Why Encocoin - XNK and EPG?
Fast Dual Blockchain
Dual Blockchain network to process global imports and exports trade in an instant without the need to visit the bank for any paper work
Permissioned & Private
All principal trading parties (Importers and exporters) and intermediaries (Banks, customs and insurance) who are party to a trade cycle must be in the Encocoin network and authenticate transactions as a node to make the EPG system successful. Non party to the transactions cannot view nor track the trade
Instructions to release payment for final settlement can be made only after all the respective nodes such as the buyer, the seller, the banks and other agencies in the network arrive at a consensus that transaction so far is authentic and genuine
Low transactions fees for Standby letter of credits, Bank guarantees and other instruments/documents generated and processed on the Encocoin EPPG/XNK network
The Encocoin EPG
Other than banks, agencies such as Customs, Shipping companies, freight forwarders, clearing Agents, Insurance companies, respective manufacturers, suppliers, warehouses, traders, merchants etc. would also be available on the network.
With all parties to the Federated Consensus updating and authenticating real-time information on the status of the goods and other relevant data, the buyer can plan the further movement of goods once received in his warehouse and also manage his funds flow effectively.
EPG provides cost-effective and simple solutions to execute various trade finance instruments and bring the benefits of blockchain technology to international/cross border trade. We are working round the clock to achieve this objective in quick time and integrate the various modules into the XNK blockchain for the following instruments:
- Standby Letters of Credit
- Guarantees & Indemnities
- Clean Collection Bills Management
- Factoring & Forfaiting
- Pre-Shipment & Post Shipment Finance
- Trust & Delivery Receipts.
- MSME & SME cross border financing.
Instructions to release payment for final settlement can be made only after all the respective nodes such as the buyer, the seller, the banks and other agencies in the network arrive at a consensus that transaction so far is authentic and genuine. This ensures that all the parties themselves know if their interests have been protected at each stage of the trade cycle.
Federated consensus between the nodes happens naturally within the system through effective deployments of the consensus, off-chain or on-chain, however, consensus always happens on-chain when both parties submit non-contradictory claims supporting the contract. If all parties arrive at the consensus and approve, the contract will terminate correctly and liquidate itself with payments distributed amongst the parties as previously agreed. In case one or more of the nodes are in disagreement, the federated consensus is not achieved and shall wait for all the nodes to come to an agreement.
Encocoin Transaction Process Flow
How EPG Works To Influence Global Trade
The Encocoin family is a component of dual blockchain and can admit additional blockchains into its network for global business payment.
The first arm of the blockchain is the public blockchain consist of PIVX forked Quark based asset - Encocoin XNK (currently trading on exchanges). This is the primary market all would go to purchase XNK for financial instruments issuance. This transaction will be visible in the public ledger and trackable by everyone.
The second arm of the Encocoin blockchain is the private, permissioned and secured network based on hyperledger chain code. The currency of this network is "epg". This is not open sourced. Users purchase XNK from the exchanges and convert it to EPG on our coin swap wallet. The converted coins, now epg is used to process transactions on the secured and permissioned epg network. All transactions are private and cannot be viewed nor accessed by the public. Only participating entities have access to the transaction. Each individual party to the transaction acts as a node to validate transactions specific to the trade. All nodes must validate for the transaction to be considered completed and payment executed. EPG will have at least 1 - collaborating bank to handle the interface between crypto and fiats on the network.
The epg network using chaincode is capable of processing 1 million transactions within minutes.
||POS + Masternode
|Max coin supply
|Difficulty Retargeting Every 2 Blocks
|Decentralized Masternode Network