Xinfin - Quick Introduction

Blockchains are extended for the finance industry which uses smart contracts for the transfer of digital assets. Many high efficient blockchain platforms have emerged in recent years. XinFin is one of the blockchain platforms developed to minimize the limitations of other blockchains. In this article, we are going to discuss the XinFin blockchain.

XinFin, smart contract blockchain is an open-source scalable hybrid blockchain platform that builds decentralized applications with high performance, speed, liquidity. Xinfin is an EVM compatible, proof of stack smart contract platform used in International trade and finance to bridge a gap between legacy systems and the blockchain.

Xinfin uses XinFin Delegated Proof of Stake (XDPoS) to transfer the data with high speed. Ethereum speed was low because it uses Proof of Stake techniques for data transfer with 15 transactions per second. Ethereum follows a sequential process for data transfer. Every next step is initiated after the fulfillment of the previous steps. When there is an increase in network size, a sequential process will reduce the speed.

Also in Ethereum before verifying the blocks, the puzzle provided must be solved. The puzzle is very difficult for the user to solve. As a result it in high computation cost which is very expensive.

To overcome this problem XinFin blockchain is developed which uses the sharding technique. In sharding, blockchain is broken into several shards (blocks). Each shard is processed in parallel, which increases the speed of the transaction.

It also produces high performance with 2000 transactions per second with 2 seconds of confirmation time and 0.0000074 TWh of energy consumption. To ensure the high-security double validation is performed. There is a set of masternode available in the network, When one masternode creates one block, this block is verified by another masternode which is randomly among the set of master nodes available before adding them into the blockchain network.

For Financial institutions, high security is needed for transferring digital assets. To ensure security Xinfin blockchain is partnered with Bitfi. As XinFin is a hybrid blockchain, it consists of both public and private blockchains. XDC is a token of private blockchain where transaction records are stored in the public blockchain of the XinFin network.

I feel Xinfin blockchain is best for digital transactions as it overcomes the limitations of Ethereum blockchain. Both the blockchains are developing continuously to overcome their limitations. Let’s see their growth and development in the coming years.