CryptoSlate recently had the opportunity to chat with Monica Durga, the founder of xHashtag, a play-to-earn protocol built on Solana.
Monica led several blockchain projects including building DEXs and CEX (derivatives). Her recent work includes positions at Router Protocol and Dfyn Network where she was their Chief Technical Architect as well as the founding member of the team.
What is the professional background of the xHashtag founders and what is their previous experience in crypto or DeFi?
Hello. I’m Monica Durga, Founder & CEO of xHashtag. Back in 2017, I started my journey in crypto by researching Ethereum and decentralized protocols and built a decentralized exchange on 0x protocol (first stable coin dex at that time) for which our team has also received a grant from them. Later, I also got exposure in building a crypto derivatives centralized exchange.
My recent experience has been with Router Protocol and Dfyn Network where I was their Chief Technical Architect as well as the founding member of the team helping to design and build cross-chain liquidity protocol and its integration with DEXs.
What problem is xHashtag solving?
xHashtag is a Play2Earn DAO for the “future of work” where users can earn crypto by completing simple on-chain / off-chain tasks. Projects can leverage community talent to accelerate community growth by rewarding valuable actions in their own $tokens with optional vesting to balance sell pressure.
As I started building and researching various use cases of blockchain technology, I realized that it all boils down to the community. Blockchain technology as we know it today is democratized and building great products is not difficult, but getting users is the most difficult challenge that is faced by any blockchain project, in fact, any product in the world.
At the same time, there are a lot of people on this planet who have access to the internet and are actively looking for new avenues to earn crypto, not by investing capital, but by time. That’s the reason why we are building xHashtag, a win-win solution for both projects and users.
How many people are working on xHashtag and where is the team located?
The xHashtag team currently has 10 members located across India, Singapore and the US. Our product lead is ex-US Air Force personnel with over 10 years of experience in building precision software, while our marketing head co-founded Trendrr, a platform that was taken over by Twitter.
Our technical team has equally good experience in building products in blockchain technology.
What technologies were used to build the xHashtag platform and why did the team choose to build on Solana?
xHashtag is being built on Solana. We chose Solana because it is one of the fastest-growing layer-1 blockchains in terms of speed as well as developer activity, and our product is well suited for projects in the early stages, which are plenty on Solana.
Additionally, Solana’s low transaction fee makes it well suited for micro-transactions like we need to make on our platform, however, our innovative infrastructure design allows us to process rewards across multiple blockchains including Cardano, Binance Smart Chain, Polygon, Avalanche and a few parachains on Polkadot.
Does xHashtag have any notable partnerships?
We have struck partnerships with a few known projects (yet to be announced) and several notable influencers like TheMoonCarl, CryptoBanter, Evan Luthra and more.
We are entering a long-term partnership with our IDO partner, SolRazr, a premium launchpad on Solana, as we would be able to cater to the community growth needs of projects in the pre-IDO phase. We will be making more announcements in the coming weeks with the beta launch of our platform.
Which types of crypto users would benefit from using the xHashtag platform?
We have 3 user groups on xHashtag — the Web3 projects (Campaign Creators) and users (Campaign Participants) and Reviewers (Campaign Reviewers).
- Web3 Projects that are in pre-IDO phase/ IDO/ post-IDO would be able to smoothly launch their community campaigns and fund them on the blockchain in a decentralized and trustless manner. xHashtag presents them a way to effectively market their product and also help them achieve smooth token distribution.
- Users who would be the campaign participants and will be able to browse through these campaigns on our platform without having to switch tabs /gleam campaigns and can earn crypto rewards by completing these on-chain/off-chain tasks.
- Reviewers are the $XTAG stakeholders who could review the tasks made by other users on the platform and earn $XTAG tokens in rewards.
What is the biggest pain point in the world of Play-2-Earn?
The biggest pain point would be to keep the economy stable and balanced. We’ve solved it by designing a stable economy where the rewards are not dependent on inflation of our token (XTAG), but is coming from our client projects (in their own $tokens), in exchange for real value add from our users on their off-chain and on-chain properties.
Where do you see the xHashtag ecosystem over the next few years? What will be the major milestones?
xHashtag is being designed as a DAO for Future Of Work. The Future Of Work is still a debate, but we at xHashtag believe that working in the future would not need employees to visit office as location wouldn’t matter anymore nor would time. There are new types of jobs incoming that we probably cannot imagine right now, and such jobs would require a new type of marketplace, and we are building decentralized infrastructure for it right now. We’re starting with simple tasks, but our DAO can accommodate any type of tasks as long as there are eligible reviewers for the same!
We expect to help at least 1000 projects in the next 3 years, and xHashtag could probably become a destination to earn full-time earnings for a lot of people and a platform with decentralized liquid workforce that is available to any entrepreneur on-demand without any commitments.
What is the utility of the xHashtag token?
Staking $XTAG tokens on the platform serve three major purposes – Governance, Task Eligibility Prioritization, and Reviewer Status Upgrades. The best part about xHashtag is that users can earn money with zero investment.
However, if they want to earn more, they can stake $XTAG and receive tasks on priority before the campaign runs out of budget. Also, a fee of 2% will be charged when the campaign is initiated.
This fee will be converted to XTAG and is sent to the DAO treasury and will either be used for further development or burnt, a decision taken by the DAO.
What can you tell us about the milestones already achieved and the future roadmap?
We have recently launched our MVP and our community grew very rapidly, and we’re currently have over 100k members in our Telegram channel and over 97k followers in Twitter. We intend to expand our incentivization program to support on-chain participation and share the same technology with other projects in the crypto space so that they can be benefited, and users receive a continuous stream of tasks and rewards.
We have raised $2.6 Million across two rounds through great backers, and our IDO is coming up on 26th November 2021 on SolRazr, followed by an exchange listing on 29th.
We have already partnered with 3 projects and we will be revealing them shortly while we Beta version of our platform. This means our community will be constantly incentivized on a daily basis to spend some time on properties of partner projects.
Apart from that, we are structuring our architecture in such a way that while still building on Solana, we will be supporting transactions across BSC, Polygon, Avalanche, Polkadot and more. This means more rewards for our community, and we will be able to help more projects.
What is the best way for those interested to learn more about xHashtag?
The best way to learn about xHashtag would be through our website www.xhashtag.io and our official social links: