What is Backpack? Backpack is a new wallet built for multiple blockchains as an application management platform. Let’s find out what is special about this project with Weakhand in this article.
Before entering the article, everyone can learn more about Coin98 through the following article to understand more.
What is a Backpack?
Overview of Backpack
Backpack is a new wallet built for multiple blockchains as an application management platform. Backpack can be understood as an operating system for all xNFT applications, and it provides users with access to decentralized applications on just one platform.
You can think of Backpack as one “Android or IOS operating system” for decentralized applications meaning you can access a dApp available on “App Store” and download them to use.
What is Backpack?
With Backpack, users do not need to connect to multiple platforms with their wallet. Backpack supports all the necessary applications to help users trade NFTs on a single platform. Currently Backpack is only deployed on Etherum and Solana, in the near future more client blockchains will be supported.
What is xNFT?
xNFT stands for Executable NFTs is a system format for Backpack OS-compatible Wed3 applications. Because xNFT is an open source software standard, developers can deploy any existing application on the Backpack platform without any trouble.
An example of xNFT is the DeGods app:
Usually users want to Stake their DeGods NFT to receive a reward of DUST tokens. First, users need to connect the cryptocurrency wallet holding the NFT to a third-party website to stake. This can put users at risk if the website is not secure.
With the DeGods application, users can stake their DeGods NFT on the Backpack wallet itself without going through any third party. All users have to do is download the DeGods app on Backpack and use it.
xNFT applications deployed on Backpack
In addition to DeGods, some xNFT applications being deployed on Backpack are: Releap, Solend, Flappy Bird, …
What is the Backpack difference?
With Backpack, users can make any transaction on multiple platforms in just one single wallet. Attracting more applications deployed on Backpack helps create a diverse platform of applications in many different fields from Defi to NFT.
Development Roadmap
Backpack does not position itself as just a Wallet in the market, but is constantly improving and launching many new products. On October 31, 20233, Backpack announced the launch of Backpack Exchange and received a VASP license from the Dubai Virtual Asset Management Authority. This is just the first direction on the path to becoming the leading project on Solana and the Crypto market.
Core Team
Backpack is developed by Coral – a company that develops blockchain applications. Some prominent members include:
Armani Ferrante : Founder
- He graduated with a bachelor’s degree in computer science from the University of California, Berkeley
- He has worked at Apple as a Software Engineer since January 2017.
- In April 2018, he moved to work at Counterfactual as a Software Engineer.
- He quit his job and joined Oasis Labs in September 2018 as a Software Engineer.
- After that, he decided to start a business when he founded Coral and is currently the Founder of Coral.
Tristan Yver: Co Founder
- He graduated with a bachelor’s degree in finance from the University of Hawaii.
- He has worked at FTX in many different roles such as: Head of Special, Head of Strategy since March 2020.
- In April 2022, he joined Coral and is currently Coral’s Co Founder.
Investor
September 28, 2022: Coral announced its successful $20M fundraising led by FTX Ventures and Jump Capital. There are also a number of other investment funds such as: Multicoin Capital, Anagram, K5 Global,…
Tokenomics
Update…
Information Channel of Backpack Project
- Website: https://www.backpack.app/
- Twitter: https://twitter.com/xNFT_Backpack
- Discord:
summary
Backpack is a new e-wallet where users can use all applications on just one platform, creating safety and convenience for users. Hopefully the information I provide in this article has helped people gain interesting knowledge about Backpack.
