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What is the XDC Network?
February 09, 2023
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The XDC Network (XDC) is an enterprise-ready, open-source, hybrid blockchain protocol specializing in tokenization for real-world decentralized finance. The company behind the technology, XinFin Fintech, created the XDC Network in 2017. The network is currently governed by the XDC Foundation, a non-profit entity incorporated to support the growth, development, and adoption of the XDC Network through community-driven efforts.

The XDC Network is designed to support a wide range of novel blockchain use cases by offering interoperable smart contracts, near-zero-fee transactions, and high security. XDC Network supports all EVM-compatible smart contracts, protocols, and atomic cross-chain token transfers. It also fully complies with the ISO-20022 message standard and its applications in trade finance and other payment sectors.

This innovation has resulted in the world’s first NFT (as a single XRC20 token) backed by trade finance assets being deployed on XDC Network in September 2021. The NFT was created by Tradeteq, a member of the World Economic Forum: Global Innovators Community, alongside Accelerated Payments, an invoice financing company, as the asset originator. Despite being a token, the asset is still compatible with trade finance industry messaging standards and demonstrates how trade finance assets could be made available through blockchain-based systems to those interested in this lower-risk investment sector.

XDC Network’s capabilities in enterprise applications, and specifically trade finance, garnered the attention of the broader global trade industry. In 2021, TFD Initiative, DNI Initiative, and the International Trade & Forfaiting Association selected XDC Network as their first blockchain member.

For developers looking to set up their projects on the XDC Network, it offers a no-code token creation app, known as Origin, as well as software development kits to assist developers in building on XDC Network. Being an EVM-compatible network, developers on other networks can seamlessly create or port over their EVM projects. Ordinary users can learn XDC concepts in the complimentary XDC Basics of Blockchain Workshops, consisting of 2 partsPart 1 — Fundamental Concepts and Part 2 — Advanced Concepts. Conversations on XDC’s development are actively held on XDC.dev, a community for blockchain developers. It acts as one of the resource centers for blockchain engineers, including a knowledge base, tools, and support.

While the current XDC Network runs on a Distributed Proof-of-Stake (DPoS) consensus algorithm, a novel consensus engine developed exclusively for XDC, XDPoS 2.0, has been released in testnet. This upgrade, which is entirely backward-compatible in terms of APIs and is based on the latest Byzantine Fault Tolerance consensus mechanisms, maintains the security and performance of the XDC Network, while minimizing the amount of resources required to operate. Additionally,  the new consensus layer will serve as the foundation for the next phase of XDC Network’s future development. 

As of 1st June 2022, XDC Network celebrated three years of achievements since the launch of its mainnet back in 2019. The network has seen upwards of 372M transactions and the creation of over 865,576 accounts, with more than 12,400 smart contracts deployed on the network. Currently, the native XDC token has a market cap of $500M and a fully diluted valuation (FDV) of $1.54B. The circulating supply of XDC is ~13.81 B out of a total of 37.81B tokens. You can check out the list of exchanges to trade XDC on CoinGecko

The XDC community continues to expand and develop projects centered on NFTs, the metaverse, financial enterprise applications, and DeFi — all on XDC. The XDC token is listed on over 40 exchanges, including several top exchanges such as Kucoin and Huobi, with more than 20 wallets supporting native XDC and XRC20 tokens, including custodial wallets such as Fireblocks, Propine, Copper, and Bitpanda. With easy-to-use tools such as Origin for token creation, XinFin Remix. The welcoming environment for new projects on the XDC Network has contributed to the ecosystem's rapid growth. With so many assets currently available on the network, you can head over to the XDC Ecosystem category on CoinGecko to check them out. 

Assets on XDC Network

StorX Network

StorX (SRX) is an open-source trustless, censorship-resistant decentralized cloud storage network. StorX empowers users to store their data securely in a decentralized manner.

Comtech Gold

The Comtech Gold token (CGO) is a stable asset pegged to the price of one gram of pure gold, which is fully backed and redeemable for physical gold. Comtech is registered in the UAE and complies with Shariah principles. 

Plugin

Plugin (PLI) is a decentralized oracle platform that provides cost-effective solutions to any smart contract. The plugin enables the smart contract to connect to real-time data off-chain. The data feeds are trustable and maintained with high security. 

Law Blocks

Law Blocks (LBT) has launched an application for digitally transforming how organizations or people prepare, e-sign, act on, and manage agreements using blockchain technology. The platform is free to use, allowing users to upload their contracts to the Law Blocks platform, e-sign documents cryptographically, and store them on XDC Blockchain Network. 

