses, enterprises and corporations to send payments at rates that are lower than any blockchain in the industry.
- Fastest transaction speeds
Bitcoin also faces a major problem when it comes to its transaction speeds. The network has been slowing down as more people protocols join the network. This lack of scalability had caused completion of transactions to slow from less than an hour in 2015 to more than 3 hours. Sure, it is still faster than the 3 business days enterprises currently need to wait for international payments to be completed, but comparatively slower than XDC01 protocol.
The XinFin blockchain takes a couple of seconds for transactions to be completed. The platform is also highly scalable to prevent overcrowding on the network. The recent interest from the Singapore government may well show the prudence of the network in changing the world.
4. Smart contract support
Bitcoin currently enjoys the first mover’s advantage over other coins given the wide attention the media has on the coin and the dominance of purchase. The blockchain however, has no scalability on the network. XinFin on its hand, is built on a smart contract system hence enabling the users to make digital agreements on the platform with vast scalability.
XinFin is currently traded on BancorNetwork, Mercatox, COSS.io and IDEX exchanges at an average price of $0.006. This is the perfect opportunity to get ahold of the revolutionary Ethereum-based token.