Recent updates from the XDC ecosystem have been highlighted by Genfinity, showcasing several key developments. In breaking news today, Deutsche Telekom is expanding its blockchain operations with a new standby masternode for the XDC Network, enhancing its role in supporting secure blockchain applications, particularly in finance.
Meanwhile, Genfinity’s interview with Billy Sebell, Executive Director at the XDC Foundation, sheds light on the foundation’s commitment to democratizing financial access and advancing blockchain technology. Moreover, the XDC Trade Network has achieved a milestone with a successful electronic promissory note transaction.
To delve into these advancements, discover additional updates, and understand their broader implications, continue reading for a comprehensive overview!
Deutsche Telekom Expands Blockchain Reach with New Standby Masternode for XDC Network
In a breaking news story by CoinDesk, Deutsche Telekom is expanding its blockchain operations by adding a standby masternode for the XDC Network. The telecom giant, which already manages nodes on blockchains like Ethereum, Polygon, and Polkadot, will see its subsidiary, Deutsche Telekom MMS, step in as an infrastructure provider for XDC.
Notably, this new standby masternode will not validate transactions under normal circumstances but will become operational if the number of active validator masternodes falls below 108. This move leverages their enterprise-grade infrastructure to support secure blockchain applications, particularly in the finance sector.
Furthermore, this development underscores Deutsche Telekom’s increasing engagement with blockchain technology. This initiative follows their recent announcement of plans to mine Bitcoin and their existing involvement in Bitcoin Lightning and various proof-of-stake networks. The XDC Network, a layer-1 blockchain compatible with Ethereum’s Virtual Machine, is renowned for its rapid transaction speeds and will provide strong support for this initiative.
Genfinity Interviews Billy Sebell, Executive Director at XDC Foundation
Genfinity recently conducted an insightful interview with Billy Sebell, Executive Director at XDC Foundation and a prominent figure in the XDC ecosystem. Billy highlighted the XDC Foundation’s role in democratizing access to financing and fostering collaboration within the XDC network. His journey into blockchain stemmed from a desire to innovate and disrupt traditional financial systems, particularly in aiding small to medium enterprises (SMEs) constrained by traditional banking practices. Discovering XDC’s focus on trade finance solutions resonated deeply with Billy, sparking his commitment to leveraging blockchain for global business financing.
Notably, the Executive Director emphasized the significant strides made by the XDC team in democratizing financial access, enabling businesses worldwide to secure funding without geographical constraints. He also highlighted the network’s vibrant ecosystem and supportive community as critical in driving these advancements. Moreover, Billy discussed the broader adoption of blockchain technology across industries, noting varying adoption rates influenced by regulatory frameworks and focused efforts like those in trade finance.
Billy delved into XDC 2.0’s advancements, particularly its subnets feature designed to cater to institutional needs. These enhancements aim to facilitate smoother blockchain adoption for enterprises, providing flexibility and robust security measures such as Byzantine fault tolerance and slashing protocols. Billy’s insights underscored XDC’s readiness to support institutional-grade applications, positioning itself as a pivotal player in the evolving blockchain landscape.
In summary, Billy Sebell’s interview provided a comprehensive overview of XDC Foundation’s contributions to blockchain adoption, emphasizing its transformative impact on global finance and the continued evolution towards enhanced security and enterprise integration.
TradeFinex Joined Genfinity to Discuss the $5 Trillion Trade Finance Gap
TradeFinex recently collaborated with Genfinity to explore the $5 trillion trade finance gap, shedding light on how blockchain technology could revolutionize the industry. Saloi Benbaha, Head of Institutional Partnerships at TradeFinex, emphasized their year-long collaboration with the XDC ecosystem to tackle this deficit. Initially addressing a $2.5 trillion shortfall, which later ballooned to $5 trillion, Saloi underscored the profound impact on businesses worldwide, hindering their access to essential funding and trade engagements.
Transitioning to TradeFinex’s proactive response, Saloi detailed their platform’s integration with XDC Network, leveraging its robust blockchain infrastructure to enhance interoperability and facilitate digital document issuance. She highlighted the platform’s dual role as a marketplace and DeFi protocol, which is crucial for fostering liquidity through digital document authentication via TradeTrust. This integration not only ensures legal compliance under the MLETR framework but also bolsters trust and usability across the trade finance sector.
Moreover, Saloi discussed the transformative potential of tokenization, illustrated by initiatives like Comtech Gold (CGO) with Dubai Multi Commodities Centre (DMCC). CGO aims to digitize gold assets, offering liquidity through XDC’s Fathom Protocol and enabling token holders to redeem physical gold products. She navigated through regulatory advancements and industry shifts, noting increased institutional acceptance of digital assets and highlighting the role of educational initiatives in bridging knowledge gaps.
Furthermore, Saloi emphasized the strategic importance of partnerships, particularly with the International Trade and Forfaiting Association (ITFA), in advancing global trade finance practices. Her forward-looking vision for TradeFinex encompasses expanding into Web3 initiatives and optimizing their ecosystem for seamless interactions, poised to drive substantial advancements in digital trade and DeFi funding.
Compliant documents: XDC Australia and DigiChain Innovations Collaborate
XDC Australia and DigiChain Innovations have formed a collaborative partnership to introduce Australia’s first MLETR compliant Document Generation blockchain service. DigiChain Innovations, based in Brisbane and recognized for their expertise in RegTech, CyberSecurity, and AML compliance within TradFi sectors, will integrate their solution with TradeTrust (IMDA OpenAttestation) and ICC Digital Standards Initiative.
Significantly, this initiative aims to digitize Bills of Lading on a regulatory-compliant DLT Blockchain, enhancing secure custody and transfer efficiency. Their joint efforts with XDC Network, renowned for global trade pilots and MVPs, promise to revolutionize Australian exporters’ cash flow responsiveness and international trade efficiency. Moreover, DigiChain Innovations is also poised to explore tokenization solutions for the emerging Digital Economy, marking a significant step toward future growth and innovation contributions.
XDC Trade Network Achieves Milestone with Successful ePN Transaction
Reported by IssueWire, the XDC Trade Network platform has achieved a milestone by successfully executing a pre-shipment financing transaction using an electronic promissory note (ePN). This ePN was issued through the Credore platform, which integrates TradeTrust and meets MLETR standards.
Furthermore, the issuance of the ePN adhered to data standards set by ICC and DSI, following the framework established by BAFT’s DLPC Business Best Practices. This development underscores a significant advancement in digital transactions for cross-border trade and financing, utilizing technology and the Legal Entity Identifier provided by GLIEF.
Other Developments Within the XDC Ecosystem
The XDC Network’s EVM recently underwent an upgrade to support Solidity version 0.8.23, bringing in enhancements such as new functionalities, API improvements, and updates to enhance security.
A new 12-week Web3 accelerator program is set to bring promising builders and projects to the XDC Network. Participants can receive up to $100,000 in XDC tokens and benefit from comprehensive support, including advisory, mentorship, and technical assistance. Open to global applicants through Brinc’s virtual platform; shortlisted projects will gain access to XDC’s blockchain infrastructure and financial backing. Projects will also get access to a network of industry experts and investors, helping them to effectively position their products.
A new cohort, XDC0xCamp, has been announced, featuring six exceptional teams that will launch their tokens in 2024. Notably, the selection process identified the best startups for the program’s goals. Each of the top six teams will benefit from up to $100,000 in investment from XinFin and includes innovative founders from the USA, Singapore, Dubai, and India.
As the XDC ecosystem continues to evolve, these recent developments highlight its growing influence and innovation within the blockchain space.
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