CryptoTitans hosts Bashoswap Finance for its first-ever AMA.
Below is the transcript of the AMA.
CryptoTitan Admin: We are so glad to have our next AMA with Bashoswap
A warm welcome to our guest
Ethernal_ADA: Hello guys, it’s a pleasure being here
CryptoTitans Admin: First of all
Let’s get started with introduction Questions
Ethernal_ADA: Let me start by introducing myself, I am the Chief Information Officer of Bashoswap, A decentralized AMM & other defi products being developed for the Cardano Ecosystem
Q1. Can you introduce BashoSwap To us?
Ethernal_ADA: 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 their ADA-based cryptocurrencies 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?
Ethernal_ADA: 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 this year.
Ethernal_ADA: 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 utilize the low fees of the Cardano blockchain
Q4. Every project has a story behind its name, Can you tell us more about the story behind this? Who is the team behind this project? can tell us their background?
Ethernal_ADA: Bashoswap is founded by a like-minded group of development experts, and over 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 actualizing 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?
Ethernal_ADA: Yes, NFTs recently have been proven to be more than just stores of value in form of digital art, we are exploring unique use cases for the Bashoswap DAO governance which will fuse NFTs and $Bash tokens to create a self-sustaining ecosystem
CryptoTitans Admin: We are done with this session
Let’s go for Twitter questions
Q1. From @RANI82046528
Do the token holders have the 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 plans to create other features? Maybe yield farm, stake, or NFT project? Can you explain in more detail?
Ethernal_ADA: 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. From @Ariyan411322
Can you tell us about the fees in some of the transactions on the bashoswap platform, especially with any trading? How do fees competitive with other DEX exchanges, especially with some of the major exchanges in the market?
Ethernal_ADA: 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. From @itz_SaLuu
$Bash will be the native Utility token of the Bashoswap platform with several utilities.
With the plan to evolve into DAO, I believe $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?
Ethernal_ADA: 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 NFTs to be able to vote on proposals.
Holding more BASH will give users the privilege to mint a higher-ranked Governance DAO NFT which will give your proposal more weighting or vote power as the case may be.
The stipulated minimum amount required will be made public on a subsequent post on the Bashoswap medium blog
Q4. From @Herbertchandl18
Marketing is a central element for every project so that everyone knows the potential that a project can bring is vital to achieving the goals set. What is bashoswap strategy to attract new users and investors to your project and keep them long-term?
Ethernal_ADA: 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. From @jassica_jhon
Right now, issuing a token is a fairly simple process. However, building systems and ecosystems are the hardest part.
My question is, how will the demand for tokens increase and how will this token be used in the Bashoswap ecosystem?
Ethernal_ADA: 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
CryptoTitans Admin: Twitter questions are done
Time for live chat questions
Q6. In the Whitepaper, you propose Bashoswap, an AMM to be built on the Cardano blockchain. My first question is, 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?
Ethernal_ADA: We chose the Cardano Blockchain for its unique EUTXO Architecture
Read more about why we are building on Cardano Here
Q7. Trust and security are very important for the Basho_swap project so what is the Audit status of your Basho_swap Project?
Ethernal_ADA: 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?
Ethernal_ADA: 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?
Ethernal_ADA: BASHOSWAP isn’t listed on any exchange, for a fact we are yet to kick off the Bashoswap private sale, you can find the link to the whitelist below
Q10. Did you consider community feedback/requests during the creation of your product 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.
Ethernal_ADA: 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.
CryptoTitans Admin: we have come to the end of this AMA.
Really it was a wonderful ama with a very successful project
And also with us, he was one of the most wonderful guests that I spoke with @Ethernal_ADA
Thank you for being with us today and for all your detailed answers about BashoSwap
Ethernal_ADA: Thank you guys for having me, from the Bashoswap team we thank you for having us.