Boom, a forward-thinking digital trading platform, has launched Boomswap to revolutionize cross-border trading, particularly in emerging economies. Boomswap, inspired by Uniswap, leverages blockchain technology to tokenize global currencies into stablecoins. Uniswap is a decentralized exchange protocol that facilitates automated trading of cryptocurrency tokens through smart contracts.
In my role as a developer, I was integral to deploying Boomswap. Our primary focus was on regions where cash transactions dominate, making up 90% of all trades. We started with currencies from Africa and the Middle East, converting them into stablecoins that are backed 1-to-1 by local currency deposits in each respective country. This ensures a secure, efficient, and transparent transaction process, facilitating easier and safer cross-border trading.
My contributions included developing the smart contracts that underpin the stablecoin transactions and ensuring the security and efficiency of the platform. We aimed to create a user-friendly interface to cater to both novice and experienced traders, ultimately empowering users in emerging economies by providing them with reliable and cost-effective trading solutions.
A critical component of this system is the Boom Faucet, which I also developed. The Boom Faucet acts as a bridge between the Ethereum and Boomchain networks, enabling users to purchase BMC on the Boomchain network using Ethereum-based tokens like ETH, USDC, and WBTC. This bridge allows users to swap these specific tokens for BMC, all using the same address, thereby streamlining the process and making it more accessible.
By implementing Boomswap and the Boom Faucet, Boom has taken a significant step toward digital financial inclusion, offering enhanced security and lower transaction costs compared to traditional methods. This project not only facilitates smoother cross-border trades but also contributes to the broader goal of economic empowerment in underbanked regions.
