Development update — Basket protocol release onto the main network

After quite a bit of work on fine tuning the testnet of the Basket protocol, we’ve finally released the contracts of the Basket protocol onto the main network. From Tuesday, users will be able to create ERC20 Token Baskets on the WandX platform, and each Basket will be a smart contract that holds the underlying Tokens. Users can create Baskets such as “Decentralized Identity Tokens”, “Decentralized Supply Chain Tokens”, “Low Market Cap Tokens” and these baskets can be bought on WandX.

The interfaces of the smart contracts released onto the main network

Each basket that is created will be a smart contract — for example, if someone creates a Basket of 10WAND + 10FDX + 10PFR, and quotes an ask price of 0.1ETH, then that basket becomes a smart contract with address 0x….. Hence any user that sends 0.1ETH to that smart contract in return gets the ownership of that Token Basket. The application of these smart contracts are many, some of which are given below:

1. Securitization of debt instruments: Debt instruments issued on the blockchain such as those that use the Dharma Protocol can be securitized/pooled and hence traded. Trading of debt instruments in the real world is quite an illiquid market, but on blockchain it can become liquid through using this protocol.
2. Creating themed Baskets: the crypto world still hasn’t reached mainstream, and new investors as well as existing investors are looking for ways to hedge their risk/invest in a balanced portfolio. Asset management platforms currently enable this, but the Basket protocol enables this entire process to be on a smart contract, and hence users can buy/trade on Token Baskets rather than individual Tokens.

This Basket protocol can be integrated with exchanges through our exchange document. This means that any Token basket that is created on our platform can be sold on any partner exchange. Partner exchanges can register with us using this document.

June roadmap:

1. Encouraging users to create Token Baskets, getting on partner exchanges to integrate our protocol.
2. We’re working on creating a desktop wallet for our DEX. This will be completed by the end of the month.
3. As we’ve mentioned earlier, we’re working on the NEO Platform to create our DEX on NEO. We have made a lot of progress here, and will have an update out on this development this by the mid of this month.