Open-Source Wallet Link for Cardano, Ethereum, Polygon, and other blockchains: Enabling Cross-Chain Rewards and Interaction

[GENERAL] Name and surname of main applicant

Nicolas Caridi

[GENERAL] Email address of main applicant

nic.caridi@gmail.com

Additional applicants

Viviek Patel, Marcus Lee, Campurean Alexandru

[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)

3

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language.

No

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

No

[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.” .

No dependencies.

[GENERAL] Will your project’s output/s be fully open source?

Yes

[GENERAL] If NO, please describe which outputs are not going to be open source. If YES, please write “Project will be fully open source.”

Project will be fully open source.

[METADATA] Category of proposal

Identity Solutions

[IMPACT] Please describe your proposed solution.

Our proposed solution aims to bridge the divide between Cardano, Ethereum, and other major blockchains by developing an open-source solution that allows wallets across these platforms to interact seamlessly. The different wallets can connect to one another through our portal and enable cross-chain rewards and interactions. For example, through the portal we want to build, your Metamask wallet can be connected to your Yoroi, Nami, or Eternl wallet.

Currently, there is a lack of easy cross-chain interaction between Cardano, Ethereum, and other blockchains. This lack of interoperability means users of one blockchain cannot easily receive rewards or participate in activities on another blockchain, which limits the potential of these diverse ecosystems. By linking wallets across multiple blockchains, we will enable a wider range of interactions, facilitating more complex and interesting cross-chain activities. The current solutions are closed-sourced and expensive to tap into.

We have chosen to approach the problem by creating an open-source wallet link. This approach is scalable and can be extended to include additional blockchains in the future. Furthermore, by making the solution open-source, we are inviting the wider developer community to contribute and improve upon our initial design, ensuring that the solution remains robust, secure, and up-to-date. This will also allow for other projects to utilize the capability freely. 

Our project will engage users and developers of Cardano, Ethereum, and other included blockchains, along with any interested parties looking to utilize cross-chain functionalities. This will bring more users and use-cases to the Cardano ecosystem, leading to higher adoption and innovation.

We plan to demonstrate our impact by tracking the number of users, number of wallet interactions between Cardano and other blockchains, and the quantity of projects that participate.

What's unique about our solution is its broad scope and scalability. By initially targeting Cardano and Ethereum – two of the most active blockchain ecosystems – we can maximize our impact right from the outset. Furthermore, our solution is not a one-off, but a platform that can be expanded and developed in response to evolving needs.

The benefits of our project extend to every participant in the Cardano ecosystem. For ordinary users, they'll have increased opportunities to earn rewards and engage with projects across multiple blockchains. For developers, it presents a new avenue for innovation and a new way to attract users and build communities. For Cardano itself, it represents another step towards interoperability and a more integrated blockchain ecosystem.

This is important to Cardano because it aligns with the blockchain's vision of interoperability and sustainability. By facilitating cross-chain interactions, we are helping to build a more connected, cohesive, and powerful blockchain ecosystem.

[IMPACT] How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?

Our proposed solution addresses the challenge by providing a direct and open-source means for cross-chain interaction between Cardano, Ethereum, and other major blockchains. This interoperability is a crucial step towards achieving Cardano's vision of a more cohesive and integrated blockchain ecosystem.

Benefits to the Cardano ecosystem include:

Greater Interoperability: With our wallet link, projects can track and send rewards across multiple chains. Through our solution, you can reward users in ADA for holding a specific Ethereum digital asset and vice versa. This enhanced interoperability could lead to innovative cross-chain projects and applications.

Increased Adoption: By facilitating interactions with Ethereum and other popular blockchains, our solution could draw new users to the Cardano ecosystem, thereby driving adoption. Because Cardano has native tokens, there is a compelling reason for projects from other chains to reward holders on Cardano.

Robust Developer Community: Our open-source approach encourages other developers to contribute to and improve the solution, leading to a more innovative developer community. We want the developer community across popular blockchains to use our solution to build cross-chain solutions that solve existing real world and Web3 problems.

New Avenue for Innovation: The wallet link creates new opportunities for Cardano projects, potentially encouraging novel use-cases and applications. Interoperability is complicated, but with our solution of a wallet link, we can drive cross-chain innovations. We believe that Cardano has unique technical features that are better for people to build enterprise solutions, while Ethereum or other blockchains are used for other purposes. Therefore, we establish a solution where someone can build across multiple blockchains AND we can build a digital identity using cross-chain native wallets.

