It’s a fact: Crypto is like a maze without a map!
Over the past decade, the cryptocurrency industry missed the chance to build a transformative financial system, prioritizing speculation over innovation.
If we take a step back and take a look at the existing financial system, the first step to accessing financial services is opening a bank account, providing a range of services such as checking accounts, savings accounts, loans, and credit cards. In the world of crypto, the first step is creating a digital wallet that enables users to store and manage their cryptocurrencies.
However, managing multiple wallets, networks, and cryptocurrencies can be highly challenging for those new to crypto. From unnecessary jargon to complex protocols, it can feel like you’re in a tangled web (pun unintended) with no clear direction. Needless to say, the lack of good user experience and practical applications has only further hindered the average consumer from exploring crypto.
Now, imagine a world where you no longer need a traditional bank account to access financial services, and where managing your crypto assets is as simple as using your chosen social media handle. That is the financial system that XGo is creating, and it starts with XGo ID.
What is XGo ID?
Imagine XGo ID as a modern-day directory tailored for the world of cryptocurrency. Just as a traditional phonebook or email directory helps you find and connect with people to communicate (e.g. through voice and files), XGo ID serves as a comprehensive directory to easily locate and connect with other crypto users and transact.
Crypto was built to send money, not messages. In the world of cryptocurrency, you don't have bank accounts like in traditional banking systems. Instead, you have wallet addresses that serve as your unique identifier. XGo ID combines the functionalities of a directory and a bank account, providing a convenient way for users to locate and connect with each other, as well as securely send and receive funds between wallets.
How does it work?
Wallet addresses are easily read by computers, but challenging for humans. They look something like this “0xa2CB668bF4a4FFb0C88…F044429c7E95.”
XGo ID combines a personalized handle of your choice with the “.xgo.id” extension to create a unique and user-friendly identifier that replaces the need for these complex wallet addresses.
For example, instead of using a wallet address, “0xd8dA…045,” you can select a single and simple handle such as “carly536” to be combined with the extension to form your XGo ID: carly536.xgo.id.
Technical deep dive
Now that we’ve covered the overall picture, for those seeking a more in-depth understanding, here’s a short but technical dive into the inner works of XGo ID:
In technical terms, the combination of your preferred name i.e. the handle and the domain, “.xgo.id” is known as a subdomain.
To better understand this concept, let’s look at Twitter.com, the popular social media platform. Each user on Twitter has a unique handle, such as “@carly536.” This handle represents their personal identity within the Twitter ecosystem.
Now, Twitter utilizes subdomains to create unique and recognizable profile URLs for each user. For example, if the handle is “@carly536,” the profile URL becomes “carly536.twitter.com.” i.e. the subdomain.
Similarly, XGo ID provides subdomains of a user’s choice (upon availability), e.g. carly536.xgo.id. These subdomains are more meaningful to the user than a standard format crypto wallet address - and they are free!
Consider your unique subdomain as your bank account number replacement. Think of it as the start of your bankless financial journey, without the cumbersome paperwork and unreadable wallet addresses; no bank, just you and money.
To create these subdomains for you, XGo built upon the technology developed by the Ethereum Name Service (ENS). We leverage two smart contracts i.e. two programs by ENS:
- One to register and store handles like phone book entries
- The other is used as a translator between easy-to-read addresses and complex machine-readable addresses to ensure transactions are sent to the correct recipient.
How do I claim my XGo ID?
To claim your unique XGo ID, simply download the XGo Mobile app, complete the sign-up process, choose your handle and claim your XGo ID.
See what the Claim ID process looks like during the sign-up process:
What can I do with an XGo ID?
Well, a bank account without any services is essentially useless. If a bank doesn’t offer you checking accounts, loans, cards or any other services…why would you sign up to it?
That is why XGo ID is not only a simple innovation built to manage your cryptocurrencies but it is the starting point for accessing a suite of services XGo has built and is in the midst of building, including:
- Sending & Receiving Crypto
- Buy/Sell/Swapping Crypto
- Spending Crypto (Coming Soon)
- Trading Crypto
- Invest (Coming Soon)
Essentially, do what you do with money today, with crypto tomorrow.
Note: Currently, most of these services that you would typically use with your money are already available, with the final few coming very soon.
Which cryptocurrencies does XGo ID support for send/receive?
Any given cryptocurrency is sent using their native network. However, it is worth noting that certain cryptocurrencies successfully function across multiple networks. This can be compared to sending a package through various postal networks, couriers, or delivery services, where the package can traverse different routes and networks to reach its destination.
Therefore, it’s important to understand that XGo ID supports crypto at a network level rather than currency level. If a network is supported by XGo ID then all cryptocurrencies which can be sent on that network are supported.
You can currently use XGo ID to send & receive crypto on the following networks:
Rest assured, we are continuously expanding the cryptocurrency network capabilities of XGo ID and update the above list accordingly.
Which wallets and decentralized applications (dApps) does XGo ID support for send/receive?
Here’s another great thing. XGo ID doesn't just give access to services XGo has built, it also works elsewhere in the crypto ecosystem.
Below are examples of wallets and dApps that support both sending and receiving funds using XGo ID:
More wallet and dApps compatibility will be available soon.
Binding Your XGo ID where we walk you through the steps of being able to bind your external crypto addresses to your XGo ID is in this article.