It has come to the knowledge of blockchain/cryptocurrency enthusiasts that a decentralized perspective to international trade is already available. This does not come as a surprise because many industries are already using blockchain technology to their advantage.
It is worth noting that XinFin’s decentralized outlook to global trades is because of the current standing of the industry. Apart from being a medium of connection for the involved parties (Beneficiary, Supplier, and Financier), XinFin also restructures the payment system.
In this article, we’ll look at this payment structure and the inputs it will make to the decentralized ecosystem for trades.
The TradeFinex Platform
Before we continue, it is important to understand that the traditional financing model for international trades does not have much benefit for the participants. This consideration triggered XinFin’s institution of a decentralized financing ecosystem called “TradeFinex”.
From the inherent components, “Trade” and “Finance”, it is clear that XinFin aims at restructuring global trade in a decentralized manner. TradeFinex is the decentralized ecosystem that serves as a meeting hub where these participants can meet and interact. Let us look at how the platform contributes to the payment process of XinFin’s decentralized structure of international trade.
A beneficiary who wants funds to facilitate a project has to tender a “query” to the platform. This is visible to all participants. A financier who has an interest in the proposal can get in contact with the beneficiary. Both parties will review their terms of funding and receiving funds for the said project. If a compromise was reached, they can now “invite” the blockchain-based smart contract technology to seal and follow-up the deal.
The financier will release funds to the beneficiary in batches. It is worth noting that funds are kept in a decentralized escrow service. The aim of this is to monitor the beneficiary’s ability to manage and put the released funds to good use. On receipt of funds, the beneficiary proceeds to pay the supplier for the services/products purchased for the project. At the end/completion of the project, the beneficiary makes milestone repayments to the financier. On full repayment, both parties (the beneficiary and the financier) will end the project on the smart contract technology. For future references for interested parties that will like to transact on the platform, XinFin ensures that these parties rate themselves based on individual performances.
Roadmap
Allocation of Tokens
Token Specifications
Ticker: XDCE
Platform: Ethereum
Token Standard: ERC-20
Token Supply: 15 billion XDCE
Token Type: Utility
The XDC coin ox Prefix (for ERC20 TOKENS) was replaced recently for uniqueness with xdc.
Final Thoughts
XinFin’s payment decentralization is a concept worthy of emulation. As the blockchain technology breaks new grounds and getting adoptions in key sectors of the economy, XinFin’s decentralization for international trades will go memory lane as a timely intervention that reshaped the fortunes of global trade.
XINFIN PROJECT IS ONE OF THE BEST I'VE COME ACROSS. FOR MORE INSIGHT ON XINFIN, VISIT THE LINKS BELOW
WEBSITE : https://xinfin.org
TELEGRAM: https://t.me/xinfin
MEDIUM : https://medium.com/xinfin
TWITTER : https://twitter.com/XinFin_Official
LINKEDIN : https://www.linkedin.com/company/xinfin/
YOUTUBE: https://www.youtube.com/channel/UCQaL6FixEQ80RJC0B2egX6g
GITHUB: https://github.com/xinfinorg
SMART CONTRACT CREATION DEMO:
Writer's information
Name : Divine Okoye
Wallet address : 0xe7fd1a8b7a386db54ed420694fb86db50d60dea6