DigiFinex AMA Recap | The XDC Network – A Layer 1 Hybrid Blockchain with a Growing Trade Ecosystem
This article came directly from the Digifinex blog.
Hello everyone, it’s time for another episode of DigiFinex AMA. We’re excited to have Bill, the XinFin Head of Ecosystem Development, here with us today, to share with us his insights on how XDC Network combining the immutability of public blockchains with the privacy of private blockchains, service the needs of enterprise businesses. Stay tuned to know more!
# Guest of the night
Bill Sebell, Head of Ecosystem Development, XinFin (XDC Network) Bill Sebell has spent 25+ years in manufacturing and consumer products dealing with the challenges businesses face in capital markets and international trade. Bill discovered the XinFin and the XDC Network when exploring blockchain technology and cryptocurrency back in early 2018, and quickly wove himself into the XDC community and ecosystem. Bill’s service to the XDC community led to an official role as the XinFin Head of Ecosystem Development in early 2021, where he now works to efficiently build out the ecosystem, cooperating with the XinFin team and longtime community members. During this time, Bill has worked closely with Tradeteq to help bring about the first of its kind tokenisation of trade assets on the XDC Network. He has been acknowledged for his work by being selected as a finalist for an Enterprise Blockchain Award for Corporate Leadership.
#Host of the night, Kiana Shek, DigiFinex CXO
Previously working for Baidu as Assistant General Manager, Kiana has had advanced education in the financial field, also obtaining a rich background in Big data, AI, international businesses. In 2017, she founded DigiFinex as a Co-Founder, and dedicated to provide a safer, convenient, transparent digital asset exchange platform for the people. She is also responsible for promoting brand values globally on behalf of DigiFinex, and actively takes part in various Blockchain summits around the world.
Below is a highlight of our AMA Session.
# About XDC Network
Kiana: Can you briefly introduce your background and describe XinFin in a few sentences?Bill: My professional background is in manufacturing and small business. As a result I have experience working with local banks, capital markets, and imports/exports. Currently I’m the Head of Ecosystem Development for XinFin Fintech and the Executive Director of the XDC Foundation.XinFin Fintech is a private company out of Singapore that launched the XDC Network. Through its hybrid public/private architecture, XDC Network was designed specifically to service the needs of enterprise businesses. XinFin decided that combining the immutability of public blockchains with the privacy of private blockchains, would be the best way forward.Kiana: What are the unique features and strengths of XDC?Bill: As a fork of Ethereum, XDC Network inherently enjoys the same smart contract capabilities. So not only public projects can easily build on (or migrate to) XDC as easily as they could on Ethereum, but private enterprises can also just as easily set up permissioned sub-networks on chain. By offering private functionality, XDC is very attractive to financial institutions that are required to keep certain smart contracts private.
Extremely low transaction costs (~.00005 XDC per txn).
Scalability. 2k tps currently. Can be scaled to be much higher (~30k tps) as needed via sharding.
Hybrid public/private functionality
XDC Network joined the U.S. Army Research Office and the National Science Foundation in support of the fundamental research that is driving the forensics revolution in blockchain. We have a team of blockchain engineers, including those from Princeton University, bringing cutting edge blockchain engineering to our network.
