An Interview with ZakSwap’s Founder Keiichi Noda
Q: Can you tell us more about the ZakSwap project?
My first major blockchain project was a high-security crypto wallet. After that, I was hooked on building in the blockchain space. As I saw the popularity of Defi grow, I decided I wanted to create a decentralized platform that incorporates a DEX and NFT Marketplace which allows users to benefit from the DeFi movement, while also disseminating worldwide the Japanese culture I am so proud of. Everyone knows that the Japanese people are lovers of art, online entertainment, and are moving swiftly toward widespread crypto adoption. With the ZAK platform, we can support the millions of crypto users here, and all over the world, in furthering their enthusiasm for these forms of culture and entertainment while also giving them the opportunity to profit from the DeFi revolution.
Q: How is it different from other L2 solutions and what does it mean to the ETH ecosystem?
Over the past year or two, I have had friends come to me with questions about staking and yield farming on the popular DeFi platforms as they find them a bit daunting to use. If I am honest, the state of DeFi today reminds me a bit of the early crypto days when it felt like you needed a high degree of technical know-how just to buy and sell tokens. Crypto trading has come a long way since then with excellent solutions like Trustwallet simplifying the process greatly. DeFi will reach this point eventually.
For my part, with the ZAKSwap ecosystem, I decided to build a user-friendly system that novice users could wrap their heads around. In our system we utilize four types of token that are color-coded to their purpose, making it easier for users to understand what each one does. For example, the Yellow ZAK token (ERC20) is the key currency of the ecosystem, Red ZAK (ERC721) are used for NFTs, Green tokens are for Liquidity Provider (LP) tokens for pooling, and our Blue (Layer 2) tokens are used for real services such as tipping on live streaming broadcasts, and deposits and withdrawals at partnered sites like online casinos.
Q: What are the improvements featured by ZakSwap over other lightweight blockchains?
There is so much great work going on with lightweight, scalable blockchains that it’s hard to keep up, but I can explain the features I set out to implement with the ZakChain. Our blockchain allows for the creation of transaction zones off the main chain with each one being its own independent economic sphere. This opens up a lot of benefits for both users and businesses; tiny fees and fast transactions for users, and for businesses, they can easily view usage stats for individual services they provide, run analytics, and do things like develop new market strategies, things that were previously difficult and cumbersome to do on Layer 1 blockchains. If anyone is interested in the technical details of the approval processes and other details of the chain I invite them to download our whitepaper from Zakswap.org.
Q: What will be the fees for with listing and trading tokens and NFTs on ZakSwap?
The transaction fee for ZAK tokens is 0.3% of the transaction amount. There is no fee for listing and trading NFTs, and ZakChain’s validator will set the fee when buying and selling NFTs. Credit card payments will also be accepted on the NFT Marketplace from those who wish to purchase NFTs without using crypto; they will be subject to a settlement fee of about 3%.
Q: Can you tell us more about the level of interest of Zakswap among the Japanese crypto community?
We are still at the early stages of promoting the platform so we are still gauging the reception from the community country-wide but I can say that the feedback from the crypto community here in Tokyo has been excellent. As the project progressed I met with and listened to the input of many crypto enthusiasts here and incorporated many of their suggestions into the system. Feedback from NFT creators so far has been great too, with some well-known Anime and AV creators looking forward to releasing their work on our platform. Before COVID I was a regular attendee of crypto conferences worldwide so I hope that once the pandemic situation sorts itself out I can get back to traveling and speaking to users who are interested in the system and getting their feedback. For now, we will do the best we can virtually.
Q: What kind of impact do you expect ZAKSwap to have on the current DeFi ecosystem?
Well, the biggest initial impact I expect to see with ZakSwap is the expansion in the acceptance of crypto payments in a variety of real, in-demand services like Livestream Tipping. This was already a huge trend when we began building the system and it has absolutely blown up since COVID with amazing growth predictions being given for the next few years. With ZAK’s very simple API, live streaming services can quickly and painlessly add a crypto payments system that will be an effective bridge between live streaming services and the DeFi ecosystem.
Q: What are the future plans for ZAKSwap?
Our roadmap for the next year includes our IDO in September following that we will launch the entire ZAK Layer 2 system on the main Ethereum Chain. Listings on major exchanges are also forthcoming. At the same time will also be building new partnerships with more leading Japanese, and overseas, entertainment companies.
Personally, I am going to strive to make sure that ZAK is recognized not just as a tech company but as a cultural outlet bringing the best of Japanese culture to users worldwide. With the Olympics happening this year it is a great opportunity to show viewers how much we have to offer. I am also excited to get back to traveling and bonding with people all over the world, encouraging them to use this platform to promote their cultures and entertainment as well. The future is bright for DeFi, I strongly believe it can bring us together as a people, and I plan to keep building and promoting it as long as I possibly can.