Web3 is the internet of blockchain. It is the Read-write-own age of the internet. Xinfin Devs are proving the network as a blockchain internet with exciting infrastructures. Web1 is the write-only internet that lasted from 1990 till 2004 when developers built static websites. Web2 came in 2004 till now. It is the read-write internet phase where non-developers use tools to build interactive web apps. With the emergence of Ethereum in 2014 came Web3.
Web3 was idealized by Ethereum devs. The mindset was to build an internet that interacts efficiently with the blockchain on different levels. Web3 means different things to different people but the idea is based on an internet-of-blockchain.
But is it possible to have the internet on the blockchain?
Xinfin Basic Infrastructures for Web3
A blockchain internet needs a few basic infrastructures that must work together:
- A storage means
- A means to interact with the Real World (Oracles)
- An indestructible or ownable identity
- A means of Exchange
Xinfin’s (XDC) architecture was designed to support an internet of blockchain. This Is why it is no surprise that D’Apps to fill these four pillars are already operational on the network.
1. A Storage Means for Web3- Xinfin’s Storx
Storx is a decentralized cloud storage service built on the XDC network. It allows users to store their files online via many nodes available on the platform. When a user creates an account (email and password), they effectively create a public and private key pair. The key pairs are used as identifiers or authenticators for the files they upload. When a file is uploaded, the file is encrypted and then divided into chunks and saved across different nodes on the platform. This way a node provider does not have access to any file stored by any user. To retrieve the file, the key pair attached to the user’s account is used to combine and decrypt the file.
Because of the sensitivity of the services provided, node providers are given stringent (in terms of up-time) laws to abide by. They have to stake STORX tokens (SRX) to ensure they will not act maliciously to jeopardize the safety of the network. A malicious node faces a slash in the staked tokens and a low reputation which affects rewards. Node providers earn SRX from users who store files.
According to metrics on the Storx website, there are about 117,000 users and 5,000 storage providers.
A decentralized storage infrastructure like this is exactly what Web3 needs. Users can host a website on a platform like Storx and ensure 100% uptime and availability of the app. People need assurance of a storage service that will not spoof their private data, expose it or have a single point of failure and Storx is doing good justice to that.
2. A means to interact with the Real World (Oracles) – Plugin
Xinfin’s Plugin is the answer to the need to connect to the Real World Asset (RWA) Class. Plugin is a blockchain Oracle service that operates on the Xinfin blockchain. It allows D’App developers to import price feeds of various assets that are outside the blockchain. For Web3 this means that users can get price feeds in real time of the asset they are dealing with. For example, a Tokenized Gold asset on the Xinfin blockchain might need to consistently track the Gold prices from the traditional market to ensure Zero slippage. Fortunately, Plugin recently announced a collaboration with Comtech:
This is no surprise, it means Plugin is doing exactly what it is meant to do.
3. An indestructible or ownable identity
Another important aspect of a blockchain internet is an ownable identity. They must be the same throughout the web3 apps and can only be controlled by the owner. GoDomains, XDC Web3 Domains, and XinFin Name Service are three strong naming services that help convert long wallet addresses into simple customizable names chosen by the user. Web3 identity cannot be stolen, they remain the assets of the owner.
4. Web3 means of Exchange- Xinfin’s Xswap
All assets and tokens on Web3 should be tradeable since it has been established that ownership is a strong foundation for this internet phase. For Xinfin, Xswap is like Uniswap to Ethereum. It is the first Automated Market Making platform that allows the exchange of XRC20 tokens (maybe later, people will be able to trade more than that). Xswap just shipped it mobile wallet app for use few days ago.
Globiance is another exchange that focuses on on-boarding traditional investors to the Xinfin blockchain. It is providing a centralized exchange (CEX) for a seamless FIAT-TO-CRYPTO experience. While Web3 is great and all, entry barriers to crypto are broken by exchanges such as this. It doesn’t stop there, the exchange is also creating an AMM (Automated Market Maker)- a decentralized exchange (DEX) on Xinfin blockchain. Recent news about the insolvency of Centralized exchange is shifting the attention of people to DEXes. But a CEX like Globiance will always be a necessity to onboard newbies.
Web3 cannot be complete until people can exchange assets that they own. D’Apps like this are built to cater to this need.
Tokenization of Web2 and RWA is Web3
An aspect of Web3 that is intrinsic to these infrastructures is the fact that aspects of the internet have been tokenized to exist on the blockchain. Such is the vision of Xinfin itself. It was created as an enterprise-ready network to facilitate global trade through the Tokenization of trade materials such as bills of Lading, invoice, receipt, etc. Tradefinex allows users to Tokenize trade materials to enable people to seek funding for a seamless run of businesses (I covered this in-depth here). A tokenized trade can be funded by many financiers- that’s the power of web3.
Additionally, Law Blocks allows the creation of smart legal contracts on the blockchain. This includes Agreements, Power of Attorney, Business Contracts, Declarations, Affidavits, Memorandum of Understanding, etc. Legal documents available on the blockchain can aid Web3 development to a vast extent. Imagine being able to protect your intellectual property safely on the blockchain.
Comtech contributes to the Web3 vision of Xinfin by tokenizing Gold. Each mass of Gold tokenized by Comtech exists and is frequently audited by the industry’s top auditors. Comtech’s Gold (CGO) is in partnership with Dubai Multi Commodities Center (DMCC).
Tokenization of Real World Asset didn’t stop there with Xinfin, Stasis, the largest issuer of non-USD stablecoin, deployed EURS (EURO backed stablecoin) on the network. Stasis has $6 Billion plus of transferred value. Additionally, FluentDAO launched US+ (USD based Stablecoin) on the XDC network. US+ is created by the Federation Member Banks.
Ritesh Kakkad, Co-founder of Xinfin Blockchain, summarized these recent feats in a tweet where he called on Developers to build on the XDC network:
Is XDC coin (Xinfin) Doing Right as a Web3 Network?
The justifiers have been stated. A platform that has capabilities can only be proven by its results. The speed of transaction finality and super low fees are paying off for Xinfin blockchain as developers are finally seeing the light.
From here on we are expecting blockchain games. I am Ayobami Abiola Ogundiran (@Ayobami79 on Twitter). Reach out to me for article requests.