XDC Network Achieves Major Milestones in 2021
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While XinFin Fintech launched the XDC Network over two years ago, the network’s major achievements and integrations in 2021 may provide fertile ground for rapid adoption in 2022.
XDC Network’s Layer 1 blockchain architecture is extremely energy efficient and highly scalable with low transaction costs and 2,000 TPS (transactions per second) processing speed. The XDPoS consensus mechanism provides near-instant settlement finality with an impressive 75% node validation rate that offers major protections against blockchain attack vulnerabilities.
There are now multiple high-profile decentralized projects migrating to or launching their genesis block on the platform. Some notable partnerships and milestones from this year are highlighted below:
XDC Network 2021 Milestones
Q1
Completed Corda network bridge via DASL
ISO20022 compliance already established
Q2
Enhanced developer support — SDK releases
UX/UI upgrades, including an improved Web3 extension, XDCPay
Q3
World’s 1st (and 2nd) trade finance NFT created with Tradeteq — with intent to scale
TFD Initiative selected XDC as exclusive blockchain member
Princeton-affiliated forensics research published
Q4
XDC-supported forensics white paper receives Best Paper Runner-up award
DNI Initiative selected XDC as member
Forensics Excellence
The XDC Network offers a military-grade secure blockchain platform for enterprise applications that seek safe and scalable smart contract solutions. The following partnerships were established this year and highlight XDC Network’s forensics strengths:
Forensics Research Sponsor. XDC Network joined the U.S. Army Research Office and the National Science Foundation to support the fundamental research that is driving the forensics revolution in blockchain. The research paper titled, A BFT Problem, was selected as a Best Paper, Runner-Up at the Association for Computing Machinery Computer and Communications Security (ACM CCS) flagship conference in November 2021.
XDC Network Forensics Research. A networking and developer team of world class blockchain engineers, with sustained experience in some of the world’s biggest cloud platforms, has published a white paper titled, Accountability and Forensics in Blockchains: XDC Consensus Engine DPoS 2.0 in August 2021. The team details the forensic strengths of the XDC Network and incorporates the latest peer-reviewed academic research.
Global Trade
With its strong roots in Trade Finance, XDC Network has emerged as a blockchain leader in the global trade industry, which currently involves trillions of dollars in bonds, letters of credit, insurance and other financial instruments. XDC Ecosystem teams are working diligently to integrate the EVM-compatible network into the trade finance arena with enterprise-ready and interoperable smart contract solutions.
First NFT Transaction following unique Trade Finance standards. Using the XDC Network, Tradeteq, a UK fintech company that provides technology for trade finance asset distribution, in partnership with Accelerated Payments, a Dublin-based invoice finance company, completed the first non-fungible token (NFT) transaction in the trade finance industry. Through a series of NFTs issued to represent the value of off-chain trade assets and provide token holders with legal entitlement to those assets, a wide range of institutional investors can now buy and sell those tokens. As NFTs and tokenized assets become more widely adopted in global trade, tokenization platforms and smart contracts may provide a vigorous capital market to entities of all sizes. For example, small to medium sized businesses (SMEs), who typically do not have access to large investment-bank financing, may soon have options through a series of decentralized marketplaces.
ISO-20022. The universal financial industry message scheme is stored in a financial repository as a catalogue of message sets. First utilized in 2005, the free and open standard is designed to simplify global business communication. XDC Network maintains full compliance with the ISO-20022 message standard and its applications in trade finance and other payment sectors. In doing so, we are providing our network users with a highly robust platform for payments and trade, standing out amongst other Layer 1 or Layer 2 platforms.
ITFA Membership. The International Trade and Forfaiting Association (ITFA) was founded in 1999 as a worldwide trade association for companies, financial institutions and intermediaries engaged in global trade, forfaiting, supply chain and receivables financing. Its approximately 300 global members work together to originate and distribute trade-related risks as well as find ways to mitigate risks. XDC Network was invited to become the first and, at the time of writing, only blockchain ecosystem member.
