Blockchains are great and all, especially, for the freedom they provide. What sets blockchains in levels aside from their codes is their use cases. What is most important to developers is the usability of their works in real life. The more usable cryptocurrencies are the better. The target has always been for people to interact with the blockchain not knowing they are interacting with the blockchain. Xinfin blockchain is one good example of a blockchain advancing the real-world use case. They are undeniably setting the gold standard for the blockchain.
Xinfin Building According to Plan
At the start of it all, Xinfin set out to be an enterprise-ready blockchain. Founded on January 1st, 2017, and more than 5 years later, the developers are still following the dream through thick and thin. What you do for half a decade consistently should be a part of you already.
Blockchain D’app Ecosystem Necessities and Xinfin Measuring up
It is known that a strong codebase, decentralization, security, and speed are the basic foundations of a viable blockchain. But aside from these, there are 4 ingredients needed to ascertain the longevity of a blockchain:
- Decentralized Finance (DeFi)
- Stablecoins
- Non-Fungible tokens (NFT)
- Real-World Assets
1. Decentralized Finance (DeFi)
DeFi is the heart and soul of the blockchain. Bitcoin was created to remove intermediaries from payment systems and to connect users in a peer-to-peer (p2p) manner. DeFi makes the world complete and free from governance policies that restrict them. DeFi tokens market cap reached 42 billion and trading volume is at 2 billion USD according to Coinmarketcap.com. This means that the world knows its importance and is ready to break free from centralization and single points of failure. Concerning the global market size of DeFi, Grand View Research has this to report:
“The global decentralized finance market size was valued at USD 11.78 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 42.5% from 2022 to 2030. The acceptance of DeFi (Decentralized Finance) led to a profound transformation in the financial sector, which is one of the primary factors driving market growth.” Source
Xinfin blockchain has Decentralized Applications (D’apps) built on it that focus on DeFi. Examples are Globiance, Xswap Protocol, Prime Numbers, etc.
2. Stablecoins
Stablecoins give life to DeFi. Stablecoins brings fiat currencies to life on the blockchain. Their value is based on the value of the fiat currencies they are pegged to. Xinfin has Stasis that created EURS a stablecoin pegged to EURO.
“The market cap of the Stablecoins sector is $ 146.07B, representing 17.08% of the total cryptocurrency market cap.” Coincodex
3. Non-Fungible Token (NFT)
NFTs opened the door of blockchain tech to the entertainment and collectible industry in general. Talk about art, metaverse, games, music, collectibles, etc. A viable blockchain isn’t complete without NFTs. According to Nansen.ai the total market cap of NFTs is more than 11.3 billion USD:
“The NFT market possesses a total market cap of more than $11.3 billion. To better facilitate an understanding, this is equivalent to and greater than the Gross Domestic Product of many small countries such as Kosovo, Togo, and Somalia. Staggeringly, the total value of the NFT market exceeds in value all the goods and services produced in many nation states!” Source
The XDC network (Xinfin blockchain) isn’t left out. It has SuperBullsNFT, XDCNFT, XDC Web3 Domains, XinFin Name Service, etc. as a few NFT platforms delivering value to its users.
4. Real-World Assets (RWA)
Real-world assets pegged on the blockchain are another gateway with which crypto is generally taking over the world. Real-world assets are, as the name implies, physical assets to which blockchain tokens are pegged. RWA includes cash, gold, Real Estate Investments, consumer goods, insurance, invoices, etc. Apart from cash, other RWAs on the blockchain are very thin, in terms of market cap. This can be traced to the plethora of regulations and jurisdictions that surround them as I pointed out in a previous article concerning trade. Gold for example just surpassed a market cap of 1 billion USD earlier this year according to coindesk. This is way too far from other asset-class market caps. But why? PAWAN NAHAR pointed out in an article a major setback is that of the auditing mechanism.
Without a proper auditing mechanism, RWAs will continue to be on a decline on the blockchain. Xinfin’s Comtech is however changing the narrative for local and international investors who wish to invest in Gold.
What Xinfin based Comtech has Done Right
Comtech focuses on making Gold available to all no matter the size. It has been established that Gold prices over the years have been relatively stable. Gold has also been proven as a great store of value. All ComTech Gold assets pegged are verifiable and audited by custodians based in UAE. They are in partnership with industry giant DMCC and recognized by Dubai Media Office:
.@DMCCAuthority announces a partnership with @ComTechOfficial to digitise the trading of gold by tokenising the precious metal backed by physical gold bars registered on DMCC’s online platform for registering the ownership of commodities, Trade flow.https://t.co/8ZCMUr4mVD pic.twitter.com/nYD78cuKjz
— Dubai Media Office (@DXBMediaOffice) November 21, 2022
Comtech devs are not hidden, its cofounder and CEO have been visible on the media talking about their product:
Final Words
Check other Xinfin-based D’Apps here. Does the blockchain you are looking out for has these four pointers in its plans?
I am Ayobami Abiola Ogundiran (@Ayobami79 on Twitter). Reach out to me for article requests. To support me, send some cryptos my way:
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