XINFIN x Satoshi Club AMA Recap from the 22nd of March

By Satoshi Club | Satoshi Club AMA Recaps | 13 Apr 2022

Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from XINFIN and our guest was . The AMA took place on the 22nd of March

The AMA session was divided into 3 parts with a total crypto reward pool of $500

In this AMA Recap, we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Telegram&WebSite

Robocop | Satoshi Club

Hello Satoshi Club community ! We are pleased to announce today AMA with XINFIN

Pavel P

Welcome everyone! Let’s meet out guests from XinFin!

Sarthak

Hello everyone!

Robocop | Satoshi Club

Today our special guests are

@sarthakbakshi_Dimo @bhavesh_thakkar_dimo @WalterBlueu and @Mr_Blockchain22

Pavel P

@sarthakbakshi_Dimo

@bhavesh_thakkar_dimo

@WalterBlueu

@Mr_Blockchain22

Welcome to Satoshi Club!

Bhavesh Thakkar

Hello there!!

Pavel P

Happy to see you, guys, here! How are you doing?

Sarthak

Hello everyone!

We’re great, thanks pavel

Have a lot of exciting things to talk about

Bhavesh Thakkar

All good!! Thanks for joining the AMA

Pavel P

Are we expecting someone else to join from your side?

Robocop | Satoshi Club

We are also very excited to do AMA with XINFIN

Robocop | Satoshi ClubDo Mr @WalterBlueu and

@Mr_Blockchain22 also join here with us ?

Sarthak

Yes they will b joining in too

Lets begin the session

Pavel P

Perfect! Let’s start!

Robocop | Satoshi Club

Sure, Let’s start our AMA

Pavel P

Please introduce yourself, how you got involved in crypto and how XinFin started?

Bhavesh Thakkar

Myself, Bhavesh Thakkar, Co Founder & Ceo of Dimo & XDSea NFT Marketplace. An ecosystem partner to XinFin

Sarthak

Hey there, iam sarthak co-founder of DIMO , XDSea and eco-system partners at XinFin

Robocop | Satoshi Club

Great ! Can you please introduce to us what is XinFin ?

Sarthak

Yes ofc!

XinFin is a hybrid blockchain platform that is built to modernize and revolutionize the global trade and finance sector through an accessible, efficient, and highly versatile decentralized infrastructure solution.

The network not only has a high TPS but also one of the very lowest gas fees in the entire market!

Pavel P

WOW! That is smth really in demand nowadays!

Sarthak

It most certainly is

Pavel P

How many people are currently working on XinFin?

Gold Rocket | Satoshi Club

@WalterBlueu welcome to Satoshi club

Walter Blueu

Thank you, glad to be here

Robocop | Satoshi Club

Hello welcome @WalterBlueu

Pavel P

Let’s welcome one more guest!

MrBlockchain22 #WeAreXDC

Hello everyone glad to be here!

Bhavesh Thakkar

Welcome @Mr_Blockchain22 & @WalterBlueu to the AMA

Pavel P

So, we have 4 XinFin team members here with us today! Who else is working to make dream reality?

MrBlockchain22 #WeAreXDC

Thank you @bhavesh_thakkar_dimo it is our pleasure to be here!

Robocop | Satoshi Club

Hello welcome @Mr_Blockchain22 & @WalterBlueu, kindly to introduce about yourself ?

Sarthak

Hello, would like to introduce everyone to @Mr_Blockchain22 and @WalterBlueu they are key guys driving the innovation at XinFin

Walter Blueu

As an introduction, I work for the XDC Foundation, which is a non-profit organization focused on building up the ecosystem of tooling on the XDC Network to make it simpler for others to come build and deploy their applications and projects on the XDC network.

My title at the XDC Foundation is Smart Contract Architect and my main day-to-day duties include acting as Product Owner for lots of our products, including Origin, Observatory, XDCPay, Network Stats and others

One note, the XDC Foundation and XinFin are separate entities, XinFin being a for profit entity focused on the global trade finance use case on top of the XDC Network.

