This article discusses the interview of David Frueden, XinFin Fin Tech. Blockchain Advisor and Consultant, with Altcoin Buzz. The piece focuses on the major real world problems XinFin Network solves using its hybrid blockchain.
XinFin hybrid blockchain is both a public and private network. This means that all participants are a part of the blockchain but restricts participation to those invited by a centralized body. The private network generates the immutable records of transactions which are then stored, after verification, on the public blockchain.
“Hybrid blockchain provides an enterprise-ready blockchain solution that is much better suited to highly regulated enterprises and governments as it enables them to have the flexibility and control over what data is kept private versus shared on a public ledger. Coupled with the operational needs of faster transaction times, security and auditability features that are not suited to public blockchains. Large enterprises want the benefits that blockchain can deliver without the associated risks of a public blockchain. “
This offers the XinFin network with multiple advantages compared to having a pure private or pure public blockchain. Having the private network offers faster transaction speeds, privacy of the data/ content and a centralized control over providing access to the blockchain. The public blockchain ensures that all transactions are verified and are visible to the public making the blockchain transparent and trustless.
Real world problems to be solved by XinFin Network
During the interview, David spoke of the real world problems XinFin Network is aiming to solve. The hybrid nature of the blockchain makes it more flexible to carry out various functions. Blockchains have in the past faced issues in getting a hold of the real life problems in enterprises and businesses. The next section discusses the advantages XinFin offers to businesses and organizations as laid out by David Frueden.
- Supply logistics
One of the main areas of focus at the moment for XinFin, is the domestic and international supply logistics in enterprises and businesses. The hybrid blockchain is at the moment providing its technology to Ramco Systems, a billion-dollar company, to assist the company in the supply logistics. The public listed company, Ramco adopted XinFin technology to reduce the costs involved with supply logistics and the overall speed at which goods and services are transferred.
- XDCE as a global currency
Another real world use of XDCE as explained by David is the use of XDCE as a global currency. Currently cryptocurrencies across the board are finding it difficult to be adopted as currencies due to the transaction fees involved, the volatility associated with crypto and slow transactions. XDCE on the other hand solves the problems seen on Bitcoin and other cryptocurrencies by providing almost zero transaction fees, fast payment systems and a stable currency.
- Infrastructural crowd funding
XinFin partnered with Assocham Company to create Tradefinex in a bid to minimize or eradicate the inefficiencies faced in trade and finance. Assocham currently has a network of 300+ trade associations and 450,000 members that will work with XinFin to make Tradefinex the application of choice to raise crowdfunding.
“TradeFinex is a finance and trade platform that allows mainly governments and corporations to outsource large projects for funding. Many countries have a need to raise large amounts of money to fund their expansive infrastructure. TradeFinex solves this problem.”
-David Frueden, Blockchain Advisor & Consultant at XinFin
XDCE in numbers
XDCE is currently trading at a price of $0.004746 USD, representing a 4.44% drop in the last 24 hours. The sharp drop in price was caused by the overall market facing a selloff after Bitcoin slumped below $7000. XDCE ranks 331st on Coinmarketcap’s ranking with a total market capitalization of $17,376,248 USD. A total of 3,660,947,565 XDCE tokens are in circulation with the maximum cap set at 15 billion XDCE tokens. The token is performing in a similar pattern with the XDCE/BTC pair with a decrease in price of 1.20% in the last 24 hours. The total daily trade volume stands at $440,606 USD worth of XDCE tokens traded.