It’s been more than seven years that people are investing in cryptocurrencies. And, since then, this industry has grown leaps and bounds. With more than 700 cryptocurrencies on tap, people have astounding opportunities to innovate but they can’t also overlook a few cases where cryptocurrencies have been shown to have a questionable bearing.
It’s the absolute decentralization of financial trading and the sheer anonymity of money transactions that precipitates the regulatory challenges associated with cryptocurrencies. The main objective of XinFin is to avoid the situations where it can be used as a mechanism for any illegitimate action or activity.
Envisaging the case that each and every cryptocurrency enjoys a unique set of traits, we at XinFin, believe that every cryptocurrency in demand including XDC token; should be gauged by regulators depending on its distinguishing traits.
XinFin not only monitors its invaluable clients but also executes rules and regulations aligned with legal advancement so that people involving in illegitimate and undesirable behavior can be nipped in the bud. XinFin has successfully implemented the KYC (know-your-customer) rule, a practice which will ensure that any possible misconduct such as identity theft, money laundering, terrorist financing and financial fraud can be disrupted promptly and effectively on its platform.
KYC
For XinFin, what matters most is the SECURITY and SAFETY of its users and therefore, the company requests all the identity proofs and documents of each one of its users. As a result, each transfer made on its platform using the protocol is identified and known. Since, the global business ecosystem calls for a refined international buyer identification & verification unfolding, the competent KYC policy embraced by XinFin supports identifying its user & verifying his identity by analyzing their documents in an independent manner.
The users can rest assured that their identity stays confidential. Every user, whatsoever, will be required to undergo a verification process each time his identity details are changed.
The requested KYC information would include everything from name, date/place of birth to residential address, as produced to XinFin, at the time of account registration.
XDC becomes one-of-its-kind first cryptocurrency that stores KYC record of its customers in its permissioned blockchain.
Audit Reports
XinFin becomes one of the first companies across the globe to get its blockchain audited by an outside and independent auditor. XinFin’s main objective behind this audit is to evaluate the consistency of its blockchain as well as validate that no XDC tokens are mined beyond the bounds of its blockchain. This substantiates that all existing transactions are contained in its blockchain system and are also consistent.
The process of transaction verification demands multiple automated tests that are accomplished to abide by XinFin’s objectives. While the first process needs to validate that all financial transactions are contained in its blockchain with no XDC tokens mined outside, the second process must validate that its blockchain is consistent so that every transaction’s inputs & outputs resemble and can be easily traced back to the first off financial transaction.
The process of blockchain verification has been outlined to ratify that all the blocks in the chain are consistent i.e. every block follows the previous, making it an error-free block sequence. Furthermore, the blockchain should essentially hold the transactions proven in tests from earlier paragraphs.
Hitherto, the outcomes of every blockchain audit have demonstrated that all transactions are true and that the blockchain system is absolutely consistent.
The outcomes from XinFin blockchain audit proves that it is truly consistent, suggesting that no tokens can be mined beyond it and there will be no changes in the blockchain. The members can only view the actual, real-time information of the number of tokens mined on the site. Hence, there will be no more or less number of tokens stated on the XinFin website.
The audit proved that XinFin blockchain is consistent and therefore, the count stating the number of tokens mined, as viewed on the counter (placed on the landing page of XinFin website) is 100% accurate.