XinFin Community Questions
The questions below are from XinFin community. You are invited to send in questions to the XinFin community managers and XinFin cofounders, Atul Khekade and Ritesh Kakkad will update replies to these questions.
This page will be regularly updated with community questions and with the cofounder’s responses. Please revisit here regularly to stay up to date.
To summarize:
- 2017 was the year of Proof of Concepts
- 2018 has been the year of Beta and Pilots
- 2019 onwards will be full-scale production and adoption
1. Will there be regular AMA (Ask Me Anything) with co-founder(s)?
We love our community. Absolutely Yes. There will be a regular AMA at-least once a month.
The XinFin community are invited to send in their questions to the community managers and every two weeks they this community questions page will be updated by XinFin cofounders, Atul Khekade and Ritesh Kakkad.
2. When will the Roadmap be updated for 2019?
The Roadmap for 2019 will be updated before the end of January 2019.
We will provide updates on both the XinFin websites as well as in the XinFin Publication hosted at www.medium.com/xinfin.
3. Does XinFin have any signed active clients using XinFin?
Yes, we do. There are 5 signed clients actively in the XinFin network.
Please note that it is the client, not XinFin, that makes announcements relating to these partnerships.
XinFin’s clients operate in a highly regulated and compliance environment and as such we are required to operate under a Non-Disclosure Agreement (NDA). The terms of an NDA is that it is the client, not XinFin, who controls when a public announcement will be made. This can take between several weeks and in some cases months after a client has signed to make an announcement. This is to ensure they do not breach any regulatory or compliance issues regarding announcements.
4. When will XinFin announce masternodes, staking requirements, rewards, and tokenomics around this?
The masternodes, staking requirements, rewards and tokenomics are scheduled to be released on the testnet version first before the end of January 2019.
The testnet will then go for audit and testing for 3–4 months and then it will be switched to an upgraded mainnet.
The masternodes, staking requirements, rewards and tokenomics have been redesigned and this is what impacted our release date. The redesign is a direct result of client feedback. Through multiple pilots and customer input, it was made very clear that miner-driven economic incentive chains would not be adopted at a commercial level.
5. How many staff members do XinFin now have?
Firstly, it is important to note that XinFin as an open-source hybrid blockchain platform is not operated as a traditional company. In fact, XinFin is made up of six (6) partner companies in 6 geographies who together are the initial founding members of the XinFin Hybrid Blockchain. These 6 companies are now taking the XinFin to a larger ecosystem.
The total headcount of all the dedicated XinFin contributors is nearly 100 strong and growing.
The partner companies are located in Singapore, Malaysia, Indonesia, India, and Japan with recent expansion to UAE, USA, and Europe.
Malaysia and Singapore-based entities work on the Private Network, its deployment, and promotion to a targeted client base.
UAE Team is working on getting production systems ready for TradeFinex sandbox.
The India-based entity primarily works on technology development for XDC protocol, Network development and deployment and service providing and customization for enterprise clients PoCs and pilots.
6. Why is there almost no GitHub code or regular activity?
XinFin is ranked 300 in terms of Github commits on crypto projects. It is also interesting to note that this is also nearly the CMC rank of the project currently.
To view XinFin GitHub activity please visit: https://www.cryptomiso.com/#XDCE
We do understand the community’s interest and concerns on having visibility on the development of private repositories. However, it is important to understand that when XinFin develops a Proofs-of-Concept (PoCs) and Pilots these are for enterprise-clients and all these projects are developed under a Non-Disclosure Agreement (NDA). NDAs are common for all enterprises engaging in technology development work, not just blockchain projects. For projects that are developed under an NDA, we are required to keep these repositories private and secure.
Over the next 60–90 days we are expecting significant commits to our GitHub public repositories. .This will as a result of the several hackathons that XinFin has sponsored. We invite you to revisit our Github in the next 60–90 days.
7. Is OMFIF still a XinFin partner?
XinFin is the official global technology partner for OMFIF and GPI launch. This was announced on May 22, 2018, and we continue to be their technology partners.
8. Does TradeFinex have any signed active clients using TradeFinex?
TradeFinex has been in Beta since the start of this year. We have clients who have been trialing theTradeFinex functionality in a Proof-of-Concept (PoC) environment from earlier this year. From PoC we have moved to a sandbox environment with live testing up to USD100,000 per transaction with one of our clients.