MrBlockchain22 #WeAreXDC

I work as one of the project managers at the XDC Foundation and I have been working for the Foundation since Jun last year. My current duty is Lead Project Manager and work along side a great team that make it happen. My name is Sal but I go by MrBlockchain22 in the crypto space.

There are several products that we all manage and keep driving innovation and adding new features to the dapps we have released and that the community request.

Pavel P

What a dream team we have here with us today!

Robocop | Satoshi Club

Thank you for the great introduction by the way how big are XinFin team right now? can you please introduce to us?

MrBlockchain22 #WeAreXDC

Thank you for the kind words!

Walter Blueu

On the XDC Foundation side you can check out our team at our new website: https://www.xdc.org/community

Robocop | Satoshi Club

Thank you for sharing.

We have collected 6 community questions for part 1 from Satoshi Club community,

ready to proceed?

Sarthak

Yes let’s go

MrBlockchain22 #WeAreXDC

We have the founders of the XDC Network Atul Khekade, Ritesh Kakkad, and the Executive Director Billy Sebel. The Directors of the foundation are Matthew Weisenthal as the Director of Tech, Salvatore Marotta as the Director of Communications and Nick Rejeili as the Director of Finance. As @WalterBlueu you can visit our website and get familiar with everyone there.

Pavel P

Q1 From Telegram User @Lestmarisv13

The XDC token is the underlying utility token that powers the XinFin hybrid blockchain. The XDC token acts as a settlement mechanism for DApps built on the XinFin Hybrid Blockchain. XinFin also launched an Ethereum token called XDCE that can be exchanged with the utility token XDC in a 1:1 ratio. What is the utility of XDC and XDCE tokens? Toke economics? Why hold either XDC and XDCE tokens long-term? Advantages?

MrBlockchain22 #WeAreXDC

I’ll take this question.

The XDC token is the underlying utility token that powers XDC Network Hybrid Blockchain. The XDC token acts as a settlement mechanism for DApps built on the XDC Hybrid Blockchain. XDCe was the token that was built as a layer 2 on the Ethereum network but we launched our mainnet and we’ve been live since Jun of 2019. The XDC token was 1:1 to the XDCe token but XDCe has already been phased out and no longer in circulation or tradable. We have been working on releasing a paper with the breakdown of our tokenomics. We can’t tell people to hold XDC for any reason. We concentrate on developing and growing the network ecosystem by developing dapps that will allow our users to interact with our network in a very easy and efficient way.

Pavel P

Could you share with us the tokenomics of XDC?

MrBlockchain22 #WeAreXDC

We will share that once it’s finalized.

Robocop | Satoshi Club

How do we possible to buy XDC token? Can you share link or where we can buy them?

Pavel P

Thank you for your answers! Ready to proceed to the next question?

Robocop | Satoshi Club

Thank you for the detail answer

MrBlockchain22 #WeAreXDC

My pleasure. Yes, lets continue

Pavel P

Q2 From Telegram User @Cheriemike

I am very much attracted to XinFin XDPoS mechanism,which is a way of validating transactions that occur on XinFin’s (XDC) Hybrid Blockchain and appending those to the truth ledger.You also said that XinFin’s Delegated Proof of Stake uses of real-time voting to elect a pool of validators (or delegates). So can you explain to us when say you make use of real-time voting to elect a pool of validators? How is XinFin XDPoS mechanism different from alternative consensus algorithm?How many delegates or validators are chosen for each block ?It is also said that the network validators are responsible for preserving the sanctity of XinFin’s (XDC) Hybrid Blockchain Network. So what if along the line a validator acts in a dishonest way, are there some kind of penalty meted on him/her? Can users vote on delegates by pooling their token into a staking pool and linking them to a particular delegates? Please provide more info on your XDPoS mechanism.Thank

Walter Blueu

I will take this one

Walter Blueu

XDPoS relies on the architecture of 108 validating masternodes, and up to 192 standby masternodes. Every block two of the 108 validating masternodes are randomly selected, one masternode creates the new block and the second masternode validates it. These two masternodes are chosen on a random round-robin schedule. All validating masternodes share the 5.5 XDC minted as a reward each block. Standby nodes are rotated into the validating pool when a validating node is rotated out for a liveness violation or is striked from the pool due to malicious activity.

