Cordite Society Limited’s chief executive, a UK-registered cooperative made up of former bankers, proposes a new token intended to fix potential cryptocurrency shortcomings of the early century.
The new XDC token of the cooperative is built on the Public Corda Network, an open-source blockchain created by R3, focusing on developing financial solutions based on distributed ledger technology (DLT). XRP is also, coincidentally, sponsored by the Corda Network.
Cordite CEO Richard Crook, a former Royal Bank of Scotland executive, informs CoinDesk that XDC is designed to meet international regulators’ requirements, such as the Financial Action Task Force (FATF) from the ground up.Cordite CEO Richard Crook, a former Royal Bank of Scotland executive, informs CoinDesk that XDC is designed to meet international regulators’ requirements, such as the Financial Action Task Force (FATF) from the ground up.
“Regulators have set the requirements for what a digital currency needs to be, and that’s exactly where XDC fits in. It meets the requirements of most jurisdictions as a digital currency and is therefore a step ahead. We’re a next-generation Bitcoin or XRP.”
According to the asset white paper, XDC is an exchange token designed to fulfill the currency’s fundamental functions. The supply of XDC is not set in comparison to Bitcoin. Members of the Cordite Society will vote on decreasing or raising the Minting Rate of XDC every 28 days using their Cordite node.
The new money supply of Cordite’s native assets is distributed equally among the cooperative’s voting members.
XDC is also planned to be an environmentally friendly initiative and question the validity of fixed-supply-tokens. The Cordite Society says its blockchain will not use proof-of-work and expects XDC to have a fraction of other digital currencies’ carbon footprint.
The token is not intended to be sold to raise the company’s funds but rather promote and reward involvement in the Corda Community and be a value store for its members.