XDC Network, a highly interoperable hybrid blockchain platform built by XinFin, today revealed its smart contract and tokenization platform, Origin — a user-friendly tool that enables the secure creation of complex smart contracts at the click of a button.
Origin allows for the creation, issuance, and management of XDC-based token standards via the XDC Network. By leveraging Origin’s rigorously tested smart contract framework, any project or enterprise can mint fungible XRC20 tokens on the XDC Network without writing code or hiring developers.
XRC20 tokens have a variety of use cases, including utility tokens, or even governance tokens. Origin will soon integrate options for an array of additional token standards, including non-fungible tokens (NFTs).
The platform is free to use and will be open-source. New assets can be deployed to the XDC Network through Origin with incredibly little capital — typically for under five-thousandths of a cent — something currently impossible on Ethereum due to its prohibitively high fees.
Importantly, Origin allows anyone to manage the tokenomics of their projects, from controlling minting functions to adding a burn mechanism as well as pausing or transferring ownership of a contract.
Origin offers a user experience aimed at simplifying the token creation process…
Through the platform, a new user without any blockchain experience can create, verify, and deploy their token in under two minutes for a fraction of a cent. Origin also comes equipped with a comprehensive dashboard providing an overview and management of multiple tokens deployed on the XDC Network.
From football associations to VIP social clubs and DAOs, cryptocurrency tokens have emerged as a utility-based means of fundraising, providing fan rewards, encouraging social engagement, and even providing access to special events and organizations. Aiming to streamline the token creation process, Origin facilitates a clear means of quickly minting and managing digital assets in a secure and manageable way.
Use cases are endless, from the creation of exclusive tokens that can be airdropped within a promotional campaign to issuing assets representing unique votes in a decentralized autonomous organization (DAO). Also, Origin could be utilized to create an incentive-based loyalty token for businesses that reward employee accomplishments or that engage their customer base.
Recently, Major League Soccer team D.C. United announced plans to deploy a ‘Fan Token’ program on the XDC Network, which may facilitate exclusive experiences and special access for fans.
“Origin stands to be a game-changer for virtually any business, organization or even individual to abstract the complexities of token creation and keep overhead to a minimum. From crypto-newbies to experienced developers, Origin allows users to focus on other crucial business operations — such as the user experience and/or community infrastructure.”
– Atul Khekade, Co-Founder of XinFin FinTech & Director of the XDC Foundation
By leveraging the XDC Network and simplifying the token creation experience, Origin allows users to benefit from the blockchain’s increased efficiency and low-cost infrastructure.
The XDC Network features a consensus mechanism, dubbed XDPoS (XinFin Delegated Proof of stake), which is Byzantine Fault Tolerant (BFT) and supports scalable, energy-efficient, and EVM-compatible blockchain use across industries.