xBacked Hits Public Testnet Phase

After much expectation and countless development hours, the wait is over!
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xBacked Hits Public Testnet Phase

After much expectation and countless development hours, the wait is over!

After much expectation and countless development hours, the wait is over! xBacked is pleased to announce its launch on testnet. As of today, you can go to http://testnet.xbacked.io/ to test the user experience and offer your feedback through our Discord.

xBacked is now live on testnet!

Providing Feedback on the xBacked testnet

xBacked will provide an opportunity to have another live discussion with our team shortly after the launch — keep an eye out across our channels for details!

On the xBacked Discord channel, you’ll find testnet channel where you can:

  • Create a ticket for specific issues
  • General feedback channel
  • Ideas chat to suggest additions

As one of our core values, community interaction is key to the success of our platform and the ecosystem. It’s what will drive the empowerment through governance of our decentralized protocol.

The team at xBacked want to hear your feedback, both positive and constructive. The team will use your insights to constantly work to improve the user experience. With features constantly being added and refined to enhance the user experience, the team at xBacked is committed to building the best product possible.

Connect and explore

As a DAO (Decentralised Autonomous Organisation), we aim to bring greater transparency for users and give them a voice in decision-making processes.

On the testnet, you’ll be able to use ALGOs as collateral to mint xUSD. We encourage you to push this version to its limits and let us know what you like and what could be improved. So connect your wallet to get started.

You can find an early version of our docs here (note, these are constantly being updated) to help you get started: https://docs.xbacked.io/

About xBacked; Unlocking Capital Efficiencies.

Transparent, collateralized assets are needed to unlock equity and empower the digital economy which is something that traditional finance has been unable to facilitate. xBacked is a DAO building a suite of decentralized stablecoins on Algorand, beginning with xUSD that allows anyone with ALGO to mint xUSD.

Over time, xBacked will support a wider range of collateral types. This provides major benefits to the ecosystem, allowing projects to retain more tokens, unlocking dormant capital and extending project runways.

Not only is Algorand culturally aligned with xBacked, but so is the community. Everyone building in the ecosystem is looking at how they can work together to ensure the whole ecosystem wins.

Read the full Hello World press release to find out more about how xBacked is set to become the leader in unlocking capital efficiency on Algorand.

As the team continues to enhance the technology over the coming months, xBacked will begin building the community through activity across various channels. To keep up to speed with the latest developments of this exciting project be sure to join xBacked on Twitter, LinkedIn, Reddit, Medium, Discord, and Telegram.