XSwap Protocol

XSwap protocol (XSP) is an automated market maker for XRC20 tokens built on the Xinfin Network. XSWAP is focused on building the challenger to BSC-based PancakeSwap and Ethereum-based Uniswap. Its primary focus is to empower crypto enthusiasts with secure, fast, and resource-efficient instruments for exchanging digital assets.

Prime Numbers

Prime Numbers (PRNT) is an ecosystem composed of various DEFI and NFT protocols that generate revenue for its community from the Primeport.xyz NFT marketplace and the first lending and borrowing protocol on the XDC blockchain.

Globiance (GBEX)

Globiance (GBEX) is a fintech platform with a centralized exchange, banking services, payment gateways, stablecoins, and a decentralized marketplace. It offers fully-regulated services for corporate and retail customers in several countries on five continents, integrating crypto solutions into the traditional banking system.

Datachain Foundation

Datachain Foundation (DC) was launched on September 3, 2017, by BRAINCITIES LAB, a software editor based in Paris, France. The Datachain Foundation is a distributed data management platform that enables developers to build decentralized networks of AI-augmented objects and infrastructures like public lights or roads.

STASIS EURO 

STASIS (EURS) is a revolutionary step towards combining the vast potential of the cryptocurrency market with the stability and reliability of traditional currencies. The tokenized assets EURS are always backed 1:1 by collateral held in reserve accounts.

US+ Stablecoin

Fluent Finance Inc. is a U.S. blockchain development and fintech company that bridges traditional and digital assets with US+. US+ includes real-time audits, smart contracts and maintains a 1:1 ratio with the U.S. Dollar.

Projects Built on XDC Network

Besides the large variety of tokens on the XDC Network, several noteworthy projects are also making use of the network’s powerful technology, allowing users to access various options.

Impel

Impel, a fintech platform that uses blockchain technology to deliver financial messages and payments, has developed the R3 Corda bridge to connect future-facing banks and institutions to the XDC Network.

LedgerMail

LedgerMail combines the power of blockchain, XDPoS consensus, cryptographic algorithms, and zero-trust mechanisms to provide a decentralized email service.

Metabloqs

In a metaverse powered by XDC Network, users can roam around the virtual world of Metabloqs and engage in various activities such as picking up new skills, networking, or playing exciting games. By creating a unique ecosystem, Metabloqs is creating a world where users can create and monetize their experiences using their own native utility token.

Blockdegree

Blockdegree provides online blockchain training to engineers and professionals. Users can explore a variety of basic and advanced courses from Blockdegree to begin their journey as a developer on XDC. 

Go Domains

GoDomains is a decentralized name service solution offered by Go Domains that enables you to easily generate collectible self-owned unique public addresses. With a catchy domain name and a cryptocurrency-focused domain extension, Go Domains can be used to replace your lengthy wallet addresses.

XDC Web3 Domains

Similarly, XDC Web3 Domains allows user to build their identities by owning a .xdc domain. NFT domains can not not only be used to identify wallets but also function as web addresses.

Chainfiles

ChainFiles aims to be an online notarization service powered by blockchain technology. Digital notarization is one of blockchain technology's best use cases because of its immutable nature and timestamping accuracy.

TradeFinex

TradeFinex.org is a P2P trade finance platform to create trade instruments of value between buyers and sellers in the Trade Finance market. It is an open protocol for banks, institutions and users consortium-led governance making it truly decentralized.

XinFin Name Service

XinFin Name Services is a domain name service for the XDC Blockchain. Mint your blockchain domains as NFT assets that will bind the domain to your wallet address.

Mateico

Mateico is a platform that combines art, culture, investments, and charity. The Mateico ecosystem will bring about innovative solutions based on blockchain technology, virtual reality, and augmented reality, with features and services that will help artists and creators.

NFT Platforms on XDC Network

Primeport is the only NFT marketplace that allows users to trade all the NFTs in the XDC network. On the other hand, XDCNFT and XDSea allow users to trade NFTs from their respective marketplaces on the XDC network.

Launchpads on XDC Network

There are two launchpads available for the new projects built on the XDC network, namely XSwap Launchpad and Globiance Launchpad

Other XDC Network Utilities

The XDC token acts as a settlement mechanism for dApps built on top of it, adding further utility to the XDC Network.

Travala

As one of the few travel-booking portals which accept crypto assets, Travala also accepts XDC as payment for booking hotel rooms and flight tickets.

Guarda Visa Card 

Get your own Prepaid Visa Card by Guarda. Top it up using your XDC crypto and use it as a regular bank card anywhere in the world, and easily spend XDC. Guarda Visa card is available as a virtual or physical card.

Cyclebit

Cyclebit is a tool for retailers to accept digital payments in-store, online, or on the go. Any product can be paid for using $XDC tokens, with the whole transaction taking just a few seconds.

XcelTrip

XcelTrip is with the intent to disrupt the travel industry, and XcelTrip users can pay for their travel needs using XDC tokens.

These are just a few of the many projects building on XDC, and there will be many more as the XDC Network continues to expand. The XDC Network ecosystem is constantly growing and expanding, with new projects and partnerships being added to it. This helps to drive innovation, increase adoption, and strengthen the overall network.

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IMF event: central bankers give rallying cry for tokenization

Yesterday a panel at the IMF Spring meetings covered the topics of DLT and tokenization of financial markets. The IMF’s Tobias Adrian moderated the discussion, observing there was “no lack of ambition” in the vision of the panelists.

One of the strongest rallying cries was from outgoing BIS general manager Agustín Carstens who said, that “tokenization can be the future of a financial system with a sophistication that we cannot imagine today.” He emphasized that by including programmability within the token, new types of contingent transactions become viable.

Mr Carstens also observed that countries that adopt tokenization early, especially those that might be considered backward today, could potentially leapfrog to become far more advanced, contributing to the financial wellbeing of their economies. While he pointed to India’s Aadhaar identity system, which had a profound financial inclusion impact, we’d add the more pedestrian example of ATMs.

In the early 1980s there were only 100,000 ATMs globally compared to more than three million today. Some of the first countries to adopt them at scale were emerging economies. A key reason was more advanced economies had to integrate ATMs into legacy back office systems. Emerging market banks had more rudimentary systems, so it was far easier to integrate them. Similarly, countries with less developed market infrastructures will find tokenization easier to roll out because they won’t be held back by the integration issues with legacy systems.

Meanwhile, it’s widely known that the BIS has been working on Project Agorá, a tokenized cross border payment system involving seven central banks and more than 40 private sector firms. However, Mr Carstens also revealed a new initiative, Project Pine, that incorporates wholesale CBDC, commercial bank money, and tokenized government securities in a way that facilitates monetary policy.

Open source Finternet tools

A year ago Mr Carstens outlined his vision of the Finternet which he developed with Infosys Chairman and co-founder Nandan Nilekani, who also led the Indian government department that developed Aadhaar. In much the same way as people can freely use the internet, the Finternet would enable people to transfer any financial asset, using any device, to anyone in the world.

During the IMF event, Mr Nilekani outlined the requirements to enable the vision. They are user centricity, a unified architecture that supports all types of assets, and universal availability.

In the year since releasing the Finternet paper, work has progressed on building tools to enable the vision, which he referred to as a “universal information tokenized system”. He says the tools are capable of billions of transactions on public blockchains, although he is not wedded to a particular technology. Open source tools will likely be released by the end of the year, and pilots are progressing with central banks and corporates.

The role of central banks?

Mr Carstens sees the role of central banks as steering the participation of the private sector and maintaining trust by ensuring the singleness of money and finality in payments. He also outlined a roadmap for central banks to steer tokenization into the mainstream.

This includes clearly articulating the vision and coordinating with other regulators to provide a regulatory framework. He envisions the central bank as enabling the foundational assets, which are part of the new Project Pine – wholesale CBDC, tokenized commercial bank money and tokenized government bonds. Additionally, central banks should provide the basic foundational infrastructure to ensure interoperability with the unified ledger. Finally, there’s a need for a public – private sector partnership to make the vision a reality.

Piero Cipollone, Director of the European Central Bank (ECB), outlined his vision of using tokenization to enable a capital markets union. A recent European Commission consultation gives considerable attention to tokenization as an important tool in its efforts.

However, Mr Cipollone observed that the path to mainstream tokenization is “a bumpy road and, and many things can go wrong.” He highlighted the fragmented nature of current European markets, with 41 trading venues and 27 central securities depositories. The last thing he wants is for tokenization to contribute to fragmentation. There’s also a risk that very large players could dominate tokenized markets, whereas the ECB wants to encourage competition. Another key goal is to encourage innovation, so the central bank doesn’t want to get so tied to a single technology that it might inhibit future innovation.

While fragmentation and interoperability were raised as concerns during the panel, the overall message was one of big ambition. As Mr Carstens put it, “Our imagination is the limit in terms of using tokenization to really shift the boundaries of the financial system.”

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Scaling Up Anticipatory Cash Transfers Pilot with Ripple

In September 2023, Mercy Corps Ventures partnered with Fortune CreditShamba Network, and DIVA Technologies to launch a pilot to test the use of blockchain-powered smart contracts to deliver anticipatory cash transfers to pastoralist communities in Kenya. This innovative approach employed smart contracts to release funds when vegetation indices indicated impending drought conditions.

