A cryptocurrency wallet is a physical device or an application that can be used by people to store their cryptocurrency assets. These wallets serve as a medium for initiating transactions and connecting to decentralized applications built on-chain. One of the fundamental issues faced by users in the blockchain ecosystem is how poor their experience has been while using wallets.
What is Backpack Wallet?
Backpack is a new type of wallet built for multiple blockchains as an application management platform. Backpack can be understood as an operating system for all xNFTs developed on-chain because it helps in the management of private keys and it also grants users access to decentralized applications.
You can think of Backpack as a type of iOS for decentralized systems in the sense that you can easily access a dapp that is available on the ‘app store’ as an xNFT.
With Backpack, users do not need to connect to multiple websites with their wallets to access their favorite. Once the developers of these apps create an xNFT version of it, all that is needed is a single click and the app works excellently without leaving the wallet for external connections.
Backpack is currently available on Solana and Ethereum blockchain networks and in time, all the major blockchains will be supported. Backpack is a home for your decentralized applications regardless of chains.
What is an xNFT?
An xNFT is the system format for applications that are to be compatible with the Backpack operating system. The word “xNFT” stands for “executable NFTs”. These are programmable non-fungible tokens that work natively as a web3 application. Since an xNFT is an open source software standard that developers can implement, any existing app can be built as one to run natively in Backpack. An example of an xNFT is the DeGods app.
With this app, all holders of DeGods NFT do not need the old method of connecting their wallet to the DeGods website before they can stake to earn their NFTs. All they have to do is download the DeGods app on Backpack and everything they would like to use their NFTs for will be done natively in the app.
Some other xNFTs you can download for use on Backpack are Releap, Solend, Flappy Bird and more. Many platforms and decentralized applications will build their xNFT version soon to accommodate the growth of Backpack in the coming months.
On-chain trading applications can be built as xNFTs on Backpack. For example, Sujiko Protocol – an NFT/Crypto perpetuals market platform on Solana can build a version of their app as an xNFT. Users of Sujiko can just easily access their trading account and manage their trading positions directly from their Backpack wallet without stress.
Social Interaction and Messaging
With Backpack, wallet to wallet interaction just got spicy. Users can now send friend requests, accept requests and message friends with Backpack. Groups can be created and joined also. Imagine being able to bid on a friend’s NFT from the wallet directly. Stop imagining. Download Backpack.
Improved Multi-Chain Wallet Experience
One of the issues faced by people in the crypto space is the fact that you need different wallet providers to manage your assets for different blockchain networks. This is quite stressful in terms of wallet management as you might need to switch between wallets whenever necessary. Backpack will support many blockchain protocols in the future. Backpack is already available for both Solana and Ethereum networks.
Permissionless xNFT Development
Any developer can build their xNFT and upload it into the general library for all xNFT apps. Developers do not need to beg for integrations or be restricted since they can just build according to the xNFT standard and get their apps live. The official documentation for building xNFTs with a developer framework based on React has just been released. xNFT Library including featured executable NFTs from Solend, Aurory, and DeGods.
Backpack helps in removing complexities around crypto-native activities such as Whitelisting and Gated Access. If a project wants to whitelist their community members for a specific drop like tokens or NFTs, they can just login to their Backpack wallet and click on a feature in the project’s xNFT or a small image like the Mad Lads banner below. The app reads the wallets that interacts for their whitelist and automatically approve the wallet if it qualifies.
Using Backpack Wallet
Through the new Solana Mobile Stack and with applications like Backpack on mobile devices, developers can now create dapps that fully integrate core mobile phone features.
Coral was founded by Armani Ferrante, a former software engineer at Alameda Research, and Tristan Yver, the former head of strategy for FTX Exchange.
The Coral Community is a team of people in charge of building Backpack wallet and maintaining Anchorlang. For non-developers reading this, Anchor is the most widely used framework built for the Solana Sealevel Runtime to make dapp development easier for Solana developers.”
Popularly known as the creator of ubiquitous Anchor framework for Solana Blockchain, Armani has been one of the developers actively innovating and refining the ecosystem