Ok, is there plan to expand to more banks and region to offer the use of your solutions to more users?
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Hello welcome to hackathon S7! Great concept! Tokenizing bank assets on TRON could really simplify and speed up financial services. Excited to see how this project helps make banking more accessible, especially in underserved areas. Keep it up!
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How does XFi differentiate itself from other blockchain-based financial solutions in terms of user experience and regulatory compliance?
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Hi @mahreenzahoor384 El Salvador adopted Bitcoin as legal tender and they launched the Chivo app, the user-friendly experience enabled easy onboarding and millions of users. Besides that there is no other implementation been done yet on the whole finance system. There are two projects aiming to introduce stablecoin but current fees on Eth Network for layer 1 solutions are quite high. So our approach is to make an easy user friendly app taking advantage from the regulatory compliance with the primary requirement is to guarantee stability and auditied proof of reserves when issuing tokens or stablecoins. and our business models aims to achieve those objetives.
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Thank you so much @kishan1729 ! Weâre really excited about the potential too! Weâre focused on making it simple and secure for everyone to use. Thanks for the supportâcanât wait to share more updates!
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Youâre welcome! Iâm happy to support the project and excited to see whatâs next. Keep up the great workâlooking forward to more updates!
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Absolutely @Chukseucharia Expanding to more banks and regions is a key part of our plan We want to make our solution accessible to as many people as possible, we have identified iniciatives running on Costa Rica and Mexico. The goal is to offer fast and easy financial services to a global audience but starting on Central America.
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Youâre Welcome, any other question I will be glad to discuss.
Thank you for your great expectations. Yes, we plan to conduct regular security audits and assessments on a quarterly basis which is the minimum time frame required by the CNAD
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How will XFi manage liquidity and ensure that tokenized bank deposits can be easily converted back into fiat currency?
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How does XFi ensure the scalability of its platform as more users and banks join the ecosystem?
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Great question, thank you @mahreenzahoor384 We make sure that every DUSD (token name on Tron contract) it gives out is backed by real assets, like cash or government bonds. These real assets are always there, so people who hold DUSD can be confident that they can trade them back for actual money whenever they need to.
The system uses a special rule: XFY never gives out more DUSD than the real money it has in places like any other bank. So, every DUSD always has something real backing it up, and that keeps the system safe and trustworthy.
In more grown-up terms, XFY in alliance with banks will use government bonds or cash to make sure that the value of the tokens stays safe. And thereâs a special rule they follow to always have enough real money to back the tokens they give outâthis is called a collateral-backed model.
Mathematically, we can express the collateralization requirement as:
Dt †Îșâ
Ct
Dt: represents the total value of tokenized deposits at time đĄ
Ct is the value of collateral backing these deposits at time t
Îș is the pledgeability factor, which reflects the ease with which the collateral can be converted to fiat.
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TRON is like a super-fast highway that can handle up to 2,000 transactions per second on its basic layer. And the cost to use this highway? Less than $0.01 per transaction! That makes it perfect for high-volume, low-cost payments, like people working abroad sending money back homeâworth nearly $7 billion a year. XFi could step in and make this process faster, cheaper, and more efficient using TRON, which is perfectly built for this kind of workload.
Imagine XFi capturing just 10% of that remittance marketâthatâs $700 million a year in transactions. And this doesnât even include daily purchases or businesses adopting digital payments. Given El Salvadorâs population of 6.5 million people, many of whom are unbanked or underbanked,
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Thanks for the clarity, Iâd hold my horses at this point and just watch closely how this fares as Hackathon progresses.
Thats great explanation 
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That is so nice. Thank you for your response to my questions. All the best to you
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Consider how your project contributes to broader financial sustainability and social impact goals. Highlighting these aspects can attract partners and investors who value corporate social responsibility
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As users start to adopt your platform, sharing success stories or case studies can help demonstrate the value of XFi and encourage others to join.
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Implementing mechanisms for user feedback will be vital for continuous improvement. Engaging with your user base can provide valuable insights into their needs and preferences.
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Hello, Community! While we didnât make it to the finals, the experience has been invaluable, and weâre more motivated than ever. Weâre excited to announce that weâll be launching our main dashboard soon!
Im sharing great news, Just like Davivienda, Banco AtlĂĄntida has become the first bank to receive a Digital Assets License â a clear sign that Team XFY is headed in the right direction. Stay tuned for updates!
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