Pilot Outcomes and Insights

The pilot demonstrated that the use of blockchain smart contracts led to a 75% reduction in transfer costs and a 90% decrease in settlement time compared to traditional transfers. Moreover, the majority of pilot participants reported improvements in their ability to meet major unexpected expenses. For a deeper dive into the pilot findings, refer to the pilot endline report available here.

Scaling up with Ripple

Building on these promising results, Mercy Corps Ventures is collaborating with RippleFortune Credit and DIVA Donate to expand the reach and efficiency of anticipatory cash transfers. The pilot will utilize Ripple’s new stablecoin, RLUSD, on Ethereum as the payout token, demonstrating its applicability in humanitarian aid and disaster relief. Additionally, the DIVA Donate protocol will utilize the FEWS NDVI dataset, and has updated the trigger computation methodology to be less susceptible to the effects of cloud cover.

                                         Figure 1 Illustration of flow of funds

“Our mission is to provide products that enhance financial inclusion but we found that some of our target customers such as pastoralists could not afford to pay the insurance premiums we charged…so we decided to seek out partners such as DIVA…, that could enable us to expand our reach to offer solutions to vulnerable populations that are largely ignored by traditional financial institutions”

 

~ Janet Kuteli | Founder & CEO — Fortune Credit

 

“Since the last pilot with Mercy Corps Ventures, we’ve made several improvements to our DIVA Donate platform to improve the donor experience as well as the robustness of the setup. In particular, we’ve streamlined web3 onboarding with social logins and embedded wallets, improved app performance across the board, and integrated more reliable drought trigger data. We’ve also centralized our blog and added new features like a donor leaderboard to foster transparency. We are committed to building web3-based applications that make a real-world impact.”

 

~ Wladimir Weinbender | Founder & CEO — DIVA Technologies

Call to Action

The pilot campaign has a target of $40,000 which will cover up to 500 pastoralists. Participating in the campaign is simple if you have a browser wallet funded with RLUSD on Ethereum. Just visit divadonate.xyz, connect your wallet, enter the amount you wish to contribute, click “Deposit” and confirm the transaction in your wallet.

 

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Bank of England explores challenges of offline CBDC

As part of the Bank of England’s central bank digital currency (CBDC) design phase, it explored an offline CBDC for its digital pound. At this stage it was only interested in technology issues, so it tested solutions provided by ThalesSecretariumIDEMIA Secure Transactions, Quali-Sign and Consult Hyperion. It concluded the solutions were technically capable of delivering final payments, but found challenges relating to usability and the prevention and detection of counterfeits and double spending.

Offline usability challenges

The first challenge was that the offline and online CBDC balances are kept separate in the wallet, which users might find odd given they don’t care about the technical ramifications. Sometimes wifi outages can catch a user off guard. But if they haven’t already moved money into the offline balance, they won’t be able to use the offline functionality unless someone else pays them offline.

Offline payments tend to use secure elements either on a smartphone, a special SIM or smart cards. Given they have limited storage capacity, this caps the number of transactions that are possible before reconnecting to the network. One of the solutions tested was particularly limited on this front.

Imposing transaction limits in order to address potential risks has the side effect of impacting usability. And they are often not practical. For example, any kind of time limits are challenging because smart cards don’t have clocks. On smartphones the time on the clock might be changed. An alternative is to limit the number of transactions, if the secure element is compromised the transaction count could be manipulated. Although in that case, the CBDC has a problem anyway, because the private keys are also likely to be vulnerable.

Preventing and detecting fraud

The primary line of defense against counterfeiting and double spending is the cryptographic keys used within the secure element of the device. However, if somehow these are compromised, there’s a need to detect this has happened.

After executing a transaction offline, when the device is within wifi range it subsequently performs a reconciliation with the online ledger to highlight fraud or double spending. However, this is after the fact, so it doesn’t prevent double spending.

Devices can keep transaction records for later reconciliation. The possibilities are to keep full transaction records, partial records or no records, which renders the transactions anonymous. The Bank of England observed that without transaction records to reconcile with the online ledger, it’s not possible to detect counterfeits and double spending at all. And even when records are kept, the intermediaries need to share the records with each other for detection purposes. Various privacy preserving technologies were tested to safeguard personal information.

Additionally, the trials tested having a centralized system for uploading offline transaction data, using confidential computing to protect personal data. That allowed additional checks, including for money laundering.

The paper concluded that the trials “demonstrated that it might be technically feasible to implement an offline payment functionality for a digital pound but there are security, performance, and user experience challenges which need to be explored further.”

Hence, two major areas where work is needed is for double spending and fraud checks, and what happens if the secure element is compromised. While secure elements are widely used for payments, they are usually combined with simultaneous online checks.

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