As for impact, we estimate that our solution could engage thousands of users across different blockchains in the first year following the project's completion, given the size of the existing user base in Ethereum and other chains and the new scalability over the previous solution.

[IMPACT] How do you intend to measure the success of your project?

Quantitative Measures:

Number of Wallet Interactions: We will track the number of cross-chain interactions that are facilitated by our wallet link. An increasing number of interactions would indicate greater usage and adoption.

User Growth: We will measure the number of unique users who utilize our solution. Growth in this metric would demonstrate the increasing relevance and acceptance of our solution among users across different blockchains.

Number of Participating Projects: The number of projects that utilize our solution for cross-chain rewards or other interactions will be a strong indicator of its utility and success.

Qualitative Measures:

User Feedback: We will actively seek feedback from our users regarding their experiences with our wallet link. This will provide insight into any potential issues, improvements, and additional features users may want.

Community Engagement: The response and interaction of the Cardano community to our project will be a vital measure. We'll look at responses in discussions, social media, and other public spaces.

Developer Engagement: The participation of developers in improving and expanding our open-source solution will be a key qualitative measure of success.

In the short term, our project is expected to draw new users to the ecosystem, positively impacting Cardano's growth. In the long term, we believe our project can play a pivotal role in fostering innovation, attracting developer communities from other chains, and driving cross-chain interoperability - all vital elements for Cardano's sustainability and dominance in the blockchain space. Moreover, the developer community can build out cross-chain solutions off of this standard. In the future, we can build more user-friendly solutions for all internet users, so they don’t feel like they’re interacting with Web2 or Web2, but just the internet.

[IMPACT] Please describe your plans to share the outputs and results of your project?

Open Source Code: The primary output of our project, the wallet link codebase, will be made available on GitHub. Developers will be encouraged to use, improve, and build upon our solution. We want to create a cross-chain wallet link standard that can be leveraged by DIDs.

Regular Updates: We will regularly share updates and results with the Cardano community through blog articles and social media. We want to keep the community informed about our progress, challenges, successes, etc.

Documentation: We will produce thorough documentation of our solution, including technical specifications, user guides, and FAQs. This will be freely available online for anyone interested in our project.

Partnerships: We will actively reach out to projects across Cardano, Ethereum, and other blockchains to encourage them to leverage our solution for their cross-chain activities. These partnerships can pave the way on how to create rewards and solutions for cross-chain experiences and interactions.

As the project matures and more data is collected, we will utilize these results to further refine and expand our solution to more blockchains. The project’s results will guide us in identifying areas for improvement, understanding user needs, and evolving the wallet link to meet those needs. Moreover, we will work with developer communities from other blockchains to evolve the wallet link to build a more robust network of wallets.

Our expectation is that the results generated from the project will be instrumental in further research and development activities for cross chain interactions with Cardano being the foundation. This includes expanding the solution to other blockchains, refining the user experience, and potentially moving towards more complex cross-chain activities. By being open-source, other projects or developers can use our solution as a foundation for their own innovation.

[CAPABILITY/ FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability?

Our team is composed of experienced blockchain developers, project managers, and marketers who have a proven track record of delivering high-quality results. Members of our team have worked on numerous projects within the Cardano, Ethereum, and other blockchain ecosystems, giving us an in-depth understanding of the technology and the complexities involved in cross-chain operations. These include the first Ethereum digital collectible with Cardano utility, a decentralized marketplace, subscription model disrupting service, and many more.

Specifically, we have expertise in:

Blockchain Development: Our team is proficient in all relevant languages and tools required to build blockchain-based solutions. Marcus along his team at XCSLabs have experience in interacting with and developing for various wallets in the Cardano, Bitcoin, Solana, Ethereum, blockchains and other ecosystems.

Project Management: Our team includes seasoned project managers who have successfully led and completed blockchain-based projects. Both Nicolas and Viviek have spearheaded initiatives at various tech startups, ensuring the completion of product roadmaps across industries such as Fintech, agriculture tech, Internet of Things, and more. We're adaptable and responsive to changes and challenges.

Open Source Collaboration: We have participated in and contributed to multiple open source projects in the past. This experience has honed our skills in community engagement, collaborative development, and the maintenance of open-source codebases.

Marketing and Community Engagement: Campurean, Viviek, and Nicolas are experienced in building awareness and driving engagement within blockchain communities. We've managed successful marketing campaigns, social media accounts, and community outreach efforts in the past. They'll ensure that the project and its benefits are effectively communicated to the broader Cardano and Ethereum communities, as well as other relevant groups.

Regarding financial management, we plan to uphold high levels of transparency and accountability. We'll do this through:

Budget Management: We have experience managing project budgets, ensuring that funds are used judiciously and effectively. We'll maintain regular financial reporting and be accountable for all expenditures. We will share how the funds will be used publicly as we reach milestones.

Regular Updates: We plan to provide regular updates on our progress, including a transparent account of how funds are being used. These updates will be available to the entire Cardano community.

We are confident that our capabilities, processes, and commitment to transparency position us to successfully deliver this project. We're not only passionate about the potential of blockchain technology but also about the ethos of the Cardano community, and we're excited to contribute to the vibrant ecosystem.

[CAPABILITY/ FEASIBILITY] What are the main goals for the project and how will you validate if your approach is feasible?

Develop an Open-Source Wallet Link: Our primary goal is to develop an open-source wallet link that allows for seamless cross-chain mapping between Cardano, Ethereum, and other major blockchains. We'll validate this by the successful development and deployment of the wallet link.

Enable Cross-Chain Interactions: This tool should allow users to link wallets across different blockchains and engage in cross-chain activities such as rewards. We will track the number of cross-chain connections facilitated by our solution to validate its effectiveness.

Encourage Developer Participation: We aim to create a vibrant open-source community of developers contributing to and improving upon our solution. We'll validate this by the number of developers who contribute to the project and the improvements they make.

Drive User Adoption: Our goal is to have thousands of users utilizing our solution within the first year. We'll measure this through user growth and engagement metrics.

Partnerships with Other Projects: We aim to establish partnerships with other projects across the Cardano, Ethereum, and other blockchain ecosystems to encourage them to leverage our solution. The number of partnerships formed will be a measure of success.

Our approach is technical and involves software development. As such, our plan for implementation is as follows:

• Conduct thorough research and analysis to understand the current landscape of cross-chain wallet interactions, and the challenges faced.
• Leverage our team's expertise in blockchain development to build the initial version of the wallet link.
• Refine and improve the wallet link based on feedback and user experience.
• Fully launch the open-source wallet link and encourage developer contributions.
• Carry out a marketing and community engagement campaign to drive user adoption and establish partnerships.

We believe that these goals, along with our validation and implementation strategies, provide a clear and feasible roadmap for the success of our project.

[CAPABILITY/ FEASIBILITY] Please provide a detailed breakdown of your project’s milestones and each of the main tasks or activities to reach the milestone plus the expected timeline for the delivery.

Milestone 1: Kick-off & Initial Research (Week 1-2)

Key Activities:

• Conduct initial meetings and setup of project management tools.
• Begin extensive market research to understand current cross-chain wallet interactions and challenges.
• Identify key technical requirements for the wallet link.

Success Criteria:

• Completion of initial meetings with the team to create an updated plan of action.
• Comprehensive report on market research findings and technical requirements for wallet link.
• Brief the team and get internal feedback.

Projected Cost: $2,500

Milestone 2: Design & Development (Week 3-8)

Key Activities:

• Based on the research findings, design the system architecture for the wallet link.
• Begin development of the wallet link based on identified technical specifications.
• Regular testing and refinement of the wallet link to ensure high-quality delivery.

Success Criteria:

• Successful design and development of the wallet link that meets identified technical requirements.
• Conducted initial testing with positive results.

Projected Cost: $7,500

Milestone 3: Launch, Marketing & Community Engagement (Week 9-12)

Key Activities:

• Finalize and launch the open-source wallet link.
• Develop and implement a marketing and community engagement plan to drive user adoption.
• Establish partnerships with other projects across the Cardano, Ethereum, and other blockchain ecosystems to encourage adoption of the wallet link.

Success Criteria:

• Successful launch of the wallet link with initial users and positive feedback.
• Implementation of the marketing and community engagement plan.
• Established partnerships with other projects.

Projected Cost: $5,000

We'll use project management tools to manage tasks and timelines, and GitHub for code versioning and collaboration. Regular community updates on our progress will be shared via social media. We're committed to maintaining a high level of transparency throughout the project's implementation.

[CAPABILITY/ FEASIBILITY] Please describe the deliverables, outputs and intended outcomes of each milestone.