DNI Initiative Membership. XDC Network joined the DNI Initiative in November 2021 and provides the needed blockchain structure and interoperability for financial institutions to communicate across various platforms and ecosystems. The association was formed by the ITFA, and it aims to fully digitize trade documents and negotiable instruments as well as integrate them into existing processes. It follows the United Nations Commission on International Trade Law (UNCITRAL)’s Model Law on Electronic Transferable Records (MLETR) and promotes regulatory changes when necessary.
MLETR is the most suitable use case for blockchain technology and, in particular, public ledger technology. XDC Network brings the needed blockchain infrastructure to support interoperability across financial institutions, platforms and ecosystems. We are delighted to work with members of the DNI Initiative, and Enigio in particular, to bring MLETR to life in the most interoperable, secure and cost-efficient way.
- Atul Khekade, Co-founder of XDC Network
TFD Initiative. The ITFA established the Trade Finance Distribution (TFD) Initiative to increase automation and transparency in trade asset and risk distribution. Membership includes major global financial institutions and service providers who recognize the important role blockchain will have in trade finance. In August 2021, XinFin’s experienced project team and advisors, including André Casterman, facilitated the selection of XDC Network as the first and only blockchain company to become a member.
One of the initiative’s major goals is to make trade finance more accessible to a wider investment audience through the use of distributed ledger technology and, thus, inject more liquidity into the market. As a smart contract platform, XDC Network provides the trade industry with increased efficiency through the automated execution of smart contract terms as well as the automatic trust relationship that is inherent in the contract’s code.
Community
Community is at the heart of the XDC Network and community-driven efforts power the innovation that has led to rapid network adoption in 2021. Their passionate voices have generated great social conversations as evidenced by high rankings on the social intelligence platform, Lunar Crush. With an expanding community presence, XDC Network is poised for continued growth and utility in the coming year.
XDC Foundation’s community members have helped orchestrate many fruitful partnerships and use cases. They will always have a primary role in the XDC Network’s growth.
The following graphic provides a comprehensive list of integrations and projects developed on the XDC Network in 2021:
Source: Twitter @cybershwoo. https://twitter.com/cybershwoo/status/1461313916496191494.
Decentralized Projects and Integrations
In addition to those in trade finance, other ecosystem partners and decentralized projects migrated to or were launched on the XDC Network in 2021:
Corda bridge. XDC developed a bridge to the Corda network with DASL, creating public blockchain access for the Corda network.
“Through this technology, sensitive data can be recorded privately on the Corda network, while limited data sets are transferred to the XDC public network — in essence, mitigating institutional risk and turning Corda into a hybrid network. By extension, this shared ledger will connect the XDC token with every other CorDapp on the public Corda Network.” — DASL, Sept 21, 2021
LeewayHertz. XDC Network continues to receive support and utility from the highly reputable software development firm to optimize application UI and present innovative technology offerings, including a no-code tokenization platform and more network essential tools and resources.
Plugin *. The decentralized oracle platform collects and validates data from different sources before consolidating and dispersing the data to users. Plugin provides a high level of security through its validation process as well as scalability through its architecture and low transaction costs.
Yodaplus *. The Multi-Sig Safe supports a variety of wallets with the ability to require multiple signatures per transaction. Yodaplus has also created a smart contract tokenization platform on the XDC Network.
Ecoin *. The Ecoin cryptocurrency seeks to attract millions of users through an easy onboarding process utilizing AI.
StorX *. The decentralized cloud storage network is built on XDC Network and provides secure file storage through autonomous storage networks.
LedgerMail *. The decentralized, encrypted email service launched on the XDC Network in November. Each email is treated as a transaction and is validated by the XDPoS consensus mechanism.
Flare Finance *. The DeFi platform’s upcoming launch on the Flare Network will integrate the XDC asset across all its products. In addition, Flare Finance and the XDC Network will have a bidirectional bridge, which will provide full interoperability between the two platforms and allow all assets on the Flare Finance platform to be minted on the XDC Network. As well, XDC holders will be able to participate in Flare Finance’s suite of products, possibly earning passive income by staking, borrowing, and lending.
Blockdata. A CB Insights Company, Blockdata provides content and objective data to help interested parties, including institutions, analyze projects to help facilitate further blockchain adoption. Piece by Blockdata about XDC Network and Trade Finance.
