We hosted an amazing AMA with Bashoswap on the 27th of March.
And here we will put some of the best questions:
Q1. Can you introduce yourself and BashoSwap To us?
Let me start by introducing myself, I am the Chief Information Officer of Bashoswap, A decentralised AMM & other defi products being developed for the Cardano Ecosystem.
Bashoswap to a layman would be explained as an exchange like Binance or Coinbase but in this case for Cardano Native tokens.
Users can trade thier ADA based crypto currencies without needing an intermediary or a middle man as the trades will be handled by a smart contract with preset rules.
Q2. What are the advantages of Your project?
There are lots of advantages to the Bashoswap project, one being that the Bashoswap platform will be a unique and self-sustaining ecosystem and also the multiple innovative protocols that will be developed under the Bashoswap platform.
Q3. please tell us about the goal you want to achieve in this year.
For now the main focus of the Bashoswap team is to focus on building DApps and protocols that will revolutionize the Cardano ecosystem.
We also intend to develop a sidechain DEX that will run on Milkomeda which is EVM compatible as more projects from EVM blockchains will soon start bridging to Cardano from other blockchains to utilise the low fees of the Cardano blockchain.
Q4. Every project has a story behind their name, Can you tell us more about the story behind this? Who are the team behind this project? can tell us their background?
Bashoswap is founded by like minded group of development experts, and over the course of two months, we have been able to onboard project more advisors, partners and smart contact developers with years of experience in the cryptocurrency sector to help in actualising and shipping the innovative products we have lined up.
Q5. NFT is one of the hottest and most sought-after topics in the blockchain space right now. Can you share your opinion on NFT with us? Do you think NFT will disrupt the current financial system? What is Your project’s approach to the NFT sector?
Yes, NFT’s recently have been proven to be more than just store of value in form of digital art, we are exploring unique use cases for the Bashoswap DAO governance which will fuse NFT’s and $Bash tokens to create a self sustaining ecosystem.
And here we will put best questions from our members and Bashoswap fans:
Q1. Do the token holders have right to participate in the governance of the project? On what kind of decisions can they vote on about the project? And do you have any plan to create other feature? Maybe yield farm, stake, or NFT project? Can you explain more detail?
Yes, token holders can be able to participate in the bashoswap DAO governance.
We have lots of exciting products that would be launched on the Cardano main net soon which includes
CNT Locking & LP Lock
NFT governance and a few other.
Q2. Can you tell us about the fees in some of the transactions on bashoswap platform, especially with any trading? How do fees compete with other DEX exchanges, especially with some of the major exchanges in the market?
Currently, it costs about 8 dollars to make a token swap on the Ethereum blockchain, but on Cardano it’s just a fraction of that.
Coupled with the fact that our transaction fees will be lower than that of any existing Cardano DEX.
Q3. $Bash will be the native Utility token of the Bashoswap platform with several utilities.
With the plan to evolve into DAO, I belive $BASH holders will have a vote on the decisions.
So,what is the minimum $BASH needed for voting,And what are the benefits of holding more $BASH?
Yes, $Bash will be used for the Governance, but it will work in a unique way which would involve merging the Bash tokens with Bash DAO NFT’s to be able to vote on proposals.
Holding more BASH will give users the priviledge to mint a higer ranked Governance DAO NFT which will give your proposal more weighting or vote power as the case may be.
The stupulated minimum amount required will be made public on a subsequent post on the Bashoswap medium blog.
Q4. Marketing is a central element for every project, so that everyone knows the potential that a project can bring is vital to achieve the goals set. What is bashoswap strategy to attract new users and investors to your project and keep them long term?
We have a huge marketing allocation that will plaster the Bashoswap brand as the leading Cardano project and also be able to create enough awareness towards the innovative products that we are developing.
Q5. Right now, issuing a token is a fairly simple process. However, building systems and ecosystems is the hardest part.
My question is, how will the demand for tokens increase and how will this token be used in the Bashoswsp ecosystem?
Bash tokens is the underlying utility token that will power the Bashoswap ecosystem and will have multiple use cases like staking, liquidity provision, access to the Bashoswap governance, yield farming and so much more.
A private sale whitelist for early adopters is currently ongoing, interested users who want to join the Bash Token Private sale first can whitelist using the link below:
Q6. In the Whitepaper, you propose Bashoswap, an AMM to be built on the Cardano blockchain. My first question, why would you prefer to be built on the Cardano blockchain? Second, will Cardano’s native tokens be deposited in a virtual pair with the Basho Virtual USD (BVUSD) stable coin?
We chose the Cardano Blockchain for it’s unique EUTXO Architecture
Read more about why we are building on cardano Here:
Q7. Trust and security is very important for the Basho_swap project so what is the Audit status of your Basho_swap Project?
The Smart Contracts Powering the Bashoswap Ecosystem will be audited before being deployed on the mainnet.
But currently we are still in active development.
Q8. Currently, most projects and platforms are in English. Do you have a local community to better understand your project?
We currently have a partnership with Chaintranslate, they will help in translating the Bashoswap project to major multiple languages before we begin to onboard new community channels on different languages.
Q9. I am interested to invest in your project. When and where can I buy your tokens Is it already listed exchanges?
BASHOSWAP isn’t listed on any exchange, for a fact we are yet to kickoff the Bashoswap private sale, you can find the link to whitelist below:
Q10. Did you consider community feedback/requests during the creation of your product in order to expand on fresh ideas for your project? Many projects fail because the target audience and clients are not understood. So I’d like to know who your ideal consumer is for your product?
Yes of course, any product existing without a customer feedback will definitely fail, the Bashoswap team will also consist of a decentralized customer relations team that will handle the complaints and feedback from the Bashoswap community.
And this was the end of our AMA with Bashoswap.
If you have any questions you can ask here:
Telegram Group: https://t.me/bashoswap
ℹ️ℹ️ Useful Links ℹ️ℹ️
- Website: https://bashoswap.finance
- Twitter: https://twitter.com/basho_swap
- Discord: https://discord.gg/FRKD9V8MBa
- Medium: https://bashoswap.medium.com
- Reddit: https://www.reddit.com/r/bashoswap
- WhitePaper: https://docs.bashoswap.finance/whitepaper