There is no gainsaying the fact that XinFin has huge prospects for the blockchain community. Besides the decentralization of global trades, it also looks at how money gets to each party. It is worth mentioning that the project is specifically out to disrupt the brick-and-mortar way of conducting cross-border trades. With the invention and delegation of the XDC01 Protocol, end-users and key participants in international trade can now perform transactions in a seamless manner.
How it Works
The first thing to note here is that the protocol took its name from the initials of XinFin’s native token, “XDC”. It works in tandem with the smart contract to transmit funds among the key players in the decentralized trade ecosystem. For better clarifications, let’s analyze the picture below.
From the formulation, it is clear that XDC01 Protocol’s positioning at the center alongside the smart contract technology is an indication that third-party interference is not possible within the ecosystem. This is the first prospect of this protocol – elimination of intermediaries.
Below the box is the project at hand, a solar power project. This is the proposal the beneficiary makes with the aim of getting funds from the financier. On approval and necessary documentation by the smart contract, both parties can now begin the transaction. The financier releases funds in batches to the beneficiary, who uses this to fund the project.
The importance of the XDC01 Protocol is that it tallies with the smart contract technology to collect and disburse funds. The financier can also access the current state on the project through this medium. If satisfied with the work at hand, he can release the next fund. This will continue through the protocol pending the completion of the project. After this, the beneficiary starts making to the global investor (financier) that backed the project.
Thus, the XDC01 Protocol is there to help the smart contract in entrenching trust in the transaction. It also provides the necessary framework that allows suppliers to get in touch with the beneficiary for payments.
XinFin’s Project Milestone
Distribution of Tokens
Efficient Decentralization of Global Trade
It is not a hard task for the blockchain technology to change the fortunes of industries. XinFin’s interest in international trade is timely, considering the fact that the industry is already fraught with problems. When blockchain adoptions become prominent, the decentralized global trade platform instituted by this project will be a force to reckon with.
FOR MORE INSIGHT ON XINFIN, VISIT THE LINKS BELOW
WEBSITE : https://xinfin.org
TELEGRAM: https://t.me/xinfin
MEDIUM : https://medium.com/xinfin
TWITTER : https://twitter.com/XinFin_Official
LINKEDIN : https://www.linkedin.com/company/xinfin/
YOUTUBE: https://www.youtube.com/channel/UCQaL6FixEQ80RJC0B2egX6g
GITHUB: https://github.com/xinfinorg
SMART CONTRACT CREATION DEMO:
Writer's information
Name : Divine Okoye
Wallet address : 0xe7fd1a8b7a386db54ed420694fb86db50d60dea6