11 Apr BashoSwap Building a Decentralized Exchange on Cardano (Interview)
Cardano has long been one of the most heavily-discussed projects within the cryptocurrency space, and this became even more so once they launched smart contracts after years of peer review and development.
This spurred serious activity on the network, and many projects came to light with teams trying to develop interesting and unique use cases.
One of these projects is Bashoswap – a decentralized exchange built for the Cardano ecosystem where users can trade without the need for intermediaries or middlemen. In this interview, we talk with Bashoswap’s Chief Information Officer – Sayed Aiman – who talks at length about the intricacies behind Bashoswap, the challenges of building on Cardano, as well as what lays ahead.
Can you tell us what BashoSwap is? Explain it to a beginner, please – what is it that you guys do?
Bashoswap, in Layman’s terms, is a decentralized exchange for Cardano tokens. Users can trade their ADA-based cryptocurrencies without needing an intermediary or a middleman, as the trades will be handled by a smart contract with preset rules.
What can you tell us about the team? Who runs the project?
Bashoswap is founded by a like-minded group of development experts like myself, and over the course of two months, we have been able to onboard more project advisors, partners, and smart contract developers with years of experience in the cryptocurrency sector to help in actualizing and shipping the innovative products we have lined up.
Why did you choose to build on Cardano?
Cardano is a very unique and interesting blockchain.I would call it a more advanced and energy-efficient version of the Bitcoin blockchain.
Cardano’s PoS (Proof of Stake) system is more scalable and energy-efficient than Bitcoin’s proof-of-work (PoW). In PoS networks, users don’t have to mine tokens. Instead, they participate in the block-validation process by staking the native token.
Cardano is 100% scalable, unlike most other blockchains out there.
What is your experience like so far when it comes to building on Cardano?
Due to its new and unique nature, It’s a bit tricky and sometimes takes a whole lot of time debugging and finding solutions to problems. The course of development takes longer than usual, but it’s generally a very robust blockchain.
There are also tons of material for just about anyone with some coding skills to get into the basics and build dApps on Cardano.
Do you plan on expanding to other networks?
For now, our main focus is to focus on building dApps and protocols that would 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 networks to utilize the low fees of the Cardano blockchain.
What’s the thing you are most looking forward to in 2022?
We are looking forwards to more and further improvements and tweaks to the Cardano node and infrastructure, which will be about much faster transaction speeds and also more innovative Dapps and protocols being developed that would see the overall increase in Cardano’s TVL.
Can you tell us a bit more about the BASH token? What’s its purpose?
The BASH token is the underlying utility token that would power the Bashoswap ecosystem and would have multiple cases like staking, providing liquidity, access to the Basho 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 join the whitelist from the official website.
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