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Web3-Focused Startup Encointer Allotted Common Good Kusama Parachain

Web3-Focused Startup Encointer Allotted Common Good Kusama Parachain DeFi News
  • Encointer has opened new doors for financial inclusivity in Web3.
  • This new framework allows communities to have their own digital community tokens.
  • Encointer’s framework alongside the Polkadot’s flexibility allows for even greater possibilities.

Web 3.0 startup Encointer has been granted a common-good parachain slot by Kusama. According to Encointer’s statement to CoinQuora, its Web 3.0-focused framework for the formation of voluntary, local, and digital communities has caught the eye of Polkadot’s Canary network.

Encointer onboarded to the network on January 9, 2022, and aims to initiate the first real-world token communities throughout the year.

Alan Brenzikofer, Founder of Encointer, says that in order for Web 3.0 to provide a meaningful role for humanity, improving financial inclusion is key.

Improving financial inclusion is imperative for Web3 to play a meaningful role for humanity. I am profoundly encouraged by the support from the Kusama council and KSM holders for this initiative. Launching a common-good parachain on Kusama is a significant milestone for the Encointer project and an ideal platform from which to experiment, optimize and expand.

Users can utilize Encointer to pay fees in a localized token adjusted to local purchasing power. Additionally, with this framework alongside the flexibility of Polkadot, onboarding people has never been easier. As a result, this allows them to build localized Web 3.0 financial services.

Web3 offers developing regions the opportunity to foster greater financial inclusion, which will enable new forms of democratic action to arise. On this note, Encointer is aiming to create, distribute, and use their own digital community tokens, thereby promoting genuine financial inclusion for Web 3.0.

Encointer’s integration is a pivotal moment in the effort to make Web 3.0 services globally available and relevant in the future. Most importantly, this has prepared the groundwork for the transition towards a decentralized online system.

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Vanmarc is a writer for trade and hobby, as well as a business management graduate. He's currently on a journey to explore the intricacies of the crypto industry; and what better reason to do research than to write about it?