Kiana: What is the key to success with XDC focusing on the financial market? How does it work?Bill: Being ISO-20022 compliant and offering public/private solutions are both core components to XDC becoming the go-to ecosystem for financial institutions. XDC Network maintains full compliance with the ISO-20022 messaging standard and its applications in trade finance and other payment sectors. But XDC is unique because it is designed specifically to serve financial institutions in the trade finance space, disaggregating the industry, providing more visibility to participants within our trade finance ecosystem, and facilitating better rates for buyers and suppliers. XDC Network is well-positioned as a blockchain technology solution because it is set up to deliver an improved trade finance ecosystem experience. And trade finance is something that directly, or indirectly affects almost every person on the planet.Your phone, your clothes, and maybe even your food all had to be shipped and tracked around the world. Given the difficulties that the logistics industry has faced in the past couple of years, we see now as the perfect time for XDC Network to streamline global trade and finance.In 2021, XDC joined the International Trade and Forfaiting Association (ITFA), as well as the DNI and TFD Initiatives, prominent Trade Finance organizational bodies. Tradeteq is also using the XDC Network to create NFTs following unique trade finance standards. Tradeteq is also developing a real world value stablecoin, transparently-sourced, on the XDC Network in 2022.Kiana: What are some significant milestones which XDC has achieved? What is the future roadmap for XDC?Bill:
Completed Corda network bridge via DASL
ISO20022 compliance already established
Enhanced developer support — SDK releases
UX/UI upgrades, including an improved Web3 extension, XDCPay
World’s 1st (and 2nd) trade finance NFT created with Tradeteq — with intent to scale
TFD Initiative selected XDC as an exclusive blockchain member
Princeton-affiliated forensics research published
XDC-supported forensics white paper receives Best Paper Runner-up award
DNI Initiative selected XDC as a member
Top 100 project on CoinMarketCap
Kiana: What problem are you trying to solve? How does XDC make blockchain more user friendly?Bill: XDC Network beautifully solves the public vs private blockchain conundrum. By combining both into one network, we make it much easier for companies to interact with each other, but without compromising sensitive information.Being a highly scalable Layer 1 network, a huge push from the team in 2021 was to make the XDC network more accessible to developers. We currently have five SDKs that support both XRC-20 and XRC-721 token integrations — Android, GO, iOS, .Net, and a Java SDK for XRC-20 support. We are also improving our ‘no-code’ platform, so projects can use the XDC Network, even if they don’t have a designated developer.Kiana: Can you compare XinFin with the competitors?Bill: The main differentiators between XDC and other Layer 1 blockchains are: 1) XDC Network’s Layer 1 public/private hybrid architecture is extremely energy efficient and highly scalable with low transaction costs and 2,000 TPS processing speed. 2) XDC is EVM compatible, so anything built on Ethereum can easily port over to XDC, including NFT projects, now more affordably managed on XDC.3) We are the only public Layer 1 network with teams specifically focused on trade finance use cases. The network is experiencing significant adoption in the trade finance industry.Kiana: NFT went on a hype recently, what do you think of it and how do you expect it to develop?Bill: NFTs offer immutable proof of ownership, history, and so much more. They can verify authenticity, trace provenance and completely change how vital documentation is handled. Some of these NFT applications are already being trialed, albeit quietly and behind the scenes. It is not too ambitious, however, to see in just a few years how this technology may genuinely change the nature of global commerce for good. For example, Tradeteq (UK fintech company) in partnership with Accelerated Payments (Dublin-based invoice finance company), completed the first non-fungible token (NFT) transaction in the trade finance industry, and they did so on the XDC Network.Personally, I’m really excited to see NFTs change the way that charities raise money, spend money and increase transparency. We are anticipating that scalable NFTs platforms will create new monetization pathways for content creators and potentially change the way sponsorships and advertising is pursued.Kiana: Can you share with us your personal investment experience in crypto assets?Bill: I first heard about Bitcoin and looked into it in 2014. But to be honest, I didn’t give it too much thought or attention at that time. I thought it was interesting, but that was about it.After the bull run in 2017, I took another look at it because I was very interested in the massive drop in price that happened in 2018. So I think January 2018 was when I bought my first Bitcoin.I actually found XinFin and XDC the same year, but in April and May. Because of my background in manufacturing and small business, I immediately understood what XDC solved. In fact, having these services back when I was in business would have meant a lot to me. So I got involved in the community and the rest is history.
#More
Thank you Bill for joining at our AMA for an amazing sharing session! Trade $XDC now: XDC/BTCXDC/ETHXDC/USDT Register as a new user on DigiFinex now: Click here We will see you at our next AMA! About XDC Network ($XDC) XinFin is an enterprise-ready hybrid Blockchain technology company optimized for international trade and finance. The XinFin network is powered by the native coin called XDC. The XDC protocol is architected to support smart contracts, 2000TPS, 2seconds transaction time, KYC to Masternodes (Validator Nodes). The XDC Chain (XinFin Digital Contract) uses XinFin Delegated Proof of Stake (XDPoS), with the intending to create a ‘highly-scalable, secure, permission, and commercial grade’ blockchain network. XinFin mainnet token XDC and also creates an opportunity to utilize the XinFin’s real-world use-cases such as TradeFinex.org, helps small and medium businesses or institutions originate their own financial requirements in a digital, fully structured manner so that they can distribute it to the bank or non-bank funders themselves using a common distribution standard. Keep updated for AMA Live: DigiFinex AMA Community
