Encointer, A web3 Startup Allotted Common Good Kusama Parachain

Web 3.0 startup Encointer has been granted access to the Kusama’s common-good parachain slot. Encointer was quick to point out that their focus on communities and decentralization fits in well with Pol’s vision and the general ethos of Web 3.0 blockchain technology

Encointer was onboarded to the network on January 9, 2022. They will start initiating token communities around the world in 2020.

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.

Encointer allows you to pay in a localized token adjusted to local purchasing power. With this framework and the flexibility of Polkadot, onboarding users is easier than ever. As a result, companies can onboard people and grow their user base.

Web3 will enable developing regions to foster greater financial inclusion, which in turn could create new forms of democratic action. For example, Encointer is aiming to create and distribute their own digital community tokens.

Encointer’s integration is a pivotal moment in the effort to make services provided by Web 3.0 globally available and help you optimize your online business. We are currently laying the groundwork for a decentralized online system, so stay tuned!

Key Takeaways:

  • Encointer has been tackling financial inclusivity at a larger scale with Web 3.0

  • Communities can now use the city of tomorrow’s open source digital currency to transact, exchange, and trade.

  • Encointer’s framework coupled with the flexibility offered by Polkadot allows for more solutions.