Speaker : Ritesh Kakkad (Co Founder Of Xinfin)
Date : Monday April 26th, 2021
THERE IS 3 SESSION FOR AMA
- QUESTION FROM TWITTER
welcome to our community, we are glad to be with you here.
Hello everyone, we come back for AMA ID Crypto with Xinfin Network Team
Today we have an honored Xinfin team
who will explain and answer your question guys.
And don’t let you not understand this AMA, because this time in the third session we will hold a quiz and 5 winners will be taken from participants who can answer correctly.
Thank you all. Nice to meet you
We have 3 sessions for the AMA.
The first session was introductory, the second session was forward best questions from twitter and the third session quiz for all participants.
Well if you feel ready, let’s start the first session .. Namely the introduction.
yes. please goahead. i am excited to be with you all.
Thank you for the enthusiasm for this AMA event.
Let’s start to the first session
SESSION 1 INTRODUCTION
- Please introduce yourself and tell how you started a crypto business to the idcrypto community !?
My Name is Ritesh Kakkad- Co-founder of the XinFin (XDC) Network, i started my career as tech internet entrepreneurs in early 1997 and after spending almost 2 decades in the cloud hosting and security industry, i realized potential of blockchain in 2014 and since then i am into blockchain and with few initial backers, we started open source initiative called XinFin (XDC) Network.
Cool, your experience is very long, it’s very interesting ..
I hope your career can motivate us all
Thank you. for me journey of every day learning is important like a journey and not destination
- let’s introduce Xinfin to us, so far Xinfin has been experiencing a very good change.
Can you explain what is Xinfin Network and how long your project launch !? Please explain in simple sentences
Started in 2017. XinFin XDC Network started with the mission to give access to blockchain technology to billions of people worldwide.
We are on path of achieving this goal with the help of the 3 technology improvement aspects,
By reducing transaction fees (near zero transaction fees),
By reducing energy consumption upto 99% compared to classic Proof of blockchain networks and thirdly reducing transaction time (Right now it’s as low as 2 seconds) to provide access to more use cases.
- Can you share with the community what Xinfin Network has been doing from the roadmap ?
XinFin’s roadmap is open on the website , our current focus on getting more liquidity, more regional exchange listing like indodax.com , add more use cases on the network, other blockchain networks integration and scaling trade finance usecase tradefinex.org
- I saw that XDC has changed the network from ethereum to its own blockchain network, can you tell us why you chose to build your own blockchain network ???
Good Question. As I mentioned in an earlier question, we have a mission to achieve more adoption of blockchain technology with 3 aspects like near zero transaction fees, lowest energy consumption network and fast transaction time. Ethereum is a very good blockchain ecosystem but we still saw scope of improvement with the above mentioned 3 areas. That is why we made XinFin Network made EVM comparable chain so all the smart contracts of ethereum can be deployed on XinFin Blockchain as well but at the same time user gets better transaction time, near zero gas fees and saving energy as well.
- I really appreciate a project that is able to create its own network and is not dependent on other blockchain networks, but can the XDC token be mined by the general public? or it only applies to large companies you work with.
XinFin Network is not Proof of Work based Network (to save energy consumption ) so XDC coin is not mined. But every trusted masternode holder has to stake 10millions XDC to become a Network work member and they get network reward as well. when we started that time cost of 10Mil XDC was hardly 10,000 USD but now its around USD 1 Million but With tradefinex, we are planning to provide real yield to XDC holders by connecting to the real world De-Fi in trade finance space.
Cool .. thank you for answering with such great knowledge.
Thank you for starting the session with enthusiasm.
let’s move to the second session which is the question that has been selected from twitter
SESSION 2 FORWARD BEST QUESTION FROM TWITTER
- xinfin adopts XDPoS and Hybrid Network, please explain why you adopted XDPoS and Hybrid Network? Why don’t you focus on your native token / coin directly?
XinFin Delegated Proof of Stake (XDPoS) is the fastest, efficient, decentralized, and flexible consensus model enabling Hybrid Relay Bridges, Instant Block Finality and Interoperability with ISO20022 messaging standards, making XinFin’s Hybrid Architecture Developer friendly. And Blockchain Network work more effective and efficient while connecting to other chains as well. So we like to create bridges with other blockchain network as well. like we already created bridge for corda or jelly swap (for Ethereum ) and since Token XDC is the fuel to run the XinFin Network, so we usually focus on overall XDC Eco system development.
- Can you explain the utilities and use cases of XDC? and what kind of strategy will you use so that XDC can become a long-term project, and become a top CMC project?
XinFin (XDC) Network’s Main usecase around trade finance, its trillions of dollar tokenization market. Since its blockchain infrastructure you will see many use cases and Dapps as well. See some usecase and dapps listed here many more dapps coming on XinFin Network in near term.
we are also inviting developer to build use case and dapps around xinfin network and we have eco system and funding support as well. please check detail
- about your xinfin wallet, is it centralized or decentralized? is it really safe to store assets there than other wallets? how will you ensure user safety?
XinFin Wallets is open source and decentralized so it means that the user has 100% access to their private key and responsibility to save his/her own wallet’s backup and that’s the reason we always recommended to take multiple backups and advice not to share it with anyone. We recommend to use biometric hardware wallet like dcent or institutional custodian like copper. Another method is to store your assets in a completely offline wallet. user have to be very serious when it comes to digital wallet or matter of storing or using private key.
- When a creator wants to start a project, what kind of documentation will they need to provide? Will it really be possible to crowdfund from any country when the platform goes live? Or will there still be some restrictions?
XinFin Network is open source, so you can start a project without any restrictions. Most of the Network Documentation and tools available online.
XinFin XDC Network also have funding and other eco system support for the futuristic user case build on xinfin network more details
Last question for this session
- What does the XinFin name stand for? There are interesting stories behind every successful project, and of course you have to work hard ever day. Can you share one of these interesting stories with us?
Firstly, let me give you the full form for (XinFin) it’s eXchange inFinite. We aim to build blockchain infrastructure to support the infinite value of Exchange.
Success story of XinFin without the community members is incomplete. We have very strong support from our community that helps XinFin grow in a faster phase. I will share a few stories when we will have one more AMA only around the interesting Stories. in last few years of journey we had many interesting stories. in short all credit goes to strong XinFin Community members.
Next is session 3 which is quiz, do you still have time to be with us ??
i love to join but have another call so i have to leave now.
Yes no problem, I will continue the quiz with the other members, so you can leave this event.
Thank you @Oezank and Entire “ID Crypto community” and look forward to get associate with you all,
Love you all.
Thank you for spending time with us and answering the questions in these two great sessions…
Have you a nice day sir
okay guys .. we will continue the third session without our honored guests.
1) What is the fullform of XinFin?
2) What is the Native token of XinFin Network?
3) What is the TPS of XinFin XDC Network?
4) Where you can buy XDC in Indonesia?
We declare AMA’s Series IDCrypto with xinfin is Done.
More Info About Xinfin Network (XDC)