Xoken is Open Source, Decentralized Infrastructure
Xoken is a decentralized platform based on blockchain technology. It aims to revolutionize financial services via secure distributed P2P transactions, effectively addressing challenges pertaining to trade, trust & ownership. The permission-less open ecosystem offers ‘self-sovereign’ digital identity and allows unrestricted transfer of digital assets.
The project aims to attract developers, technologists and investors with the boundless potential to dis-intermediate the world in ways inconceivable today. The project is highly research focussed and is at a nascent stage. Although the project is of global relevance, it has a primary focus on India.
Asset registry & exchange
Digitization across all asset categories is the obvious next step, it includes fully digital assets, or the linking and organization of physical assets with the aid of digital technologies. Digitalized assets are easily controlled, transferred and divided. With blockchain technology, the digitization of assets can be decentralized, trustful, traceable, highly transparent, and free of intermediaries.
Xoken blockchain will allow users to register and trade multiple types of assets. These digital assets and their exchange ecosystem will be significantly valuable when paired with secure digital identity.
Pushing the frontiers of digital identity, time has come for Self-sovereign identity, a trusted digital identity that preserves individual privacy. Its decentralized nature make it undeniably superior to than other methods. It allows users to have autonomy over their Identity.
Centralized identity solutions are fundamentally flawed. They are riddled with security vulnerabilities, also the lack of privacy is a major concern. Sensitive identity data held in centralized databases act as a honeypot for malicious hackers.
Oracles or Intermediary services form the missing link to the Digital Asset, Identity & Smart contracts trinity. Their role is crucial in seeding authenticity and maintaining validity to the identities on-the open network. They also act as a bridge between the physical and digital worlds by providing a data feed and creating the definition & value of the physical asset in digital domain.
Regulatory or government organisations can participate as an oracle and provide authenticity and compliance attestation.
Xoken’s smart contract system permits codifying of contracts that are automatically enforced by the blockchain network.
Xoken intends to abstract settlement from computation, the independent compute layer will run executable code, complex decentralized apps (DApps) and smart contracts can be supported by this layer.