Financial applications of blockchain technology have been one of the most rapidly growing sectors of the industry since the start of the Decentralized Finance (DeFi) movement. XinFin has created new ways (PDF) to make DeFi work on a larger scale.
This application takes advantage of the trustless nature of smart contracts to facilitate financial transactions by improving efficiency, offering, and accessibility.
While the offering of new cryptocurrencies and platforms specifically designed for the Fintech industry has continued to rise, this growth has seen itself affected by the increasing congestion and limitation of existing blockchain networks that were not designed with scalability as their primary concern.
This has been the case for platforms built on the Ethereum network, which has seen its gas prices increase by more than 1000% over the past year, even experiencing peaks of up to 909 gwei back in 2020.
XinFin Working on Fintech and Blockchain’s Struggles
This rise in gas prices is not only an economic concern in terms of immediate fees but as it is directly related to slow processing of transactions, can also result in losses due to investors being able to act on time in a market where timing is everything.
As crypto adoption increases and fintech platforms continue to grow, the need for high levels of transaction throughput is more relevant and important than ever both for enterprises and retail users.
Founded back in 2017, XinFin was designed to act as a bridge between legacy systems and blockchain technology to improve financial transactions, facilitate the transition toward blockchain, and deal with the limitations of popular blockchain networks.
Solving the Dichotomy
XinFin is a hybrid Blockchain technology company that aims to connect public and private blockchain implementation running in fully permissioned environments, taking advantage of the benefits of both the private and public paradigms to create new applications.
The company focuses on creating an…