XinFin Mainnet goes live on June 1, 2019. And, with the mainnet launch, XinFin is all set to introduce some prominent changes in XDC token allocation and hedge pool mechanism.
XinFin community will also see considerable changes being made across the whole XDC ecosystem including token swap, wallet private key access, masternode setup, and staking, new supply release, side chain or private network setup, burning of XDC, etc.
Find the new changes introduced by XinFin Network here : medium.com/xinfin/xinfin-comes-around-with-prominent-changes-with-mainnet-launch-dd7458eeb74a
Other Important Community Updates:
Token Swapping on Alphaex
XDC token being a fork of the quorum, was a part of quorum network and XDCe token was an ERC20 token. Both the token were 1:1 swappable on Alphaex exchange. Current XDC wallet and tokens are going to be disabled and burnt as soon as the user swaps token to the new livenet.
Masternode and XDC Staking
Recently, XinFin has introduced staking function in ecosystem participation incentives in which a masternode holder will have to stake 10 million XDC for setting up every masternode. Anyone including reputed high stakeholders, technology partners and authorized and regulated institutions can host a masternode by staking and become a part of governance called as validators. The validators will get incentivized for running and contributing towards the network consensus.
XDC Burning Plan
25% net profit (from the admin company) will be burnt by way of buying from the open market
To set up a side chain or private network setup, enterprise or user will have to burn 10 million XDC (after buying from the open market) with each private subnetwork set up
The Need For Side Chain / Private Network Setup
XinFin sees a huge potential of the side chain and interoperability setup with various blockchain networks like R3 Corda, Oracle, Hyperledger, ETH, BTC, XRP, Stellar, EOS, Tezos, Cosmos, and Tron, etc. Every side chain or private network setup needs to burn 10 million XDC to get access to the private chain facility.
The Roadmap Ahead
After the successful launch of mainnet, XinFin Network plans to:
work towards making XDC token more aligned with real-world utilities. This will be done by connecting the XDC utility protocol with various other production systems
make XDC ecosystem more liquid and transparent. XinFin Network will be adding XDC to more and more regulated exchanges
make XDC tokens securer. The network that has always ensured the security of XDC tokens for its wallet users will be adding regulated custodians and hardware wallet to store XDC
Benefit from XinFin Fintech Admin / Foundation
XinFin Fintech admin/foundation will be taking care of maintenance, masternode network and coordination with the community for the further enhancement of the network protocol.
Benefit from TradeFinex
TradeFinex enables liquidity of various financial instruments. All bridges and applications are powered by XDC Protocol. Further, the consortium will help to make protocol more compliance and government-friendly.
Benefit from Alphaex
Alphaex will provide token swapping and enable liquidity against various token pairs like USDC to add value to various use cases run on XinFin network.
Benefit from Circle Partnership
The partnership allows TradeFinex to trade various financial instruments against regulated stable coin USDC.
Few other FAQs received from the community members
1) Who is the biggest token holder of XDCe holding over 60% of supply?
The 60% of supply currently is in custody of XinFin Admin account and it has been locked ever since it has been created.
2) What is this 60% supply for and what will happen to it after mainnet launch?
When ERC20, the swappable version of XDC was deployed, it was envisioned that both XDC and XDCe may need to co-exist for some time atomically linked to each other.
This was mainly because:
Hybrid chain: XDCe on ERC20, XDC on quorum, and XinFin mainnet token provides direct interoperability for XDC with ethereum ecosystem
Liquidity: XDCe (ERC20 token) gets much easier access to liquidity as exchanges charge almost 2–3 times more for the integration of a new chain
After mainnet launch, the 60% supply will still stay locked.
3) Is XDC to XDCe swap mechanism instant, delayed, manual or automated/atomic swap. Also, can we view code? Where and how is swap made on a technical perspective?
The XDC to XDCe swap mechanism is automated. No, you cannot view code. Currently, the swap is made through Alphaex exchange only. We are in discussion with other exchanges for supporting the XDC on mainnet.
4) Will the mainnet release change the XDC tokens already held by users? Are the founder tokens swapped to XDCe or not?
No, the mainnet release change will not change the XDC tokens into XDCe (or vice versa). They will still remain XDC. None of the founder tokens have been swapped to XDCe.
5) Where can the community check the supply of XDC in real time? How can investors know the total number of XDC aside from being written in the whitepaper?
The community can easily check the supply of XDC in real-time on the block explorer after the mainnet launch. Even the total number of XDC can be checked by investors on the XDC explorer itself. Visit XDC explorer here.
6) If the circulating supply of XDCe is swapped to XDC, can XDCe holders keep their tokens they already have? Or, is it mandatory to transfer XDCe tokens to Alphaex and swap it to XDC?
While XDC has utility for masternodes staking and as a utility coin for using various utilities on XinFin Network, the XDCe will continue to function for the foreseeable future. However, in a few months, all XDCe and XDC tokens will be eventually swapped to mainnet XDC token.
The report on XDC and XDCe in circulation will be publicly available on both etherscan and XinFin mainnet.
Currently, the swap can be done only over AlphaEx exchange.
7) What impact will the mainnet change have on trading volume since XDC is very low in volume?
Since all the transactions have been taking place through XDCe, we understand XDC was low in volume. But, with the mainnet launch, XDCe will be converted to mainnet XDC token. So, we expect the trading volume to go high with the conversion. Moreover, the native XDC token will also become swappable to mainnet XDC. Another reason for the low trading volume of XDC is: As per whitepaper, it is mandatory that XDC gets traded on regulated, custodian-backed, and insured exchanges, and not just any random exchange.
8) What is the purpose of getting rid of XDCe?
We are not getting rid of XDCe. XDCe will be present for the next few months until all the XDCe tokens are converted to mainnet XDC. Please note that this conversion will take a few months.
We have tried to cover most of the questions we got recently from various community channels and members.
We welcome your feedback and any queries you might have.