In mid-September, XinFin became an official participant of the Abu Dhabi Global Market (ADGM) Sandbox to live-test TradeFinex Platform. This enabled TradeFinex to operate PoC and Pilots with government and regulatory oversight. Here is the link to the ADGM announcement here.
It is important to note that TradeFinex is a network product, which means to run it in full production, it needs several participants to use it at one time.
Our team is currently working on the Sandbox consortium with several participants to do just this. You will see a lot of progress on this front in 2019 with both partnerships and transactions on TradeFinex by May 2019.
9. RAMCO was announced as a partner since March 2018, yet no client announcements have been made.
Ramco makes cloud ERP systems that are used by several Fortune 500 companies, especially the ones in the logistics domain. Ramco was a strategic partnership for XinFin to understand the current landscape of the enterprise environment. Every data point from supply chain to invoices, purchase, inventory first gets recorded in an ERP system of enterprise, small and large. From there, this data needs to sync with the external world through external trust networks, payment systems, etc.
Ramco management and technology team have been very supportive in getting us the initial Proof-of-Concept (PoC) with Air France KLM (AFKLM) lab. They have detailed this in their media release hosted on their website https://www.ramco.com/newsroom/press/releases/feb-18/ramco-partners-with-xinfin-to-provide-blockchain-solutions/ and in their Annual report. https://www.ramco.com/investor-relations/ramco_annual_report_2017-18.pdf (Pages 12 & Page 73)
As stated in point earlier, blockchain is a network product. While the private network deployment can happen in a closed environment, for a successful public blockchain we need to gather a group of participants.
XinFin and TradeFinex team have been evolving the product into an open API standard, which can be connected by a network of participants. One of the requirements from enterprise partners was that they required a regulated sandbox environment and full compliance under the law of the land to work with XinFin and the digital asset XDC attached to it. This was one of the drivers behind XinFin liaising with regulators for a regulatory sandbox to be able to conduct live transactions.
Now that XinFin has been approved to participate in a sandbox environment with ADGM RegLab (Media Release 11 Sept 2018 ) and we are awaiting approval from additional regulators, we will be in a position to offer the open standards APIs and connectors that can be connected through a regulated environment to many enterprise clients.
10. ASSOCHAM partnership was announced in March 2018, yet no client announcements have been made since then.
The members of ASSOCHAM also expressed the need for a regulated sandbox environment to conduct live transactions with the XinFin Network.
Now that XinFin has approved to participate in the sandbox environment with ADGM RegLab, we are initiating a larger network where these associations can officially work with XinFin.
We will see actual production use of TradeFinex APIs from some of the ASSOCHAM members from 2019 onwards.
11. Who is the CEO, the CTO, CIO, COO of XinFin?
The c-suite level of management — CEO, CTO, CIO, COO, etc, are all functions of centralised business structures.
Since XinFin is moving towards a more open standard we remove titles and positions such as CEO, CTO, CIO, COO. In the future, most of the contributions will be driven and done by our community and in a decentralized way.
In almost all decentralised system there are no such posts called CEO, CTO, CIO, COO, etc
However, The regional and regulated companies connecting to XinFin open standards will still be centralised ones and may have titles such as CEO, CTO, CIO.
12. Is TurantPay currently in use by any of our partners? If not, what is it dependent upon? When is the development expected to finish?
TurantPay is dependent upon XDC liquidity against Fiat currency markets.
As you are aware, XDCE was recently listed on Indodax which gives an XDCE-IDR pair.
There is also a XDCE-USDC pair added from alphaex.net. USDC is a regulated stablecoin initiated by Circle and Coinbase.
The development of such two-way pairings and liquidity amongst them is required for TurantPay to go in production. Once, there are enough pairings, then app developers can build their own cross-border remittance and payment apps on top of XDC using the TurantPay APIs.
Latest AMA Update, Date: 1 Feb 2020
13. How have the funds raised in the ICO been used and how much funds are left over? How will they be used in the future?
The XinFin team received commitments to the tune of USD 15 Million including Pre-ICO+ICO. Approx USD 600,000 was accepted during Pre-ICO from retail community members. Approx USD 1 Million was accepted during ICO from retail community members. There was a bulk institutional deal of USD 1 Million. There was USD 1.5 Million raised by pre-selling white label solution stack to enterprise clients. Other than this approx, 10 Million was committed to XinFin through SAFT subject to delivery timelines for XDC Mainnet and TradeFinex in the live environment.
Now that TradeFinex is in the live environment, XinFin can engage and renegotiate on the SAFT contract for infusion at a higher valuation than can be mainly utilised for the market making of XDC, integration with trade finance originators and funders. We are working on this right now to restructure the SAFT into higher funding capital round.
