{"id":152604,"date":"2020-08-21T11:50:48","date_gmt":"2020-08-21T10:50:48","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=152604"},"modified":"2020-08-22T03:22:58","modified_gmt":"2020-08-22T02:22:58","slug":"an-interview-with-basis-rick-the-anon-developer-resurrecting-defi-protocol-basis","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/an-interview-with-basis-rick-the-anon-developer-resurrecting-defi-protocol-basis\/","title":{"rendered":"An interview with Basis Rick, the anon developer resurrecting DeFi protocol Basis"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Basis, one of the earliest DeFi stablecoins in the industry, has been resurrected into Basis Cash and relaunched by a new anonymous team. In an interview with CryptoSlate, the project\u2019s anonymous lead <em>Rick Sanchez<\/em> said that his developer group decided to remain anonymous to avoid censorship, adding that the sole motivation behind Basis Cash was academic satisfaction.<\/span><\/p>\n<h2>Early DeFi protocol Basis comes back with a bang<\/h2>\n<p>One of the <a href=\"https:\/\/www.basis.io\/\">earliest<\/a> DeFi algorithmic stablecoins, Basis, is <a href=\"https:\/\/basis.cash\/\">being brought back<\/a> from the grave. The protocol was launched in 2018 in a bid to create a fair economic system that works for everyone. Basis\u2019 big idea\u2014to create a crypto token that people would actually utilize instead of using to speculate\u2014attracted a serious group of investors, raising $133 million in funding.<\/p>\n<figure id=\"attachment_152639\" aria-describedby=\"caption-attachment-152639\" style=\"width: 820px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-152639 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/Basic.png\" alt=\"Basis.cash\" width=\"820\" height=\"459\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/Basic.png 820w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/Basic-300x168.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/Basic-768x430.png 768w\" sizes=\"(max-width: 820px) 100vw, 820px\" \/><figcaption id=\"caption-attachment-152639\" class=\"wp-caption-text\">Basis.cash<\/figcaption><\/figure>\n<p>However, increased regulatory pressure from the SEC forced former Princeton graduates Nader Al-Naji, Lawrence Diao, and Josh Chen to shut down the project.<\/p>\n<figure id=\"attachment_152677\" aria-describedby=\"caption-attachment-152677\" style=\"width: 1085px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-152677 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/Closure-of-Basis.png\" alt=\"Closure of Basis v0\" width=\"1085\" height=\"559\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/Closure-of-Basis.png 1085w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/Closure-of-Basis-300x155.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/Closure-of-Basis-1024x528.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/Closure-of-Basis-768x396.png 768w\" sizes=\"(max-width: 1085px) 100vw, 1085px\" \/><figcaption id=\"caption-attachment-152677\" class=\"wp-caption-text\">Closure of original <a href=\"https:\/\/www.basis.io\/\">Basis<\/a><\/figcaption><\/figure>\n<p>And now, two years later, a five-strong group of anonymous developers has decided to resurrect the project and build a new network on the ambitious foundations set by the original Basis.<\/p>\n<p>The new project, called Basis Cash, has no venture capital funding, no token sale, or any pre-mined tokens. The only dump, as the project\u2019s developers put it, will be the community\u2019s. Basis Cash and its new developers have decided to build the project on Ethereum.<\/p>\n<p>In an interview with CryptoSlate, Rick Sanchez, the anonymous lead developer of Basis Cash, explained why they decided to resurrect the project and why it differs from other elastic coins that have popped up on the market.<\/p>\n<p><strong>Cryptoslate: How exactly did the last project fail despite the heavy funding? Why do you think the SEC and other regulators stopped it?<\/strong><\/p>\n<p><strong>Rick<\/strong>: The reasons for the Basis failure is covered in their now-defunct site <a href=\"https:\/\/www.basis.io\/\">basis.io<\/a>. The SEC approached the founding team from Princeton regarding issuing Basis Bonds and Basis Shares\u2014which have serious security-like characteristics. As in, users buy into Basis Shares for the expectation of seigniorage, and Basis Bonds for the expectation of higher redemption when the peg stabilizes.<\/p>\n<p><strong>Cryptoslate: What\u2019s your background and how does it connect to your role in Basis Cash?