With our new XDP0S 2.0 consensus we are able to guarantee zero forking in block creation when adversarial nodes (bad actors) make up less than 1/3 of the validating node pool. In the unlikely case that adversarial nodes take over more than 1/3 of the validating node pool the XDPoS 2.0 forensic monitoring built into the consensus algorithm will irrefutably identify the adversarial nodes and punish them by slashing them from the node list. This punishment is severe because slashing of an adversarial node involves the burning of some or all of the 10M XDC that the node owner staked to join the node pool.

Robocop | Satoshi Club

Thank you for the great answer! I believe @Cheriemike satisfied with the answer

Pavel P

Have you already done or planning any audits?

Robocop | Satoshi Club

Thank you for sharing, do you want to add anything or we can go to next question?

MrBlockchain22 #WeAreXDC

We can go to the next question

Pavel P

Q3 From Telegram User @sunny_steel

Among the beneficiaries of XinFin product are governments, local bodies, communities, corporates, financial institutions and end users. WTO & ICC are already mentioning XinFin in its reports. So, what are their outputs on XinFin value for the community? What questions do these organizations ask when they look for answers within XinFin services? How do you personally see XinFin changing people life in 5 years? Thanks!

MrBlockchain22 #WeAreXDC

I’ll take this question.

Walter Blueu

Cool, I will also type out an answer to the 5 year part of the question

MrBlockchain22 #WeAreXDC

Thanks for the assist @WalterBlueu

At the foundation we do not necessarily interact with enterprises so we couldn’t comment on what they ask. XinFin Fintech deals with the enterprise side. But I can tell you from our interaction with different projects wanting to move to our network, or build on our network. What drives them to us is our cheap transaction fees, and the scalability of our network. We’ve had projects that have migrated from Ethereum to the XDC Network because of gas fees and because we’re EVM compatible, any decentralized application or project that is currently on ETH can easily migrate to us. We are also ISO 20022 compliant and that is another feature that attracts projects to us.

Walter Blueu

How do I personally see the XDC Network changing people’s lives in five years? This is a great question because it allows us to highlight the ethos behind the XDC Network, and when I say that I mean ethos of the network of people helping to grow adoption of the XDC Network. We are focused on closing gaps. Specifically, XinFin is focused on closing the trade finance gap, by helping Micro/Small/Medium Enterprises (MSMEs) get access to the global trade funding that typically only the largest entities have access to. What is really cool about this, and this is me speculating, is that retail investors will probably be able to play a role in funding global trade finance by staking their XDC in a pool backing a stable coin that is used for things like tokenization of trade assets.

Sarthak

On this I would also like to add, that there are some AMAZING projects coming on, like NFT marketplaces (XDSea is a live one already), stable coins, physical tokenisation projects and much much more.

Pavel P

That is worth respect!

Robocop | Satoshi Club

I hear that XinFin already exist since 2018, is this true ? Can you please share the roadmap from XinFin ?

MrBlockchain22 #WeAreXDC

Absolutely, and these projects are being built by community members like you and I. This is the beauty of crypto in general and we are building the tools to facilitate that for anyone that wants to build on the XDC Network

Walter Blueu

You can see on the XDC Foundation roadmap that we are heavily focused on building tools that make it easier for people to interact with our network

MrBlockchain22 #WeAreXDC

Absolutely, the roadmap shows all the dapps we are currently building and enhancing with updates very often.

Robocop | Satoshi Club

Walter Blueu:

you can take a look at our github here: https://github.com/XDCFoundation/

Pavel P

Thank you guys! I see that this mission really inspires you!

We are ready to see the question nr. 4!

MrBlockchain22 #WeAreXDC:

You can find the list of exchanges and dexes where the XDC token is listed here: https://www.xdc.org/ecosystem

Walter Blueu:

Mainnet went live in 2019 and you can find the XinFin roadmap here: https://xinfin.org/roadmap, and the XDC Foundation Technical Roadmap here: https://xdcroadmap.org/

MrBlockchain22 #WeAreXDC

Yes, we truly enjoy what we do!

