- XDC token has been created as a new generation of Bitcoin or XRP, but with a more friendly approach to regulation according to Cordite CEO.
- The supply of XDC may be increased by a vote of the Cordite Society members.
A new cryptocurrency has entered the ecosystem. Launched on October 20 on the Corda public blockchain, the XDC token has been created to be “a new generation of Bitcoin or XRP,” according to Cordite CEO Richard Crook. XDC is a project of the Cordite Society, a cooperative based in the United Kingdom.
The XRP digital asset is also supported by Corda. However, the XDC token seeks to mitigate some of the “failures” that the Cordite Society believes traditional cryptocurrencies have. Therefore, the XDC will be more “regulatory friendly”. A total of 1 million XDCs will be minted as part of the initial supply of the token.
XDC meets regulators’ demands
According to the report, the cooperative behind XDC will use the UK’s legal structure to introduce a DeFi sector into Corda’s distributed ledger. It will use a governance model and token distribution based on memberships to the Cordite Society. Any legal entity that operates a Corda node is a member of the cooperative.
Thus, users receive governance points and are part of the decisions around the XDC token. Each node of the Cordo network will be represented as a legal entity. The CEO of the Cordite