Detailed Plan

Market

DeFi (decentralised finance) protocols have emerged in recent months creating large liquidity pools ($176m+ TLV according to https://coinmarketcap.com/view/defi/)) for decentralised finance. This is based primarily on fully and over-collateralised native blockchain asset lending and borrowing. SILENTDATA will enable secure, trust bridging of off-chain assets, extending the DeFi market to trillions of dollars (JP Morgan alone today manages $3.6tn of assets https://en.wikipedia.org/wiki/JPMorgan_Chase).

Product

SILENTDATA will enable DeFi pools on Cardano to finance off-chain assets, such as company invoices, with full automation and trust. Cardano will benefit by growing the DeFi ecosystem beyond native on chain assets. DeFi investors will benefit from full transparency and trust when backing off chain assets. SILENTDATA is a confidential computing oracle that enables DeFi smart contracts to verify properties and origin of off-chain data without that data being revealed to anyone, thus extending the trust boundaries beyond the blockchain itself.

Converting Off-Chain Assets to NFT’s

SILENTDATA produces verifiable, privacy-preserving NFT’s of off-chain assets. These include verifiable evidence of the risk properties of each asset (e.g. a company invoice), that can be automatically financed and traded by DeFi liquidity pools, and all of this without revealing any of the data of the parties involved.

Acquisition:

Applied Blockchain is already testing with large off-chain asset acquirers (e.g. invoice financiers) to bring assets to DeFi. As the protocol matures and becomes more decentralised, more off-chain asset originators will be approached and integrated. The protocol will also be further opened, so that asset originators will be able to “plug in” their own asset data sources and on-chain verifiable risk assessment algorithms.

On the other side, we’re also in talks with various liquidity pools, as well as testing our own.

Cost Breakdown

1. Extend the SILENTDATA confidential computing oracle to generate proofs verifiable by Cardano smart contracts. $25,000
2. Develop Cardano DeFi liquidity pool smart contracts for off-chain assets (initially demonstrating company invoices). $25,000

Roadmap:

1. Cardano smart contract compatible proof generation in SILENTDATA complete by end of month 2.
2. Development of Cardano DeFi liquidity pool capable of verifying off-chain assets presented through SILENTDATA confidential computing oracle complete by end of month 4.
3. Deploy smart contracts to Cardano testnet and test SILENTDATA confidential computing oracle integrating by the end of month 5.
4. Deploy smart contracts to Cardano mainnet with SILENTDATA confidential computing oracle integrated by end of month 6.
5. Begin integration with additional Cardano liquidity pools and additional off-chain asset originators.

IP

Applied Blockchain filed a US patent pending application for an SGX-based privacy-preserving off-chain data oracle. All of the code will be open sourced, and the platform will be decentralised.

Defining success

Success will be defined as:

Successful technical integration and deployment of SILENTDATA confidential computing oracle with the Cardano testnet and mainnet.

Successful onboarding of off-chain assets for financing through Cardano DeFi.

Successful onboarding of Cardano liquidity pools and providers to finance off-chain assets presented through the SILENTDATA confidential computing oracle.

Great success will mean achieving 2 and 3 in large numbers.

Super success will mean the financing of a significant portion of global off-chain assets through SILENTDATA and DeFi on Cardano.