New project considered as next generation Bitcoin or Ripple (XRP)

  • The XDC token was created as a new generation of Bitcoin or XRP, but with a friendlier approach to regulation according to Cordite’s CEO.
  • The supply of XDC can be increased with a vote from the members of the Cordite Society.

A new cryptocurrency has entered the ecosystem. Launched on October 20 on Corda’s public blockchain, the XDC token was created to be “a new generation of Bitcoin or XRP,” according to Cordite CEO Richard Crook. XDC is a project of the Cordite Society, a UK-based cooperative.

The XRP digital asset is also supported by Corda. However, the XDC token tries to mitigate some of the “failures” that the Cordite Society believes traditional cryptocurrencies have. Therefore, the XDC will be more “regulatory friendly”. A total of 1 million XDCs will be minted as part of the initial token supply.

XDC meets the demands of regulatory authorities

According to the report, the cooperative behind XDC will use the UK legal framework to introduce a DeFi sector into Corda’s distributed ledger. It will use a governance model and a token distribution based on membership in the Cordite Society. Any legal entity that manages a Corda node is a member of the cooperative.

Therefore, users receive governance points and are part of the XDC token decisions. Each node of the Cordo network will be represented as a legal entity. The CEO of the Cordite Society has indicated that this is a strategy that will allow Corda’s DeFi sector to function in accordance with the guidelines of the Financial Action Task Force (FATF). Crook added:

Regulators have set the requirements for what a digital currency needs to be, and that’s exactly where XDC fits in, ”said Crook. We are a next generation Bitcoin or XRP.

The XDC white paper ranks it as the “first currency” of the financial level ready for the enterprise level. Unlike Bitcoin, XDC does not have a fixed offer, to “improve failures” the Whitepaper mentions. XDC’s offer can be increased over time if users vote for it. Any new coined XDCs will be distributed among voting members using the Cordite node.

Furthermore, XDC has 4 specific objectives: to be a store of value, a medium of exchange or a unit of account; stimulate participation in the Corda community; to support emerging projects in Corda, and to support the community and network developers.

XDC is an exchange token as defined by the UK FCA guidelines as a “medium of exchange”. . . a decentralized tool for buying and selling goods and services without traditional intermediaries “XDC was designed to fulfill the basic functions of money – A store of value with which to transfer purchasing power from now to some future time of which is highly reliable; A medium of exchange with which to reward contributions and is easy to use; A unit of account by which to measure the value of a particular reward or contribution.

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