Pavel P

Q4 From Telegram User @meml97

It caught my attention that when it comes to the security of XinFin’s blockchain, I saw that it has been implemented on the Network something called “Double Validation”, can you tell us more about this security feature? How does this Double Validation exactly work? Why did you decide to integrate this feate onto your network? What kind of security and overall benefits provides to XinFin that other security measures can’t? What is so special about this feature that is able to make XinFin Network unique among other Delegated Proof of stake based blockchains?

MrBlockchain22 #WeAreXDC

I’ll take this question.

Walter Blueu

I touched on this one a bit in my previous answer, but I think one thing that we do differently is that our two validators are randomly selected from the pool of 108 validating masternodes and not elected through a voting mechanism.

haha, i already started typing. the floor is yours @Mr_Blockchain22

MrBlockchain22 #WeAreXDC

No worries brother, go ahead

Ill touch on the parts that you didnt cover already

Walter Blueu

I will add that when I talk about our consensus mechanism I like to highlight that it is cooperative and not competitive

off topic, but this announcement was just released: https://nuvei.com/company/press-releases/nuvei-strengthens-integration-with-xdc-network-by-supporting-new-browser-extension-wallet-xdcpay/

MrBlockchain22 #WeAreXDC

The XDC Network Double Validation (DV) is similar to some existing PoS-based blockchains such as Cardano. In the process, each block is created by a block producer also known as a masternode. A block producer is primarily a masternode that takes its block creation permission turn following a pre-determined and circular sequence of masternodes in each epoch. The difference between other blockchains and the XDC Network is that it requires the signature of two masternodes on a block for the block to be published or pushed on the ledger or blockchain.

Pavel P

By the way, why Cardano?

MrBlockchain22 #WeAreXDC

In layman’s terms, 2 masternodes have to sign a block and the second signature (or masternode) is randomly selected from the pool of masternodes or validators.

Walter Blueu

just to tack on, the fact that the two validators are chosen randomly makes it more difficult for validators to collude as bad actors

MrBlockchain22 #WeAreXDC

Just a random pick…nothing specific about it

Any Proof of Stake network share similar characteristics.

Robocop | Satoshi Club

/nolinks@ProtectronBot

Pavel P

I see, thank you for answering in details.

Pavel P

Ready to see the question nr. 5?

Pavel P

Q5 From Telegram User @Rozielyna

I understand that XinFin Network is an innovative solution to the scalability problem of the Ethereum blockchain, and other current blockchain platforms.and I noticed that XinFin Network has Different Products asfollows: XinFinScan, XinFinStats, XinFinMaster, XinFinWebWallet. Can you please explain this products of Xinfin Network? What are the features of these products and How will this products benefit users who use the Xinfin Network? Are all the products currently available or yet to be launched? Will you be adding more products as the project advances?

Walter Blueu

I can speak to the XDC Foundation products, some of which have parity with the XinFin products that you listed

stats.xdc.org is our Network stats page that shows real time network statistics, including real-time transactions per second, a map of masternodes showing geographical location and status, and historical info about the state of the network overall

Robocop | Satoshi Club

Walter Blueu:

observer.xdc.org is our block explorer, it allows a user to create a profile that lets them customize how they interact with the product by setting a watchlist for addresses that will trigger notifications when transactions happen, exporting of transaction history for tax reporting or bookkeeping purposes, and the ability to interact with smart contracts that the have deployed to the network

Origin is a no code token minting product, where users can come and define/create/validate/deploy their XRC20 tokens to the XDC Network for free (aside from the $0.0004 transaction fee) in just about 1 minute

XDCPay is our web3 enabled wallet which acts as the gateway to all of our products, we just announced a new partnership with Nuvei that allows the purchase of XDC through XDCPay using over 100 various local currencies.

While XDCPay is currently a chrome extension we are about to release iOS and Android mobile applications for it

Pavel P

What features does it provide to users?

