What is Backpack? The wallet supporting xNFTs on Solana

1. What is Backpack Wallet?

The Backpack wallet is an all-in-one cryptocurrency wallet designed to store xNFTs (Executable NFT) and integrate with dApps built on dApps.

1.1. xNFT là gì?

An xNFT (Executable NFT) is a new token standard built on the Solana blockchain. xNFTs are created by embedding executable programming commands within the NFT. As a result, xNFTs have the ability to run and perform specified actions, allowing for broader interaction compared to traditional NFTs.

Similar to regular NFTs, both xNFTs and NFTs serve the common purpose of representing unique and rare digital assets. However, the significant difference between them is that xNFTs can execute code within themselves. Thanks to this special capability, xNFTs function as dApps that can interact with users.

This means that developers can create applications that users can directly integrate into their wallets. xNFTs have the ability to integrate directly into applications, allowing owners to enjoy their assets without the need to connect to external platforms.

To use xNFTs, users need a cryptocurrency wallet that supports xNFTs, and currently, Backpack is the first wallet to support this area. Backpack provides the ability to create xNFT applications across multiple protocols, enhancing user experience and flexibility in interacting with their digital assets.

1.2. What is Backpack's solution?

Backpack is not just an ordinary wallet but also an optimized operating system for NFT application development. Combined with xNFT, Backpack provides users with the ability to access decentralized applications (dApps) all on a single platform.

Compared to connecting with multiple wallets across various platforms, users can envision Backpack as an "Android or iOS operating system" for decentralized applications. This means that you can easily access dApps available on the "App Store" and download them for use.

*Kho ứng dụng được kết nối trong thư viện Backpack*

With Backpack, users no longer need to worry about connecting to multiple platforms. It supports all the necessary applications for NFT trading on a single platform. Currently, Backpack has been deployed on Ethereum and Solana, and in the future, more blockchains will receive support.

Compared to other wallets on the market like Phantom or Metamask, Backpack not only provides optimized utility features for users but also stands out for its flexibility. Users no longer have to wait for developers to add new features to the wallets they use, but can experience improvements immediately.

The Mad Lads collection is a prime example of innovation on Backpack, attracting attention from the NFT community with unique artwork and retro style. Created on this platform, Mad Lads has quickly become a hot spot in the NFT collection community.

2. The features of Backpack wallet

Trading App: Backpack allows building trading applications (trading apps) on-chain using xNFTs. For example, the Sujiko Protocol, an NFT/Crypto perpetuals platform on Solana, can build a version of their app in the form of xNFTs. Sujiko users can easily access their trading accounts and manage trading positions directly from the Backpack wallet.
Multi-chain Wallet: Backpack addresses the issue faced by crypto users when they have to use multiple wallets for different blockchain networks. Backpack will support multiple blockchain protocols in the future and is currently available on the Solana and Ethereum networks.
Asset management: Users can store, send, and receive tokens/NFTs on both the Solana and Ethereum blockchains through the Backpack wallet.

Token Trading: Backpack enables users to easily and swiftly execute token swap transactions from both the Solana and Ethereum blockchains.

*Token swap function on Backpack wallet*

Direct NFT Minting: Users can create NFTs directly on the Backpack wallet without the need to use any NFT marketplace or launchpad.
xNFT Development: Any developer can build their own xNFTs and upload them to a shared library for all xNFT applications (also known as the xNFT Library). Developers can build according to the xNFT standard and integrate their applications directly without any restrictions. The transaction fee for uploading applications or minting NFTs on the Backpack wallet is 0.000005 SOL (0.0001 USD).

xNFT Library home page

3. New improvement of Backpack wallet

Recently, Backpack wallet announced the removal of the following 4 elements to protect user privacy:

In-wallet messaging feature
Usernames
Friends list
Push notification feature
Additionally, users will need to enter a wallet password before being able to send tokens.

In the future, Backpack wallet will further enhance the user experience with Compressed NFTs (cNFTs), aiming to minimize reliance on intermediaries.

4. Achievement

Backpack has obtained a cryptocurrency exchange license from Dubai to launch the Backpack Exchange.
Backpack has officially launched its app on the App Store, Android, and Google Play.

5. Team

The team behind Backpack is Coral, the development team of Mad Lads (the number one NFT collection on Solana).

Coral was founded by Armani Ferrante, former software engineer at Alameda Research, and Tristan Yver, former Chief Strategy Officer of FTX Exchange.
Armani Ferrante is the creator of Anchor for the Solana blockchain. Anchor is a framework built for the Solana Sealevel Runtime to make dApp development easier for developers on the Solana platform.

Coral has raised $20 million in a strategic funding round led by FTX Ventures and Jump Capital. Additionally, there is participation from investment funds such as Multicoin Capital, Anagram, and K5 Global.

6. Instructions for installing and using Backpack wallet

6.1. Instructions for installing

Step 1: Visit https://backpack.app/downloads to download the wallet.

Step 2: Choose the browser you need to use and download (Here, I'll choose to download the Web Browser on Chrome).

Step 3: Select "Create a new wallet".

Save the recovery phrase.
Choose the network you want to add to the wallet (select both Solana and Ethereum).
Enter a password for the wallet and agree to the terms, then complete the process.

Step 4: After completing the wallet creation process, alongside the feature of sending and storing NFTs/tokens on Backpack, users can experience using dApps or xNFTs integrated within the xNFT Library.

6.2. Guide to using the xNFT Library with Backpack Wallet

Access https://www.xnft.gg/ to experience various xNFT applications.
Connect your wallet address to the xNFT Library.
Select any available application or feature in the library, then click "Launch"
Backpack will automatically connect to the application, and users can directly experience the service here.

7. Project information

Website: https://backpack.app/
Twitter: https://twitter.com/0xCoral
Discord: https://discord.com/invite/RhKxgS8SaD

8. Conclusion

Backpack represents a notable breakthrough in the cryptocurrency wallet space. Developed by the Coral Community, led by Armani Ferrante and Tristan Yver, the Backpack project is not only a conventional cryptocurrency storage platform but also an advanced operating system for xNFT applications. In the future, as the Solana ecosystem evolves, Backpack will become the all-in-one bridge between users and dApps.

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