14. What is the update on Q3 and Q4 Road Map for XinFin?
Road Map already updated at https://xinfin.org/roadmap.php
15. When will the 2020 Road Map be released?
The Focus in 2020 is on more adoption, increase liquidity depth, live transactions. Live transaction statics are already available and can be found on the TradeFinex website: https://www.tradefinex.org/publicv/statistics as well as the XinFin explorer at https://xinfin.network/#explorer. Please feel free to suggest other live data statistics to be added to the above-mentioned pages.
16. How many users does TradeFinex have? When will they start using TradeFinex?
TradeFinex is already live for transactions. TradeFinex is the first P2P Marketplace Network on a blockchain, so various institutional funders are taking time to understand and integrate with their legacy systems. Live statistics can be found at https://www.tradefinex.org/publicv/statistics
17. Now that TradeFinex is live, when will the price of the XDC move?
XDC is designed to be a governance, utility, settlement and reward point token for the TradeFinex platform. The price of XDC will move with the stable adoption of TradeFinex.
18. When will XDC or XDCE be listed on bigger and more liquid exchanges?
We have already replied to these questions in the past, here is the link: https://medium.com/xinfin/xinfins-exchange-listing-experience-f6e69b4313cc
Also, We are focusing on getting more liquidity to qualify with regulated exchanges.
19. Is there an ETA for the Corda Public Relay Bridge?
We have a meeting with Contour (formerly Voltron) this month. We need our space and time to work out a commercial agreement.
20. Why is TradeFinex still labeled as Beta if it is live?
Not anymore. It’s only on demo.tradefinex.org
21. Will FIAT transactions also be on the network? If not, how are they recorded? Traditional banking channels? And do the token burns include the FIAT profits also or just XDC transactions?
Thank you. You can find answers here: https://www.tradefinex.org/publicv/statistics (Legacy Fiat Channels )
22. I see a lot of developers talking about developing their dapps on hyperledger, ethereum, and Corda platform, but not a word about developing on hybrid blockchain like Xinfin. Why is that?
We have focused our efforts mainly on proving use cases and making them successful versus entertaining PoCs from early-stage Developers.
23. What advantage does a Hybrid platform offer over another platform for developers?
XinFin already has an easy setup, API and developer-friendly tools to kick start development. Please check the video on Hybrid Blockchain: https://www.youtube.com/watch?v=K-tHZkV6zAs
24. What is the latest on land registry partnership with the Maharashtra government?
After some major political uncertainty, the government of Maharashtra recently saw a shift in power resulting in a completely new government and leadership. We are waiting to hear back from the government to move the use case forward.
25. The AlphaEx OTC buying. Does this affect the market?
Yes. AlphaEx connects to existing markets and pools the XDCE order book with the OTC order book.
26. In 2017, the solar project was funded by XDC on TradeFinex. But there was no mainnet or testnet at the time. How was this done? Can we view the ledger?
The solar project was done on a testnet, on the previous XDC network.
27. Are all the partners gonna be there at Tradefinex 2020?
Only partners near to the ADGM ecosystem or UAE region will be at TradeFinex 2020 Abu Dhabi.
28. To date, how many partners have been on-boarded? Were any clients on-boarded from the first TradeFinex Roundtable?
There are up to 5 origination platforms and up to 5 funders. We are onboarding more clients as a result of our recent presentation/meet-up at Abu Dhabi. We will make announcements only after concrete agreements.
29. If there is still a plan to provide a Blockchain solution without using the underlying token?
Trade Finance consists of 2 legs. One is deal origination and the second is deal distribution. The deal origination can happen without XDC as a crypto asset. Deal distribution needs XDC masternodes. XDC is also required to pay deal distribution fees. Additionally, certain assets can be traded with XDC itself.
30. I remember Atul mentioning he was in talks with OMFIF (quite a while ago) regarding them putting a small percentage of their assets through TradeFinex, what’s the latest with that?
OMFIF is an independent non-profit consortium of global public investors. We have used the OMFIF platform before to create awareness about XinFin and TradeFinex.
31. What indicators are the founders waiting on before hiring market makers considering you feel there are sufficient on-ramps?
TradeFinex needs to be cash flow positive on deal distribution fee terms to take up aggressive market making of XDC. This needs stable transactions with initial customers.
Community Questions:
This page will be regularly updated with responses to community questions. Please revisit here regularly to stay up to date.
