xBacked, a Decentralized Stablecoin DAO for Algorand

xBacked is a DAO building a decentralized, permissionless stablecoin backed by ALGO and xUSD.

How xBacked Refactors Smart Contracts in a Fraction of the Time

Cryptocurrencies use consensus mechanisms to authenticate transactions and maintain the security of their chain. As Ethereum gas prices grew prohibitively high, Layer-1 blockchains began using different consensus mechanisms to allow for higher transaction throughputs and lower fees.

xBacked is a decentralized autonomous organization (or DAO) which leverages the comparative advantages conferred by consensus mechanisms on the Algorand network to build a suite of stablecoins (decentralized stable assets whose value is tied to external references such as a fiat currency or commodity). The xBacked suite offers 0% interest on minted stablecoins, with a host of other advantages planned for launch. You can read more about xBacked and download their litepaper here.

How Reach changed xBacked game

Core Contributor Austin Wilshire was first introduced to Reach when, in the summer of 2021, an advisor from Meld Ventures put the platform on his radar. “They were also who I was talking to about Algorand, and like, what products needed to be built and that sort of thing. And he sent me a link to Reach.” The platform made a positive first impression. “This is much more palatable than TEAL and PyTeal. Plus you get formal verification and you can compile across chains”.

They walked through the Reach tutorial and workshops, leaning on the Discord community for support whenever they got stuck along the way. With the DAO in its infancy and the pressure to ship products at a minimum, the team decided to conduct an experiment.

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“I just said: let's give it two weeks and see how far we get with Reach.”

Austin Wilshire, Core Contributor at xBacked

Only one of the then five-person team had previous Reach experience.

Two weeks became four as the team agreed they liked what they saw.

“At the end of that four-week period, we had built a very limited proof of concept.” Building a formally-verified proof of concept in just four weeks gave xBacked the confidence they needed to make a decision. “We think Reach is a good fit. We’re starting to see how the pieces fit together. Let’s commit to it and run hard.” And commit they did.

Months later, the decision to build in Reach was still paying dividends. The week before Christmas of 2021, Austin was tasked with refactoring a smart contract. “Reach just made it really easy to think through what I needed to refactor.” In a few short days, Austin had completed the bulk of the refactor and was able to move on to testing. “I’m pretty sure had we written this in PyTeal or TEAL, that refactor would have taken a lot longer than it did in Reach.”

Built faster, smarter and safer.

xBacked launched on the Algorand public testnet on February 1, 2022. Austin Wilshire is still an active member of the Reach Platform’s Discord community. “I’ll just, like, post questions or problems and bugs and that sort of thing… the team right now in the Discord is extremely responsive.” The DAO has even launched a community of their own.

You can find xBacked on LinkedIn, Twitter, Telegram, Medium, and Reddit. You can learn more about the DAO on their website, view their codebase in GitHub, and access their knowledge base in GitBook. Austin Wilshire and the xBacked team are among the growing number of Web3 pioneers who know the future of blockchain is in Reach.


'reach 0.1';

/**
 * All functions used to configure the contract upon deployment
 */
const AdminInteract = {
  ...hasConsoleLogger,
  setFee: Fun([], UInt),
  // Indicates to the frontend the contract has been deployed.
  isInitialized: Fun([Contract], Null),
  // A Fun that that throws an exception allowing the
  // frontend to exit the thread.
  ready: Fun([], Null)
};

const userState = Struct([['userId', UInt]]);

export const main = Reach.App(() => {
  // Compilation options for Reach
  setOptions({
    untrustworthyMaps: true,
    connectors: [ALGO]
  });
}

Ready to get started with Reach?