XinFin & XDC and the Future of Trade Finance
What is XinFin / XDC?
· XinFin (eXchange infinite) is a Singapore based virtual delegated proof of stake consensus blockchain network (XDPoS)/ ecosystem with the XDC token used as the settlement layer for bonds, letters of credit, insurance, smart contracts, and collateral for loans or any transactions made on the blockchain.
· Interoperable with ISO20022 messaging standards, regulatory compliant and focused on revolutionizing International Trade and Finance — most liquid market in the world.
· XDC protocol is the only permissioned, fully institutionally compliant blockchain protocol that can integrate with financial institutions legacy systems seamlessly making XinFin Protocol the language of core banking systems, ERP systems, SWIFT systems, Central Bank Digital Currencies and many more.
· XinFin provides the ability to setup a private network, run smart contracts, explore wallet, and leverage cross-chain interoperability. XinFinScan is a Block Explorer and Analytics Platform for XDC, a decentralized smart contracts platform.
The Right Team in Place for XinFin / XDC Use Case Development and Applications:
· Atul Khekade — Co-Founder of XinFin — dedicated towards investor management and developing alliances with corporates and governments worldwide. Played a crucial role in conceptualizing and demonstrating the first permissioned Blockchain system for a consortium of Top Indian banks with MonetaGo, Inc. Also led the first PoC executed with Reserve Bank of India and teamed up with SWIFT India to connect the fraud prevention network to the SWIFT Network.
· Ritesh Kakkad — Co-Founder of XinFin — blockchain strategist. Over the past 20 years, Ritesh has accumulated extensive experience in the fields of Cloud Hosting, Cloud Setup, and Internet-Infrastructure. As a serial entrepreneur working on the ideation and development of a Cloud hosting and web infrastructure company, Ritesh’s work has been recognized by the likes of Microsoft and BBC.
· André Casterman — XinFin Advisor — Founder and Managing Director of Casterman Advisory. 25 years working with SWIFT. Experience developed over 30+ years in market analysis (including crypto currency) and portfolio management, capital markets investments in the “global trade and receivables” asset class, technology innovations in trade origination, multi-bank treasury management platforms for corporates, amongst others.
Key XinFin Infrastructure Characteristics:
· Speed: One of the fastest transaction speeds in crypto; 2,000 TPS and have scaled up to 30,000 TPS with sharding implementation; compared to 3–6 TPS for Bitcoin and 12–16 TPS for Ethereum
· Green Technology: One of the lowest energy usages in crypto; XDPoS Consensus reduces energy consumption by 1/10 compared to bitcoin or Ethereum based PoW Mining energy requirements.
· Built for All Ecosystem Use Cases: XinFin decentralized XDPoS (XinFin Delegated Proof of Stake) Hybrid (public-private) Network, Powered by XDC Protocol Interoperable Blockchain Network for Global Trade & Finance which enables Digitization, Tokenization, and instant settlement of trade transactions, increases efficiency, and reduces reliance on complex FX infrastructures, allowing for increased flexibility in liquidity management for financial institutions.
· Security: XDC is KYC compliant with bank and financial institution standards.
· Transaction Messaging Standard: ISO 20022 compliant when implementation occurs in November 2021.
· Unique: The only permissioned, fully institutionally compliant blockchain protocol perfect for use in conjunction with Central Bank Digital Currencies.
· Ease of Use for Institutions: Designed to integrate with legacy financial operating systems.
· Liquidity: Currently trades on nine exchanges (more to come Q2 2021).
· Cost: Near to zero transaction (Gas) fees to the customer. creates feasibility to run micro transactions on blockchain network; average fee of $0.00001 USD compared to Bitcoin’s $15 USD and Ethereum’s $10 USD averages.
· Accessibility: Secure browser, desktop, hardware, mobile, and web wallets (more options to follow)
Targeted Market, Key Partnerships, and Roadmap Cornerstones:
· International Trade and Finance market is approximately $40tn, which is the target market of XinFin.
· R3 Corda: Enterprise software company, backed by many of the world’s largest banks, is following the general trend toward public-facing blockchains and announced that a group of former RBS bankers has built a bridge to public blockchains using XinFin / XDC as a settlement coin inside Corda. R3 Corda aiming to foster interoperability with public blockchains via XDC as the regulation friendly XDC will open various decentralized finance (DeFi) applications running on Corda’s distributed ledger technology (DLT).
· TradeFinex: A network-of-networks/ peer-to-peer decentralized (DeFi) platform connecting Trade Finance originator’s platforms to distribute deals to a wide range of bank or non-bank funders; all powered by XinFin Network’s hybrid blockchain and XDC protocol. XDC Protocol is a common standard digitization protocol for Trade Finance securitization, used as an instant global settlement and counterparty risk mitigation for Trade Finance.
o As stated in Trade Finance Global & World Trade Organization’s Blockchain & DLT in Trade: Where Do We Stand? November 2020 publication, this hybrid approach allows TradeFinex to provide its participating members with reporting features of accredited investors by their virtual assets’ net worth as well as the ability to tokenize offline obligations from originators. The current participants, Validus (Singapore MAS regulated), Enigio, Ramco (Singapore), ITFA, and WOA, pay network utility fees to gain access to the platform. In the future TradeFinex plans to launch a liquidity aggregator service using on-chain tokens.
· Vinter: Will provide a regulatory-compliant XDC index, the first of its kind. The index is a key component in enabling institutions with onerous purchase requirements to obtain XDC. The Vinter XinFin XDC/USD Index is a key component to launch exchange-traded products containing the XDC token — the native utility token and fuel of The XDC Network.
· Future Tier 1 and other Exchange listings (to be announced by the Exchanges)
· Partnerships with Tier 1 Banks (to be announced by the respective banks)
· XinFin [XDC] Network Will Integrate Chainlink Oracles, the market-leading decentralized oracle network, to Power New Trade Finance Use Cases.
· Bitfi: Bitfi’s security innovation will soon be available to XDC institutional users. What was not possible in traditional finance, is now reality. XDC will defend your enterprise from blockchain disruption.
· XinFin offers the first and only genuinely One-Click MasterNode deployment. XinFin MasterNode One-Click Installer has been heralded by many as the easiest solution for setting up a MasterNode and earning XDC, yielding 8–12 %, is KYC compliant
Excitement for the Future Potential of XinFin/XDC (**Not the Project Team’s Opinion**)
· To-date, crypto has been driven by retail investors, speculation, and minimal actual use-cases. XDC will challenge the old speculative market via institutional investors and real-world use-cases in the International Trade and Finance arena and bridge the new and old (legacy) technologies.
· Under the guidance of former SWIFT executive and XinFin advisor André Casterman, SWIFT is testing the XinFin Blockchain under a pilot program. SWIFT connects 11,000+ institutions and 200+ countries and territories worldwide.
o SWIFT (Society for Worldwide Interbank Financial Telecommunications) is a global member-owned cooperative and the world’s leading provider of secure financial messaging services, providing safe and secure financial transactions for its members.
o This payment network allows individuals and businesses to take electronic or card payments even if the customer or vendor uses a different bank than the payee, such as Visa.
· XinFin is OMFIF’s (Official Monetary and Financial Institutions Forum) global technology partner to their network of 750 top Global Public Investors. Global Public Investors with investable assets of $39.5tn are at the heart of the OMFIF network.
o OMFIF is an independent think tank for central banking, economic policy and public investment, a neutral platform for best practice in worldwide public-private sector exchanges, and leverages and promotes innovative blockchain based technological solutions to improve business process efficiency.
· XinFin has begun partnerships to monetize derivative markets via secure tokenization. The derivative market is larger than any other market previously mentioned.
· R3 Corda helping Thailand’s case for international trade dark horse. Thailand is not yet an economic powerhouse, but the developing nation is taking huge strides in the digital space and has big plans for blockchain and emerging technologies like cryptocurrency.
Citations
3. https://www.linkedin.com/in/atul-khekade-9076b36/
4. https://www.linkedin.com/in/ritesh-kakkad-b65a0a2/
5. https://www.linkedin.com/in/andrecasterman/
6. https://www.swift.com/about-us
7. https://medium.com/xinfin/xdc-the-ideal-coin-for-green-energy-and-the-renewables-sector-4784473446ad
8. https://www.r3.com/customers/trade-finance/
10. https://www.coindesk.com/r3-corda-network-xdc-token-cordite-society
11. https://themarketperiodical.com/2021/03/31/r3-corda-network-with-xdc-tokens-to-step-into-defi/
12. https://finance.yahoo.com/news/r3-corda-network-set-defi-040003071.html
14. https://finance.yahoo.com/news/xinfin-hybrid-blockchain-network-taps-150000673.html
15. https://forkast.news/r3-corda-thailand-enterprise-blockchain/
20. https://finance.yahoo.com/news/bitfi-xdc-network-xinfin-partner-235000122.html
21. https://www.investopedia.com/ask/answers/052715/how-big-derivatives-market.asp
