The XDC Network is a blockchain designed to enhance trade finance and facilitate the tokenization of real-world assets (RWAs). It is compatible with Ethereum Virtual Machine (EVM) and leverages a sophisticated Delegated Proof of Stake (DPoS) consensus mechanism to ensure robust security, quick transaction speeds, and scalability improvements. The network includes a Layer-2 subnet system that enables users to create independent, privacy-focused side chains, which benefit from the security of the XDC mainnet. This capability makes the XDC Network particularly suitable for entities like government bodies, financial institutions, and enterprises that need specialized blockchain environments with increased permissions and control.
By January 6, 2025, more than 300 candidates are vying for validator masternode status on the XDC Network, with 108 currently operating as active validator masternodes and the rest on standby. To function as a masternode operator, one must stake 10 million XDC.
In the fourth quarter of 2024, the XDC mainnet was successfully upgraded to XDC 2.0. This new version integrates the highest theoretical level of Byzantine fault tolerance security and an innovative forensics monitoring system into its consensus process. Led by Professor Pramod Viswanath from Princeton University, the protocol team developed XDC 2.0’s cutting-edge compliance technology, which ensures exceptional BFT by automatically, yet selectively, holding validators accountable for their actions.
Who founded the XDC Network?
XinFin, a fintech company based in Singapore that offers enterprise-level blockchain solutions for global trade and finance, was founded in 2017 by Ritesh Kakkad and Atul Khekade. They were instrumental in launching the XDC Network, which became operational in 2019.
Ritesh Kakkad is a tech entrepreneur with extensive experience in cloud computing, while Atul Khekade, a trained computer engineer, was pivotal in establishing the first permissioned blockchain network for a consortium of major Indian banks while at MonetaGo.
Kakkad and Khekade aimed to create a blockchain specifically suited for streamlining global trade finance. To fulfill this vision, they collaborated with André Casterman, a former SWIFT executive with over 20 years of experience, who now plays a key leadership role in the XDC Network. Casterman focuses on driving innovation by exploring various use cases that merge traditional finance with blockchain technology.
What distinguishes XDC Network (XDC)?
The XDC Network stands out due to its active community, which continuously contributes to its success in the Real World Assets (RWA) and Trade Finance sectors.
A unique achievement of the XDC Network is being the first and only blockchain invited to join the Trade Finance Distribution Initiative (TFDi), a consortium of leading banks and financial institutions aimed at addressing the $5 trillion trade finance shortfall. Additionally, it was invited to participate in the ITFA's Digital Negotiable Instruments Initiative (DNI). In late 2021, Tradeteq facilitated the issuance of the world's first trade finance-based non-fungible token (NFT) on the XDC Network. By 2023, through efforts by Tradeteq and Securitize, the network launched its first compliant U.S. Treasury token, USTY, which represents blockchain-based shares in a U.S. Treasury bond exchange-traded fund (ETF).
Further significant contributions include those from SBI Holdings, which partnered with TradeFinex—a protocol for institutional-grade, ISO20022-compliant non-custodial Trade Finance—to broaden the use cases for the XDC Network in global economic activities, particularly in trade finance and international payments. TradeTrust, a platform created by the IMDA in Singapore, also employs the XDC Network to deliver advanced document authentication within a framework that adheres to the Model Law on Electronic Transferable Records (MLETR), enhancing the security, transparency, and efficiency of cross-border transactions.
Looking ahead, the XDC Network aims to support a variety of RWA products to make trade finance assets more accessible to capital markets, while also enabling small and medium enterprises (MSMEs) to secure the financing they need.
Various teams developing and applying the XDC Network believe that trade finance is the definitive application for blockchain technology, and public blockchain networks like the XDC Network are key to transforming the industry.