Milestone 1: Kick-off & Initial Research (Week 1-2)

Deliverables:

• Project management setup
• Market research report
• Technical requirements document for the wallet link

Intended Outcomes:

• Successfully establish project infrastructure
• Gain an in-depth understanding of the current state of cross-chain wallet interactions and related challenges
• Identify all technical requirements for the wallet link development

Progress Measures:

• Completion of initial meetings and setup of project management tools
• Research report and technical requirements document

Milestone 2: Design & Development (Week 3-8)

Deliverables:

• System architecture design for the wallet link
• Initial version of the wallet link

Intended Outcomes:

• Establish a feasible system architecture that addresses the identified technical requirements
• Develop a functional version of the wallet link that can be tested and refined

Progress Measures:

• Completion of system architecture design and acceptance by the team
• Successful development and initial testing of the wallet link

Milestone 3: Launch, Marketing & Community Engagement (Week 9-12)

Deliverables:

• Final open-source wallet link
• Marketing and community engagement plan
• Established partnerships with other projects

Intended Outcomes:

• Successfully launch the wallet link for public use
• Drive user adoption and developer contributions through marketing and community engagement activities
• Establish partnerships with other projects to encourage their adoption of the wallet link

Progress Measures:

• Successful launch of the wallet link and initial user feedback
• Implementation of the marketing and community engagement plan
• Number of partnerships formed with other projects

We will track our project's progress through regular updates and discussions within the team and with our community. Feedback from users and partners will also be vital in measuring our success and making necessary refinements.

[RESOURCES & VALUE FOR MONEY] Please provide a detailed budget breakdown of the proposed work and resources.

Milestone 1: Kick-off & Initial Research (Week 1-2)

- Market Research: $500

  - Involves in-depth study of the current landscape and challenges related to cross-chain wallet interactions.

- Technical Requirements Analysis: $500

  - Encompasses identification and documentation of technical specifications for the wallet link.

Milestone 2: Design & Development (Week 3-8)

- System Architecture Design: $4,500

  - Consists of the design of the wallet link system based on identified technical requirements.

- Wallet Link Development: $6,000

  - Includes coding, regular testing, and refinement of the wallet link.

Milestone 3: Launch, Marketing & Community Engagement (Week 9-12)

- Wallet Link Launch: $1,500

  - Covers final refinements and the public release of the wallet link.

- Marketing and Community Engagement: $1,000

  - Includes development and implementation of a marketing and community engagement plan to drive user adoption and developer contributions.

- Partnership Establishment: $1,000

  - Consists of efforts to establish partnerships with other projects across different blockchain ecosystems.

In total, we're budgeting $15,000 for the project's three-month implementation timeline. If additional funding is required, we'll pay the cost.

We understand our responsibility to manage the funds provided effectively, and we'll strive to ensure that every dollar spent brings us closer to our goal of facilitating seamless cross-chain wallet interactions.

[RESOURCES & VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

Enhanced Cross-Chain Functionality: Our wallet link solution is designed to enhance the functionality of Cardano by enabling seamless cross-chain mapping with other major blockchains like Ethereum. This capability is crucial in the rapidly evolving landscape, and the impact of enabling such cross-chain interactions far outweighs our project's cost. In the next few years, we want to push the space from discussing Web2 vs. Web3 and instead it all be the internet.

Attracting More Users and Developers: By making cross-chain interactions easier and more accessible, we expect to attract more users and developers to the Cardano ecosystem. This could lead to increased adoption and growth of the ecosystem, which is an excellent return on investment. Attracting developers from other blockchains can bring new ideas and solutions to Cardano.

Building an Open-Source Community: Our project will foster a vibrant open-source community around our wallet link solution. The collective intelligence and contributions of this community will undoubtedly lead to continuous improvements and innovations, further enhancing the value delivered to the Cardano ecosystem. We believe the open source community would be from other chains as well as Cardano.

As for cost justification:

• The budgeted costs for each task within the milestones are based on average wages for blockchain developers and marketers in our region. Given the specialized skills required for this project, these rates are reasonable and competitive.
• We've also factored in costs for activities like market research, system design, and partnerships that are critical for the project's success.
• We've included costs for marketing and community engagement, which are essential for driving user adoption and developer contributions.
• Given that our wallet link solution will be open-source, the cost represents a one-time investment for a tool that will continue to provide value in the long term.

In conclusion, we believe that the cost of our project represents excellent value considering the significant benefits it will deliver to the Cardano ecosystem and the potential to bring a new list of users to the Cardano blockchain.

[IMPORTANT NOTE] The Applicant agreed to Fund10 rules and also that data in the Submission Form and other data provided by the project team during the course of the project will be publicly available.

I Accept