Xinfin Letcoin Zubi Singapore dollar Stablecoin

Xinfin at Zubi’s LETCON 2020: XDC Use Cases. Community Excited about Singapore Dollar Stablecoin (SGDx)

August 24, 2020 Off By Ayobami Abiola

Blockchain use cases are like website front-end that allows people to interact with the application that was designed by developers. Smart contracts are just a set of long boring codes to common people, but with use cases, normal people can begin to appreciate the functions of smart contracts. The Xinfin Hybrid blockchain developers have been keen on revealing and showcasing the potentials of the blockchain with frameworks to attract developers, businesses, and organizations to use the blockchain for their product. 

This was the thrust behind the appearance of Atul Khekade and Ritesh Kakkad, the co-founders of XDC network, on Zubi LETCON conference August 21st on YouTube. Atul and Ritesh revealed, explained, and reported the works of the developers over the years to bring in organizations on the XDC protocol via Proof of Concept (POC) presentations. It was stated that the PoCs have been very successful and the community will soon begin to witness the onboarding of new organizations and companies on the network. 

Compliance and Frameworks

In his words, Atul emphasized that Xinfin has placed compliance with the law at its core so that there will be no problem with the law when businesses and markets are onboarded. This is because many of its implementations will be used by the financial markets. He also drove home the fact that all of the use cases of Xinfin are frameworks with well-documented API that can be used as foundations for developers to build on as they see fit. Xinfin is doing it’s best to magnetize developers to build on the protocol with bounties, development, and visibility support from the network. 

Use cases

Atul Khekade and Ritesh Kakkad showcased few of the use cases of the XDC Protocol such as Land Registry, TradeFinex, Stablecoin, Oracles via Mycontract.co, and Xinfin Remix. 

Land Registry 

Xinfin’s Land Registry tool was presented to the Maharashtra Government in India as a blockchain implementation different from cryptocurrency that can help in the transparent, and secure land registry. Atul said that the PoC is ready to be presented to other governments for use. 

Tradefinex

It was stated that the network will soon witness the onboarding of two financial institutions one of which is fairly big to use Tradefinex to provide liquidity. Built on the XDC protocol, tradefinex serves as a connector between financiers and companies that needs liquidity to interact securely and transparently. 

Stablecoin

Xinfin’s co-founders have also revealed a new implementation to aid the financial markets – stablecoins. Because of the speed and transaction fee on the Xinfin network, stablecoins will help many organizations in the financial markets for seamless remittances. The first of its kind is Xinfin -based Singapore Dollar SGDx to be issued by Gravitas International Associates and fully backed by funds held by Monetary Authority of Singapore (MAS). As reported earlier the PoC is a framework for more fiat-backed stablecoins that will be added in the future. Aside from the statements made on this in the LETCON video conference, the community still awaits further details and an official announcement from the development team.

Blockchain Oracles

Mycontract.co will soon house oracles on the Xinfin network as per words from the developers. The oracles will help to connect smart contracts created by the tool to real-world data to help in real-time tracking of assets. 

Xinfin Remix

It was also stated that Xinfin Remix, a development tool like Ethereum Remix, is open for use by developers to develop apps on a blockchain that finalizes transactions in seconds with a much lower fee. As earlier stated, there are bounties and supports to be given by the network. 

The Community Reacted

The Xinfin community has displayed its excitement with the video conference especially with the SGDx stablecoin via tweets and comments. Billy Adams (@XinfinUSA), an enthusiastic supporter and community member stated while concluding a commentary thread based on the subject matter on twitter:

“While this news about $SGDx is a tremendous step forward in the adoption of the $XDC Network… There are many more nuggets from today’s presentation. Each of which will require their own threads… More to follow!”

The community is earnestly waiting for the next set of updates from the development team.

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