CommPRO Editorial Staff
Chainstack and Cordite Society have announced a partnership to make Cordite XDC nodes available to enterprises and innovators of any size through the Chainstack’s turnkey blockchain managed services platform. XDC is a revolutionary finance grade, enterprise ready and regulatory friendly digital currency, the first one to be built on the Corda Network public blockchain.
Today’s announcement quickly follows yesterday’s launch of XDC by the Cordite Society Ltd, a co-operative society registered in the UK which leverages the existing UK legal structures for mutual societies to operate a digital currency, providing the first onshore legal structure for decentralised finance (DeFi).
Membership of the co-operative is open, and to join members simply need to operate an open source Cordite XDC node on the public Corda Network, which can now be done in a few easy steps using Chainstack’s turnkey platform.
Unlike other cryptocurrencies, the money supply of XDC can be increased over time by democratic vote of the co-operative members. Members vote on minting proposals using their Cordite XDC node and any new money supply minted is evenly distributed amongst the voting members. This can now be done in an intuitive way on Chainstack.
Richard Crook, Director of Cordite Society Limited, said: “We are delighted that Chainstack are offering hosting services for XDC. Chainstack has made it simple, intuitive, seamless and cost effective for members to run their XDC node.”
XDC sets out to improve on the failures of early cryptocurrencies – fixed supply, inefficient media of exchange, high transaction fees, and virtually non-existent unit of account. Thanks to XDC, financial institutions can now build enterprise-grade DeFi platforms, such as decentralised exchanges or automated liquidity provision, like Uniswap. XDC case study also demonstrates Corda’s suitability for building CBDCs and stablecoins as banks look for solutions in light of shifting regulatory environment.
While BCB Prime Services will provide OTC liquidity and custody services for XDC for their corporate and institutional clients, Chainstack will be the first blockchain managed service to enable low-code deployment of Cordite XDC nodes which are necessary for the voting on minting proposals of XDC tokens among other things.
Source: Blockchain Wire