Discuss about the XinFin blockchain network and various opportunities available for developers, startups, traditional market makers and venture funds.
In an exclusive interview with Ruslan Wing, Mr. Ritesh Kakkad, co-founder of XinFin Network talks to us about the $300+ million blockchain network and various opportunities around the ecosystem.
Question (Mr. Ruslan Wing): Thank you, Ritesh Kakkad for joining our executive discussion. I noticed that you haven’t given many interviews in the past, so I appreciate the fact that you took time out of your busy schedule for me.
Answer (Mr.Ritesh Kakkad): Thank you, Mr. Ruslan Wing. I really appreciate your support as an active XinFin community member.
Question (Mr. Ruslan Wing): You started your career in cloud-based businesses and web infrastructure. Tell us about your transition into the blockchain space.
Answer (Mr.Ritesh Kakkad): I launched my first hobby venture when I was in university. In 1998, it was converted into a cloud-hosting company. As an early internet user, I recognized the potential of cloud-hosting technology. Then, in early 2017, after running a successful cloud-hosting company for two decades, I spotted new opportunities in the enterprise blockchain space. My past experience in the industry has helped us design a high speed, and low energy consumption blockchain network that we call XinFin.
Question (Mr. Ruslan Wing): Can you explain in layman’s terms, how the XinFin network solves major issues faced by the blockchain networks that came before it?
Answer (Mr.Ritesh Kakkad): In simple terms, XinFin created an open-source blockchain network that solves 3 major issues related to transaction speeds, network gas fees, and high energy consumption. We have reduced the transaction time from 10-60 minutes to 2 seconds, brought down the network fees from 20-50 cents to nearly 0, and minimized energy consumption by 99%.
This feature not only provides scalability, but also feasibility to various use cases built on our blockchain.
Question (Mr. Ruslan Wing): How has the Live Blockchain Network progressed since its launch nearly 18 months ago?
Answer (Mr.Ritesh Kakkad): XDC network grew up very well in the last 18 months; especially after COVID-19. To provide more transparency to the community members, we try, to the best of our ability, to keep all our data online. As of November 2020, there are 127 institutions/individuals who support network participation by staking 1.272 billion XDC, 7000+ Wallets (with XDC Assets balance), 66K XDC that’s already burned or destroyed permanently. Over 15 DApps have already been deployed on the blockchain network, including Trade Finance, Edtech Portal, Decentralized Data/Price Oracle, stable coins and wallet products. Most of the venture is managed by a dedicated, external team.
Question (Mr. Ruslan Wing): Can you tell us more about the various applications currently running on the XinFin Network?
Answer (Mr.Ritesh Kakkad): Let me introduce you to a few apps that run on the XinFin platform:
- Tradefinex is an ADGM regulated entity built on a DeFi Protocol (built on XinFin Network) for real world assets worth $100 trillion. It’s integrated with 4 regulated financial institutions and more coming soon. It’s an alternative investor’s network.
- Blockdegree is an Edtech framework to store degrees or certificates on a blockchain network. Platform already has more than 8000 registered users and it’s been recognized by the US Government and Singapore’s SkillsFuture.
- My Contract is a decentralized Oracle data framework, already in partnerships with top industry players like Chainlink and Razor Oracle.
- Globiance stable coin is a regulated entity based in Singapore that launched various fully fiat-backed stable coins like SGDG, EUROG, and HKDG.
All these applications require $XDC as fuel to run smart contracts or execute transactions. Therefore, more applications mean increased XDC utility and usage. Various partnerships with R3, Copper, Chainlink, RAMCO, CIRCLE help us provide opportunities for reverse integration.
Question: How does XDC compare with Bitcoin, XRP and Ethereum?
Answer (Mr.Ritesh Kakkad): In short,
- Bitcoin = Store of Value with current network market capital of $300 billion.
- Ethereum = Smart Contract + De-Fi with current network market capital of $60 billion.
- XRP = Micro Payment with current network market capital of $19 of billion.
- XDC = Smart Contract + De-Fi connecting NFT (non-fungible token) from the $30 trillion trade finance market with a current market capital of $100 million.
Question (Mr. Ruslan Wing): What kind of opportunities do you see for traditional market makers, hedge funds, venture capital funds or family offices to flourish in this space?
Answer (Mr.Ritesh Kakkad): The crypto industry is more volatile compared to the stock or forex market, but to market makers or hedge funds, this gives opportunities to generate higher returns. Recently we observed that many such fund houses started taking 1-2% of asset exposures in the crypto market. Like other traditional instruments, XDC has the Ticker symbol $XDC at Yahoo Finance which makes it easy for them to understand, and compare with various other market instruments.
Questions (Mr. Ruslan Wing): How do you help traditional funds navigate their novel ventures into $XDC?
Answer (Mr.Ritesh Kakkad): Generally, we help them to get associated with various ecosystem opportunities to generate better returns. So far, we have observed that traditional venture funds like $XDC liquidity mechanisms to help them liquidate their portfolio (partially or fully). With traditional start-ups, they usually have to wait for 5 to 7 years.
Question (Mr. Ruslan Wing): Recently I’ve been coming across many tweets and articles on social media on the burgeoning pool of funding support for blockchain-based start-ups. How is XinFin contributing to this interesting development?
Answer (Mr.Ritesh Kakkad): There’s a significant allocation of XDC for the eco-system development pools. Over time, these funds will go into various blockchain start-ups, growth funding or reverse integration as incentives for those building on the XDC Blockchain. More details are available on the XinFin Website.
Question (Mr. Ruslan Wing): As the co-founder of XinFin, your net worth is approximately a few million dollars. How do you plan to utilize it? Are you the type to indulge in a beach house at Sentosa (in Singapore) or a luxury car?
Answer (Mr.Ritesh Kakkad): To be frank, I’ve always believed in frugal living, and I still do. I don’t own a car. I prefer travelling by MRT (public train transport in Singapore) or using Grab/Uber, and I live in a rental flat in Singapore. As far as net worth is concerned, I am planning to invest in start-ups that will eventually increase XDC utility and usage.
Question (Mr. Ruslan Wing): So, what is your source of motivation and energy every morning?
Answer (Mr.Ritesh Kakkad): Belief! You see, there are thousands of people backing the XDC. It’s like a community that is growing every day and their faith encourages me to start my days with a rejuvenated sense of purpose. If you want to see for yourself, go to our Twitter or Telegram and you will experience the pace at which XinFin, as a global family, is expanding.
Ruslan Wing: Thank you, Ritesh, for your engaging responses. Good luck to you and the entire XDC Community. We look forward to having another discussion with you once XDC crosses the billion dollar market capital.
Ritesh Kakkad: Thank you.
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