DATACHAIN FOUNDATION *. Datachain is committed to deploy DC tokens as XRC-20s on the XDC Network for all our projects related to NFTs, Metaverses and Gaming.
Wallets *. In addition to the Yodaplus multi-sig wallet, other wallets that support the XDC token were added this year and include Ellipal, D’CENT, SimpleHold, and XDCPay.
More partnerships, Layer 2 projects and ecosystem integrations to come in 2022.
* The utility projects above are examples of projects and/or DApps built on the XDC Network — a decentralized ecosystem that is open for project builds by anyone and everyone. Each project has their own team, resources, and unique value proposition. Their listing here does not represent an endorsement by XinFin, XDC Foundation or its affiliates. As always, please do your own research.
The XDC Foundation’s tech roadmap, in collaboration with LeewayHertz, details the anticipated technology release schedule, and you can subscribe to receive notification of future releases.
Looking to 2022
The foundation is set for XDC Network’s solid growth in 2022. XDC Foundation and XinFin will continue to focus on network fundamentals and create more on-ramps for community engagement. Stable performance, military-grade security, and scalable technology will always be priorities as the community supports the rapid adoption the XDC Network has seen year over year.
In addition, XDC Network is equipped to accommodate the platform’s expanding reach with the following resources:
Enhanced Developer Support with Software Developer Kits (SDKs). XDC Network remains committed to supporting our developer community, and we will continue to provide tools for onboarding various software applications to our network. 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 will work to support increased developer usage of the network through future SDK releases as well as productive forums to share experiences, updates, and open discussion.
Diverse stablecoin ecosystem. Tradeteq is working to launch a yield-generating stablecoin offering on XDC Network, which will be optimized for use in a Trade Finance ecosystem. Other popular stablecoin projects will also join the network in 2022.
Metaverse Support. XDC Network is well-positioned to support the growing metaverse economy through our NFT video marketplace. With the platform, virtual reality (VR) and augmented reality (AR) motion capture sequences can be monetized and provide unique relationship opportunities for content creators.
XDC Explorer. A state-of-the-art blockchain explorer will bring a new user experience to blockchain navigation and record keeping. The explorer offers a technical overview and displays useful metrics about the XDC Network through a user-friendly, detailed and professional user interface. Innovative functionality allows users to interact with an explorer in unprecedented ways. (Expect full beta release before year end 2021.)
XDC Twitter Simulator. This decentralized application will record and catalog Twitter feeds on the XDC Network blockchain, demonstrating the network’s speed and performance.
XDC Governance Portal. A voting dApp that allows the decentralized community to participate in decision making processes and maintain the integrity of the XDC blockchain through discussions and on-chain voting. XDC Foundation is working to ensure the XDC Network remains on the cutting edge in terms of community ownership and participation in the network.
Summary
Together, XinFin, the XDC Foundation and the core XDC community are dedicated to both the adoption and evolution of the XDC Network. We want to empower you, the community.
In the coming year, recent adopters and long-term backers will continue to position the XDC Network as a sustainable, efficient Layer 1 blockchain technology solution capable of transforming both international trade and the broader DLT industry. Through the XDC Network, the core components of a fully decentralized trade finance ecosystem are in place.
XDC Foundation’s approach will continue to be smart, methodical and focused on the steps necessary to generate further utility, awareness and social engagement. The XDC Foundation will work closely with the community in order to support these efforts, relying on community voices to decentralize its influence and community relationships to connect parties within the network.
As the ecosystem grows and develops, the XDC Network will realize more opportunities to integrate with legacy trade systems and generate utility across various other industries, including sport and entertainment. Blockchain technology, specifically the XDC Network, is designed to ensure value moves like water through a stream, rather than a torch through a relay race, where any one party’s failure will not disrupt the operation of the network. Following that model, XDC Foundation operates with a vision of ecosystem growth that effortlessly flows downstream, nourishing the environment which surrounds it. XDC Foundation’s role will continue to evolve as we adapt to channel and support the stream of ecosystem participants, institutional and retail, who emerge to adopt and utilize the XDC Network.
We look forward with excitement as the XDC Network scales to meet the community’s diverse needs in the years to come.
