[IMPACT]
Our dAPP will allow users to connect with both Metamask and Cardano-wallets and to lock an Ethereum based NFT into one of our contracts to allow minting of a similar NFT on the Cardano blockchain.
In more detail: when transferring an NFT / tokens from ethereum based blockchains to our main smart contract - "the Bridge" - via web-endpoints, we will store the EVM based token in this contract. Subsequently and automatically, this will trigger a call of a cardano SC (plutus or milkomeda based, which will be restricted to accept solely connections from THIS one solidity (ETH) contract), and will remint the same tokens there on the cardnao blockchain.
The user needs to specify his Cardano address within the transaction when storing the ethereum based token, and the Cardano token will be automatically minted and sent to his / her address. Due to standartized metadata, every trait / information can be transferred to the Cardano blockchain.
If the original ETH-based NFT is desired again to a later timepoint, the user can send the respective Cardano NFT to the Smart contract, where it will get burned and the Ethereum NFT is released to the address where it was sent from in the first place. Thus, backwards compatibility will be allowed to.
Future Ideas: We will eventually incentivice the usage of this bridge towards Cardano, by sending out tokens together with the token when it gets minted, which will be needed (in a slightly higher amount) when converting the token back to EVM-based NFTs. This token will be tradable on Cardano-dexes as Minswap / Sundaeswap.
Thus, we will allow conversion backwards but incentivice the migration of tokens to Cardano.
The migration from Ethereum and other blockchains to Cardano needs tools to migrate tokens, assets NFTs, …
Existing projects on other chains might start their services on Cardano too, but still need a tool to bring the value they have already created to Cardano.
We aim to build this tool, by allowing projects and individuals to recreate their assets (that are present on other blockchains) on Cardano, without duplicating these tokens, as the originals will be locked in SC.
Our major risk is to not get known. We are no experts in advertising our Ideas. Thus, right now we focus on getting an expert into the team who can help us make this project big. Feel free to contact me on Catalyst / Twitter (we have no twitter handle for this project yet, feel free to contact @Humanity_pool).
As soon as this is sorted, the work can begin. Technically there are no problems ahead, as we are strong in development. We already helped to built a Cardano NFT project (cyber-punks.xyz), are active plutus pioneers having multiple smart contracts submitted to the mainnet for testing purposes, running an active stake pool and are enthousiastic about learning and keeping up to date.
[FEASIBILITY]
1st month after funding:
- Grow the audience & social media to a base of 500-1000 followers and start all
social media channels: position still open.
- Build the website and allow Cardano wallet and Metamask integration.
- Deploy test-smart contracts on the testnet for interaction of EVM-solidity contracts and Cardano-plutus contracts
2nd month after funding:
- Grow the audience
- Optimize the smart contracts on testnet. Build a contract that mints after being triggered by a solidity contract.
- Build a JSON based tool to convert metadata for conversion of EVM to Cardano tokens
3rd month after funding:
- Go live on mainnet with the tool for users to convert NFTs
- Test the bridge for fungible tokens and other assets on the testnet.
4th - 6th month after funding:
- Go live on the mainnet for all assets and allow tools for project owners to advertise easy ways for their customers to bring their previous assets to Cardano
- Set up a token on Cardano including a pool on the big dexes, to allow the incentiviced conversion towards Cardano.
7 months & onwards:
- Keep the project running, onboard more projects, allow different other chains to convert their assets to Cardano.
The budget is planned for the first 3 months:
2250 per month for each Cardano developer 13.500 total
2100 per month for the community manager & business expert. 6.300 total
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19.800 total
+ 200 for three months for technical requirements (server, website, Cardano-node)
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20.000 total
First developer:
I am an SPO (Humanitypool (HUM)), who has helped different Cardano NFT projects (ADACoins, CyberPunks, …) with development of the website, Cardano-node operation and minting of NFTs in April 2021 (2 months after it was even possible). Enthousiastic to learn and try out new things, currently plutus pioneer of the third cohort. I had the idea for this project. 4+ years of experience in development of mobile apps, websites, solidity contracts and now cardano plutus smart-contracts.
Second developer:
React-native website developer with experience in website development, current the major maintainer of "LibrePhotos". He worked out Nami wallet integration before it was easy to implement on webpages (in end of november 2021) and is contributing actively to improve the cardano documentation. 6+ years of development with a university degree in informatics
OPEN POSITION:
Community manager, ideally he / she is familiar with the Cardano space, has already a few followers and can think of working part to full time to grow this project and become part of the founding team.
[AUDITABILITY]
The development progress can be easily measured by the success rate of the milestones defined above and the time in which they were achieved.
Afterwards, we (and everyone else) can measure our success by the number of assets converted from EVM chains to Cardano.
Success is to come to a steady level of multiple conversions daily.
A major success would be done if an important asset (e.g. a Crypto Punk from ETH) is converted using our tool.
Furthermore a point of success are every cooperation with a ETH-based project that moves its assets, or adds additional assets on the Cardano Network using our bridge.
This project has not been funded before, but IF it will be funded, it might need another round of funding for the 4th to 6th month.
SDG Rating
By alloweing conversion of assets on POW chains to Cardano as a POS chain, we will comply with all environment-supporting SDGs.