Walter Blueu

We have a few products that we are about to release, including an NFT Marketplace focused on photo and short form video, a Governance dApp for voting on the blockchain, a Smart Contract Manager for forecasting of smart contract utilization, an update to Origin that allows users to mint XRC721 tokens (NFTs), as well as a few others

XDCPay is the gateway into our other products, so you can log in to Origin with XDCPay and sign transactions for minting tokens with your XDCPay account

XDCPay is then used to custody those tokens so that you can send them to other people

Robocop | Satoshi Club

Wow! XinFin really have so much feature it’s like all-in-one blockchain

Walter Blueu

XDCPay is also now a fiat onramp through our partnership with Simplex

We have a roadmap in place for XDCPay that I believe will make it a revolutionary platform for financial inclusivity

Robocop | Satoshi Club

Thank you for the detail answer ! Do you want to add something or we can go to last question from part 1?

Pavel P

This ecosystem is indeed huge! So many products offered!

Walter Blueu

unless there are follow on questions I am ready for question 6

MrBlockchain22 #WeAreXDC

Yes, lets move on to the next question

Pavel P

Q6 From Telegram User @Billz120

Hi Xinfin Team- I read on one of your updates that there was XDC nature update named ” Andromeda” on your XDPOS consensus protocol. Could you please explain to us the use cases of this Andromeda in Xinfin? Xinfin Fin Tech I learnt is an Enterprise ready hybrid Blockchain technology company, the first company to utilize the DASL crypto bridge and this bridge enables Xinfins XDC to move from the XDC Network to be used as a settlement token inside the Cords ecosystem. Could you please tell us what Xinfin actually means and it’s interest in the Blockchain? What services and solution does Xinfin sets out to solve in the Blockchain metaverse? Lastly, what does Corda Blockchain offers Xinfin ecosystem?

MrBlockchain22 #WeAreXDC

XinFin stands for eXchange inFinite. Everyone at the foundation is working towards building and growing the ecosystem. The network is an open protocol and anyone can build on it. With that being said, we are building the daps so anyone can build on our network, if you can dream it you can build it right? Cliche I know but it’s true. There is a project that just launched on our network that is creating the first metaverse on the network.

Walter Blueu

Andromeda was primarily focused on rolling out our native forensics capabilities to our XDPoS protocol

Robocop | Satoshi Club

Thank you for the detail answer guys! Now is time to proceed with the second part, the live segment part 2, are you ready for the storm question?

MrBlockchain22 #WeAreXDC

Regarding the Corda blockchain and the XDC Network. The bridge between Corda and XDC Network powered by DASL, this bridge enables XDC to move from The XDC Network over to the public Corda Network to be used as a settlement token inside the Corda ecosystem.

Let’s do it!

Robocop | Satoshi Club

We will open chat for 2 minutes and then chat will be closed –

you can start select 10 best questions !

Part 2 — live questions from the Telegram community

Q1 from Telegram user @Fatima6734

Banking Sectors has been greatly benefited from Hybrid Blockchains,

As they have lot of transactions to doHow role will XinFin Play in this?
Can You Please Explain?

MrBlockchain22 #WeAreXDC

First question I am choosing. This is a great question because it highlights the benefits of the hybrid blockchain. I saw a similar question about this as well but here we go. Our network is hybrid because it is a fork of GOETH for the public state of the network, and a fork of Quorum the JP Morgan blockchain. This give the network the advantage of having a private state and a public side as well. So businesses can keep public data accessible internally as externally and the private state allows to keep data secured and off the eyes of those not intended to see that data. So banks and institutions could really benefit of such features and capabilities of the network.

Q2 from Telegram user @Silica432

In Your Website, You have Mentioned that

FIRST GENERATION Is BTC
SECOND GENERATION IS ETH
THIRD GENERATION IS XDC

Will You Please Draw a Brief Comparison Between the XDC With BTC and ETH , What are the Best Feature of it ?

Walter Blueu

I am going to try and answer some of these, there are so many though haha

Q3 from Telegram user Devi Balqis

How to stay cool in the current situation on the cryptocurrency market?

Walter Blueu

Focus on building the future. I honestly stopped paying attention to the price when I joined the foundation because I am now so focused on building the products.

Q4 from Telegram user @sirdefi

I understand that XDC Network is poised to offer an enhanced trade finance ecosystem experience. What are the shortcomings of the current trade finance ecosystem and what are the improvements and solutions that XDC offers?

