XinFin Announces Funding Program for New Projects Launching on the XDC NetworkSeptember 2, 2020
Last month at Letcon 2020, Atul Khekade of Xinfin Fintech Pte. Ltd presented updates on a Land Registry POC with the Government of Maharashtra and a Trade Finance Liquidity POC with Ramco Systems and their partners Air France/KLM using Xinfin’s flagship tradefinex.org platform. Both POCs, along with news of a Singapore Dollar stablecoin being deployed on the XDC Network, generated a new level of excitement within the Xinfin community. It also overshadowed another significant announcement about a new funding initiative by Xinfin called the XDC Ecosystem Co-Builder Plan.
XDC Ecosystem Co-Builder Plan
The XDC Ecosystem Co-Builder Plan is a new option for developers and entrepreneurs to receive funding from Xinfin to port DApps and build projects on top of the XDC Network.
As the Xinfin website explains, “XinFin’s XDC Network aims at encouraging and supporting XDC Network-based Startups, DApp developers, freelance developers, and Blockchain VC to build the XDC ecosystem, providing them with a platform for long-term communication and cooperation with XinFin Network-based EcoSystem.”
The XDC Network was designed to run any DApp that runs on the Ethereum Network and developer tools are readily available. Now with access to capital for qualified projects to build on the network, Xinfin is creating new opportunities for aspiring blockchain developers to take advantage of both these tools and the benefits of Xinfin’s Hybrid Blockchain. As Ritesh Kakkad, Co-founder of Xinfin states, “Any new ecosystem or DApp running on ERC20 that’s looking to move to the XDC Network is eligible for an ecosystem funding opportunity.”
So What Does this Mean for Xinfin and Developers?
Similar to the Xpring initiative by Ripple Labs for the XRP Ledger, Xinfin’s XDC Ecosystem Co-Builder Plan is designed to increase the use of the XDC Network by supporting third parties to design and develop businesses and applications that support the XDC ecosystem.
As the Xinfin website details, this program will offer capital and technical support as well as community promotion. With the capabilities the XDC Network offers, there are many opportunities to expand the ecosystem, increase interoperability and grow the network’s efforts even further into the DEFI space.
Why Build on the XDC Network?
Since their launch in 2017, Xinfin has been hard at work developing an ecosystem that connects legacy systems and DLT to each other and other blockchains. Xinfin has focused much of their development on Trade Finance and on developing frameworks for IoT, Oracles and Smart Contracts which can easily be deployed on the network.
Until now, developers had the opportunity to earn bounty for their development efforts, but with this funding initiative, a new door has opened for creative developers to showcase their skills and develop new capabilities on the XDC Network.
The XDC Network is the Ethereum Killer Standing in Plain Sight
Well, Ethereum Killer may be a bit strong, but one thing is for sure, anything you can do on the Ethereum Network you can do on the XDC Network due to the XDC network’s compatibility with the Ethereum Virtual Machine.
It’s no secret that increased costs and congestion on the Ethereum Network is cause for serious concern, and that concern is creating opportunities for the XDC Network and the developer community who are looking for solutions to the Ethereum cost and congestion issues.
The XDC Network is cheaper and faster. In fact, the XDC Network has already achieved what Ethereum 2.0 is attempting to accomplish as it’s capable of 2000 TPS with 2 second finality and transaction costs at a fraction of $.01.
Developer Tools and Documentation
Xinfin has spent considerable resources to build the first of its kind Hybrid Blockchain but they have also created a number of frameworks that can be used by developers to get started with their new deployments on the XDC Network.
Developers can take advantage of the Ethereum compatibility with Xinfin Remix, a web browser-based IDE that allows you to write solidity smart contracts, and then deploy and run the smart contract on the XDC Network.
Mycontract.co, which is being updated for the creation of decentralized Oracles with a new UI, will expand the development opportunities even further. The new UI will be available soon with an easy understanding of features and facilities for developers.
Network tools and documentation are accessible from the Xinfin website at https://xinfin.org/xdc-chain-network-tools-and-documents.
Open Invitation to Developers and Entrepreneurs
Both Atul and Ritesh have made it clear that all developers and entrepreneurs who are looking to get started should visit the Xinfin funding page and submit their information in the short form. The team is excited to see what creative developers and entrepreneurs want to build on the network and take advantage of the benefits that Hybrid Blockchain offers.
For projects that want to build on or around the XDC Network, they should focus on solving problems of traditional industry and an MVP should be ready to review. These are major factors applicable for any project applying for the funding, according to Ritesh.
How to be Considered for Funding
In order to be considered for funding, a full business plan must be developed and submitted to Xinfin and developers and entrepreneurs must meet the following criteria.
- Identify a problem they are trying to solve using the XDC Network
- Have an MVP ready for demo
- Written profiles of the Founders, Core Team Members or Advisors
- Projections for milestones and financials linked to funding requirements.
There is a simple form to fill out on the Xinfin website to start a funding request.
You can learn more by visiting https://xinfin.org/apply-for-funding.
Developers and entrepreneurs are encouraged to get started today!