A new cryptocurrency known as XDC has just been introduced by Cordite Society a United Kingdom-registered co-operative society. XDC is said to be the first-ever digital currency that has been launched on R3’s Public Corda blockchain network. As per a White Paper issued by Cordite Foundation, XDC is a finance-grade, enterprise-ready, and regulatory-friendly digital currency.
XDC has been launched for decentralized finance (DeFi) as well as for central bank digital currency (CBDC) projects. The developers of this digital currency said while announcing its launch on Tuesday that this token is set to open a door to decentralized finance apps that run on the blockchain technology of R3 Corda.
Cordite referred to its newly-launched cryptocurrency as an “Exchange token” that according to its White Paper has been defined as ‘a means of exchange’ by the Financial Conduct Authority (FCA) of the United Kingdom. It will serve as “a decentralized tool for buying and selling goods and services without traditional intermediaries”.
The developers of the XDC cryptocurrency has designed this token in a way that it will meet the requirements of different projects such as central bank digital currencies, decentralized finance, and stablecoins. Apart from serving as a medium of exchange, this digital currency will also act as a store of value as well as a unit of account, as per the white paper. Other basic aims of XDC include supporting projects that are developed on Corda and stimulating the participation in the Corda community.
While outlining the basic aims of XDC, Cordite Society’s White Paper stated:
“XDC sets out to improve on the failures of early crypto-currencies – volatility, fixed supply, inefficient media of exchange, high transaction fees, virtually non-existent unit of account.”
The idea for releasing a digital coin on Corda was proposed at the annual developer gathering last year in 2019. However, at that time, it was just a proposed research project but now that idea has turned into a reality and the Corda Coin in the form of XDC has been rolled out successfully on the Corda blockchain.