A year of XET and the year ahead

Almost a year ago, the Xfinite Entertainment Token ($XET) was launched and since then we have come a long way in our vision of building a decentralized entertainment ecosystem. From growing our user base to becoming a part of one of the world’s largest crypto ecosystems in Dubai, the last 12 months have been pivotal, hard, and rewarding!

We thought this occasion would be ideal for recapping what we learned and what we are planning to build going into the future.

Let’s begin with a look at the cornerstone and foundation of the ecosystem, our dApp, Mzaalo.

Mzaalo

The Mzaalo audience network has grown to more than 11 million registered users driven largely by organic downloads and partnerships.

The growth of the Mzaalo platform can be attributed to three key factors

1. Content library growth with the help of 25 content partners
2. Reward partner growth to over 600 brand partners
3. A new rewards wallet for users to manage their redemptions as well as one of a kind ‘Bid And Win’ feature

Rewards on Mzaalo

Mzaalo also became the first dApp to be made available for download to over 150 million Jio feature phone users, allowing millions of Jio phone users access to our content.

Beyond the numbers though, the most significant development was the launch of the in-app Mzaalo coins to XET conversion feature for users. This makes Mzaalo one of the first dApps in the world with content to crypto capability.

The next 12 months for Mzaalo

While we work with our partners to enable a legally compliant KYC workflow for users across the world, this opens up a number of opportunities that we will look to build and implement in the future once in place, including

1. Interoperability for XET users to transfer their XET into the CEX and DEX of their choice
2. Transfer of XET to some of the best Algo wallets like Pera Wallet
3. The ability to store, transfer and trade NFTs of the content they watch on Mzaalo within Mzaalo and interoperability with MzaaloNFT

MzaaloNFTs

If Mzaalo is the cornerstone and foundation of our decentralized entertainment ecosystem then NFTs are the pillars of what we are trying to achieve.

Around the beginning of 2022, we had undertaken the process of identifying and creating products and assets that will make up the entirety of the Xfinite NFT offering. This includes the vast library of content from our partners like Eros with more than 12,000 titles across movies, TV series, web shows and more. We undertook this under two initiatives

1. Building the MzaaloNFT marketplace
2. NFT distribution partnerships

NFT marketplace

MzaaloNFT was launched this year and we’re very close to getting out of beta and launching a full-functioning NFT marketplace.

While the current version provides a solid foundation, we will be building integrations with other Algo wallets and expanding the NFT offerings for content from other sources that include licensed content as well as independent artists.

NFT distribution partnerships

We have undertaken an immense NFT-isation project with our content partners. The goal is to create not just NFTs with aesthetic value but also with real-world, metaverse, and merchandise benefits in association with brands.

In this regard, we launched our first NFT collection in association with Gate.io.

As we move forward we will look to refine these NFTs further and find new international marketplaces where MzaaloNFTs can be bought and traded.

Token health and economics

Part of what we are trying to build is a scalable and robust token ecosystem that offers anyone and everyone the ability to buy, hold, and grow their exposure to the ecosystem.

We have so far stuck to the tokenomics schedule shared here.

XET token release schedule

This has resulted in a two-pronged approach of listing on DEXs, and CEXs and partnering with staking pools.

Listing

While we had listed on MexC and BitMart right around this time last year, we also listed on Gate.io, one of the world’s largest exchanges. $XET is also now available on Algorand’s most popular DEX, Tinyman.

Staking

A key component of the long-term stability of XET is to provide enough long-term options for holders to access and grow their XET. Here are the staking highlights in the year since the launch of XET

1. Yieldy: The recently concluded XET-XET staking pool was one of the largest pools ever on the Yieldly platform
2. Humble Swap: More than 20k Algo was distributed as rewards
3. AlgoFi: Around 5k Algo was distributed as rewards

Next up

While we work with the Yieldly team to set up one of the largest and longest-running pools on the platform by the end of October, we are also in talks with Humble Swap to get started in November.

The most exciting development to look forward to though is the launch of the Xfinite Staking Pool Offering (XSPO). With the audit complete (full report here), the dedicated XET staking platform will go live in the coming weeks. Excerpts from the audit report by Entersoft are shared below

“Entersoft was selected by Xfinite to assess the security posture of its smart contract written in Python. The purpose of this smart contract audit was to determine the level of exposure of the smart contracts files in scope towards targeted attacks, to identify vulnerabilities in the smart contract code, and to help Xfinite understand the risks associated with identified vulnerabilities.”

1. Entersoft found the code to be robust and secure against the attack vectors identified in the threat vector modelling exercise and outlined in the Conclusion section.
2. A total of five security vulnerabilities were identified in Round 1 of the smart contract audit which was presented in the report on 20 April 2022. The vulnerabilities reported in the Round 1 report included input validation, freeze/clawback address, proxy assessment, group size validation, and alert hub setup.
3. The Xfinite development team made the necessary changes to remediate the identified vulnerabilities in the staking smart contracts. After retesting, no security vulnerabilities were identified. All the vulnerabilities identified in Round 1 have been remediated by the Xfinite team.”

Partnerships and strategic initiatives

While the DVARA license was the most significant development from a strategic positioning point of view we were also hard at work putting in place partnerships that will help the ecosystem as a whole

Social commerce

1. Working with India’s biggest Influencer marketing agency
2. Partnership with Calvin Cheng to launch the world’s first members-only metaverse club for influencers

Mzaalo UX

1. Custom avatars
2. Partnerships with the likes of QYOU media

Expanding Mzaalo Audience Network

1. Powering entertainment for Mercedes-Daimler
2. Turning content consumption into charity

Moving forward

The previous 12 months have been all about getting the most fundamental components of a good project in place: Utility, community, and security. Going forward we will be focussing on 5 major fronts

1. Leveraging the DVARA license and setting up an office and centre of operations in Dubai
2. Extending MzaaloNFT utility and availability on marketplaces
3. Fast-tracking bridges to other L1s
4. Launch of NFT and XET-powered products for crowdfunding
5. Partnering with metaverse experience engines

The XET ecosystem was launched with a long-term vision of building a truly decentralized ecosystem of entertainment. This was the first year in a multi-year journey and we’d like to thank everyone who supported, critiqued, and worked with us so far.

Onward and upward!