MrBlockchain22 #WeAreXDC

This is the second question Im choosing. This is an excellent question. Tradeteq partenered with XinFin Fintech to conduct the first tokenized trade finance product (NFT based transaction). This was the first completed end to end transaction following the regulations necessary in the trade and finance standards. The XDC Network is closing the gap between legacy systems and allowing to tokenize all transactions that are currently paper based and take weeks to process and finalize to just a few days. This enhances the trade and finance world tremendously because it reduces the time it takes to process those transactions. You can read more here: https://www.gtreview.com/news/fintech/tradeteq-partners-with-xinfin-in-first-trade-finance-nft-transaction/

Q5 from Telegram user @gollumsgems

Can you clear me what is meant by hybrid blockchains? what best features does XINFIN network has in comparison to other popular blockchains and its competitors? Why should we use XINFIN?

Walter Blueu

Hybrid means that the XDC Network has both a public and private state. The public side of the network is a fork of Go Ethereum and the private side is a fork of JPM’s Quorum. What it means is that a financial institution can create a private network on the XDC Network, using a masternode as the connector between the two. They can keep sensitive transactions private on the private side, while pushing information to the public side as necessary.

Q6 from Telegram user @Fabentuug

Origin, a new platform from the XDC Foundation, makes it simple to create cryptocurrencies. So what is the backstory to this? What is Origin’s use case? What are all the origin features? How much exactly is the situation with Origin? Where are the benefits of coming from?

Walter Blueu

Origin allows people to define an XRC20 token and deploy it to the XDC Network so that they can build their own second layer project. This process costs about $0.0004 and takes about 1 minute. Origin lowers the barrier to entry for people with ideas for second layer projects who may not have the blockchain engineering skillset needed to code a token contract using solidity.

Q7 from Telegram user @atmaca111

XDC Foundation recently released Origin, which makes token creation incredibly easy. Is origin just for tokens or can we use it for NFTs as well? And is there really a simple interface for everyone?

Walter Blueu

We are working on v1.1 for Origin right now and it will include support for NFT minting

Q8 from Telegram user @konditer_rolex

How many types of nodes are there in your network? What is the minimum number of coins needed to run a node, what are the rewards for node holders, and can users with a small amount of coins earn income from holding, staking, or in some other way?

MrBlockchain22 #WeAreXDC

Question number 3 for me. We currently have a total of 201 nodes on our network. Out of those nodes, 108 are validators and the rest are standby nodes. The required amount of tokens for a node is 10 million XDC tokens. The rewards are 10% APY for validators, and 8% for standby nodes. Currently we are working on way to allow community members to stake XDC but that has not been released yet. We are working hard to bring this to our community members as this has been one of the most requested features.

Q9 from Telegram user @meml97

I read that one of the features that makes XinFin Network different from others is its “Build in governance D-app”, can you tell us more about this? How will this build in governance D-app exactly work? How can XinFin’s users be able to participate in this kind of governance system? And what kind of responsabilities does this governance have? Also, what are the benefits XinFin Network will get by having this build in governance D-app implemented onto the network instead of any other kind of governance model? How is it more suitable for XinFin?

Walter Blueu

We are about to release a governance dApp that allows a person to create a voting proposal on the dApp, whitelist addresses who can cast vote, and handle the actual voting on the proposal. There are privacy features built in so that the proposal and votes aren’t public. This dApp will be available to anyone who wants to use it. The XDC Foundation will use it for votes through the DAO.

Q10 from Telegram user @KASG95

I read that XinFin will have a double validation, which strengthens the security of the XinFin Blockchain, reduces forking and makes the XinFin Network unique among other delegated proof-of-stake based blockchains, but does this double validation really guarantee better security? , then why other networks do not use it the same? Or is there other ways to offer more security?

MrBlockchain22 #WeAreXDC

Question #4: The XDC Network has had double validation since inception. Our mainnet launched in Jun of 2019. We explained what double validation means and how it works. Additional to that, our latest update to our network, Andromeda, added a forensic capability to our network where if a node acts maliciously on the network, it is taken offline. This keeps the network secure. I can’t speak for what other networks are doing.