<\/strong><\/p>\n<p><strong>Rick<\/strong>: I've been a close observer and supporter of the Basis project and think it\u2019s one of the best ideas that have been announced in the blockchain industry. The entire point of creating the project anonymously is to ensure the project can be censorship-resistant. The SEC cannot shut us down because we're anonymous, received no funding, have no large backers, and have no incentives to run this project other than academic satisfaction.<\/p>\n<p>I am one of the lead developers of the project. What I can say about the group (five of us in total) is that we mainly come from academia and have spent significant time studying basis and other algorithmic stablecoins.<\/p>\n<p><strong>Cryptoslate: How is Basis Cash different from AMPL and other elastic-supply coins?<\/strong><\/p>\n<p><strong>Rick<\/strong>: <a href=\"https:\/\/cryptoslate.com\/coins\/ampleforth\/\">AMPL<\/a> actually doesn't have a real monetary policy. Whenever demand for the currency changes, there is no mechanism exogenous to the stablecoin that can absorb the demand volatility\u2014it simply changes the supply. While the nominal money supply changes when a rebase is triggered, in reality, the money supply remains the same, as nominal supply value remains the same.<\/p>\n<p>Basis and Basis Cash both have exogenous mechanisms that contract and expand the money supply, which is handled through issuance and redemption of Basis Bonds. Bonds are issued to buy back the Basis Cash money supply when demand falls and redeemed at a higher price to expand the money supply when demand increases.<\/p>\n<p><strong>Cryptoslate: What\u2019s next for Basis Cash?<\/strong><\/p>\n<p><strong>Rick<\/strong>: We've finished writing the contracts for Basis Cash and are getting the codebase reviewed by inbound requests from several serious minds in crypto. Lots of good feedback coming in.<\/p>\n<p>While our marketing may appear to be degenerate and unserious, we are actually solely motivated in using the current friendly sentiment towards new experiments in crypto to make sure the Basis Protocol can be launched in a censorship-resistant and fairway. We are committed to not taking a single dime from the project and will continue to maintain the codebase with our community and ask for donations where they\u2019re necessary to offset the necessary costs.<\/p>\n<p>The Telegram group's other admin is DeFi Morty, who wears an eyepatch, hence he's a bad Morty. We are excited to see what the team of Bad Morty and Rick Sanchez can achieve in DeFi space.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Basis, one of the earliest DeFi stablecoins in the industry, has been resurrected into Basis Cash and relaunched by a new anonymous team. In an interview with CryptoSlate, the project\u2019s anonymous lead Rick Sanchez said that his developer group decided to remain anonymous to avoid censorship, adding that the sole motivation behind Basis Cash was [&hellip;]<\/p>\n","protected":false},"author":106,"featured_media":159574,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46940,10085],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>An interview with Basis Rick, the anon developer resurrecting DeFi protocol Basis<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/an-interview-with-basis-rick-the-anon-developer-resurrecting-defi-protocol-basis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"An interview with Basis Rick, the anon developer resurrecting DeFi protocol Basis\" \/>\n<meta property=\"og:description\" content=\"Basis, one of the earliest DeFi stablecoins in the industry, has been resurrected into Basis Cash and relaunched by a new anonymous team. 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When he is not solving transportation problems at his company (Ola), he can be found writing about the blockchain or roller skating with his friends.","url":"https:\/\/cryptoslate.com\/author\/priyeshu-garg\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/152604"}],"collection":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/users\/106"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/comments?post=152604"}],"version-history":[{"count":6,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/152604\/revisions"}],"predecessor-version":[{"id":152788,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/152604\/revisions\/152788"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media\/159574"}],"wp:attachment":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media?parent=152604"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/categories?post=152604"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/tags?post=152604"},{"taxonomy":"prediction_market_topic","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/prediction_market_topic?post=152604"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/post_folder?post=152604"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}