There is no doubt that blockchain has been one of the most disruptive and breakthrough technologies to ever exist. This is thanks to blockchain’s ability to enable transfers internationally at the fraction of the cost and time. However, the current blockchain infrastructure has become extremely congested and stretched to its limits. Subsequently, this congestion has led to the rise of network fees, thereby dampening any chances of blockchain competing with mainstream technologies such as MasterCard or Visa.
Fortunately, a number of organizations have seen this problem and are tirelessly working to create high-efficiency platforms meant to be blockchain scaling solutions. One of the organizations spearheading this charge is XinFin Foundation that’s creating an EVM compatible, PoS-powered smart contracts blockchain known as XinFin. In this article, we are going to decode XinFin and how you can easily purchase the XinFin coin on Swapzone using Bitcoin. Let’s dive in!
What is XinFin?
XinFin is an innovative brainchild of the XinFin Foundation that’s geared towards solving the scalability issues plaguing the Ethereum blockchain. Some of the issues that XinFin is trying to solve include network congestion, high Ethereum transaction fees, and high centralization or lack of interoperability on most blockchains. The XinFin network applies a Masternode architecture of 108 Masternodes that utilize a DPoS consensus to enable low transaction fees and fast two-second transaction confirmation times.
The network maintains stability and security through a number of techniques such as randomization, double validation, and staking through smart contracts. Additionally, XinFin supports EVM compatible protocols, smart contracts, and atomic cross-chain token transfers. The network also utilizes and integrates novel techniques such as sharding, EVM parallelization, hardware integration, and private-chain generation into the Masternode architecture. Therefore, XinFin is a decentralized, public, and scalable smart contract blockchain that’s ideal for both big and small businesses.
Does XinFin have its own coin?
XinFin is the native cryptocurrency of the network most commonly known by its ticker symbol XDC. Additionally, it’s also the reserve crypto for all third-party apps running on the XinFin network. All users utilizing the XinFin network to build apps or issue or integrate cryptographic tokens in their apps will need XDC. Therefore, the XinFin coin plays an integral part in the XinFin ecosystem. Other reasons why XinFin coin is important include:
- It’s used to fund any and all development efforts of the XinFin ecosystem.
- It’s utilized as an incentive to build and maintain the XinFin network and ecosystem.
- It’s a long-term, decentralized governance instrument of the XDC network.
Additionally, XDC cryptocurrency is not mineable in the traditional way. It is only mineable through Masternodes. Masternodes are specifically responsible for the creation, verification, and finalization of blocks known as epoch. The block rewards are paid for each epoch, which lasts for about 30 minutes. XDC coins can be stored in an XDC wallet. Wallets that support XDC include the XinFin Web Wallet, the Guarda wallet, and the XDC Android wallet.
XinFin Hybrid Blockchain
XinFin uses a hybrid blockchain architecture that’s forked from both Ethereum and Quorum. This hybrid architecture combines the best of both the private and the public blockchain. The private chain ensures that all sensitive financial data remains secure while the public chain ensures that the blockchain remains transparent and verifiable. Thus, XinFin is highly interoperable with other blockchain platforms. The hybrid nature of the blockchain ensures that the XinFin network is able to remain speedy, secure, and scalable.
The XinFin network is working tirelessly on building and elevating its network and ecosystem. Therefore, it has secured partnerships from all manner of fields such as gaming, IT, robotics, agriculture, education, payments, communication, advertising, pharmaceuticals, tourism, and food traceability. Some of the partnerships and alliances that XinFin has made are with companies such as Sota Tek, R3, Assocham India, Circle, IndSoft, Copper, Ramco, and Temasek Polytechnic. More information on these partnerships and their outcomes can be found on XinFin’s official communication channels.
How to buy XinFin coin with Bitcoin on Swapzone?
Wondering where to buy Xinfin coin? Don’t worry, Swapzone is one of the best XinFin coin exchange platforms in the crypto market today. To conduct a XinFin exchange on Swapzone just follow these easy as pie steps:
Step 1. Open Swapzone on your web browser.
Step 2. Locate the “select pair” tab, and insert the number of Bitcoins that you are willing to swap in the “send”section.
Step 3. In the “get up to” section, you will see the amount of XinFin crypto to receive for your BTC.
Step 4. Immediately after you enter the details, Swapzone will provide you with a number of offers. You have the option to choose based on the best rate, fastest exchange time, and the one with the best service rating.
Step 5. Worried about the validity of a particular exchange? Fret not, Swapzone has taken an extra step to ensure that information about each exchange partner has been added on the platform. This information includes reviews, pros, and cons. To access this information, simply click on the exchange and you will automatically see it.
Step 6. Once you find an offer you like, simply click on it and click on “exchange”.
Step 7. Once you do so, you will be prompted to enter the XinFin wallet address to receive your XDC crypto, an address to refund you, and an email address (which is optional).
Step 8. Once you’ve entered these details, hit on “proceed to exchange”.
Step 9. After your deposit is received, the exchange partner will then convert your Bitcoin deposit to XinFin. Just wait for the process to finalize. It may take some time.
Step 10. Once the process finalizes, you will receive your XDC coins in your wallet. Take a moment to rate the exchange partner and leave behind an honest review.