Fund13 - the votes are in!
Last updated 2 months ago
There is no framework for portability of assets b/w Cardano & Midnight, user face restrictions as assets can't bridge to Midnight, limiting their ability to leverage Midnight's privacy & scalability
This is the total amount allocated to Cardano-Midnight ZKBridge: Port Assets between Midnight and Cardano. 1 out of 4 milestones are completed.
NB: Monthly reporting was deprecated from January 2024 and replaced fully by the Milestones Program framework. Learn more here
Midnight Bridge: This bridge enables Cardano's assets to leverage Midnight advanced features for secure transactions for privacy focused usecases. This also allows two-way portability of assets.
No dependencies.
The project will be open source under MIT License. This will allow anyone to do whatever they wish with the original code, as long as the original copyright and license notice is included either in the distributed source code or software.
SDG Goals
8 - Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
9 - Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation
17 - Strengthen the means of implementation and revitalize the Global Partnership for Sustainable Development
SDG Subgoals
17.19 - By 2030, build on existing initiatives to develop measurements of progress on sustainable development that complement gross domestic product, and support statistical capacity-building in developing countries
9.1 - Develop quality, reliable, sustainable and resilient infrastructure, including regional and transborder infrastructure, to support economic development and human well-being, with a focus on affordable and equitable access for all
9.b - Support domestic technology development, research and innovation in developing countries, including by ensuring a conducive policy environment for, inter alia, industrial diversification and value addition to commodities
Cardano users face limitations in accessing advanced features and broader investment opportunities beyond its native DeFi ecosystem. To address this gap, the Midnight ZK Bridge proposes a secure two-way gateway between Cardano and Midnight ZK, facilitating seamless token transfer while preserving user privacy. This paper outlines the functionality, benefits, and significance of the Midnight ZK Bridge in enhancing the Cardano ecosystem and advancing decentralized finance (DeFi).
Introduction:
The emergence of decentralized finance (DeFi) has transformed the financial landscape, offering users unprecedented control over their assets and transactions. However, within the Cardano ecosystem, users are confined to the functionalities of its native DeFi ecosystem, restricting access to cutting-edge features and broader investment opportunities available on other platforms such as Midnight ZK. To bridge this gap and empower Cardano users with enhanced privacy and interoperability, the Midnight ZK Bridge is proposed.
Functionality:
The Midnight ZK Bridge serves as a secure two-way gateway, enabling seamless transfer of Cardano native tokens to Midnight ZK and vice versa. The core functionalities include:
Benefits for the Cardano Ecosystem:
The Midnight ZK Bridge offers several benefits to the Cardano ecosystem:
Conclusion:
The Midnight ZK Bridge plays a crucial role in the future of DeFi by prioritizing user privacy, promoting interconnectivity, and enhancing user choice. By enabling seamless token transfer while preserving privacy and security, the bridge facilitates a more user-centric and inclusive financial environment within the Cardano ecosystem and beyond.
Empowering Cardano Users with Privacy
The Midnight ZK Bridge unlocks a new era of privacy for Cardano users. By leveraging zk-SNARKs and secure smart contracts, the bridge allows users to seamlessly transfer Cardano native tokens (CNTs) to Midnight ZK and conduct DeFi transactions shielded from public scrutiny. This empowers users with greater financial control and security, attracting a wider audience to the Cardano ecosystem.
Expanding DeFi Horizons for Cardano
The bridge acts as a gateway to the diverse DeFi landscape on Midnight ZK. Cardano users gain access to a wider range of innovative DeFi applications and services, unlocking new investment and earning opportunities previously unavailable within the Cardano ecosystem. This fosters a more vibrant and competitive DeFi environment, benefiting both users and developers within Cardano.
Improving interoperability
The Midnight ZK Bridge is a crucial step towards a more interoperable future for DeFi. By facilitating secure communication and asset flow between Cardano and Midnight ZK, the bridge contributes to a more unified and interconnected blockchain landscape. This benefits the entire DeFi community by promoting collaboration, innovation, and the overall growth of the decentralized finance space.
The team is composed of experts in blockchain technology and financial services with a proven track record for delivering high-quality Cardano-built solutions with transparency and accountability. Our existing products have served to enhance the Cardano ecosystem in a tangible way, we have strong strategic partnerships and we intend to deliver the project with the same level of quality that the Cardano Community has come to expect from us.
With a collective experience of over 30 years in the blockchain domain, our team is well-equipped with the necessary expertise to develop and deliver this project.
Development Team:
Our development team boasts significant expertise in blockchain technology, with a strong focus on the Cardano ecosystem. They have played a pivotal role in several successful projects on Cardano and are skilled in developing dApps on Cardano.
Zero-Knowledge Proofs:
Our team includes pioneers in the Midnight ZK framework, possessing both knowledge and practical experience in applying Zero-Knowledge Proof (ZKP) methodologies.
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Rahul Konudula, CEO - Trivolve
He has founded companies across real estate, international commodities, and mineral mining that have been running successfully for more than a decade with 8 figure annual revenue in USD. He has over eight years of experience in the RWA sector, focusing on bringing innovative solutions by integrating AI and Blockchain and consistently being one of the leading contributors to industry advancements in South India.
We are a prominent AI and Blockchain development studio based in Dubai and India, specializing in creating innovative solutions for the Asia-Pacific region. With a dedicated team of 31 professionals, we have been serving over 20 enterprise clients, including governments, venture capital firms, and Fortune 500 companies, for more than three years. Our expertise extends to consulting for leading Cardano projects, leveraging our extensive experience in product development.
Milestone 1:
Total Duration: 45 Days
Total: 40000 ADA
Milestone 2:
Total Duration: 45 Days
Total: 40000 ADA
Milestone 3:
Total Duration: 30 Days
Total: 30000 ADA
Final Milestone:
Total Duration: 30 Days
Total: 10000 ADA
Cardano community gain access to Midnight ZK's privacy features, allowing them to conduct DeFi transactions on Cardano dapps without revealing their financial activities on the public blockchain. This brings greater control over their financial data and potentially attracts privacy-conscious users to the Cardano ecosystem. Users can explore innovative ZK enabled DeFi opportunities, like compliant and privacy-centric zero collateral lending and similar applications. Users can move their Cardano native tokens (CNTs) back and forth between Cardano and Midnight ZK effortlessly. Bringing more participation and adoption in both the chains.
This opens doors to a new user base seeking privacy-focused DeFi experiences, potentially increasing adoption and user engagement for their dapps. By integrating the bridge into their dapps, builders can incorporate Midnight ZK's advanced ZK functionalities. This allows them to create more innovative and privacy-centric dapp on Cardano.
We utilize a lean development methodology, emphasizing the prioritization of development and enhancements based on feedback from partners, the community, and users, which ensures efficient and cost-effective use of resources. Our strategic employment of a geographically diverse team spanning the US, Singapore, and India allows us to optimize development costs while upholding high quality and efficiency standards.
This method, along with our dedication to transparency and strategic financial planning, guarantees that the proposal delivers great value for money.
1/4
Requirements Specification & Architectural Design
Cost: ₳ 36,000
Delivery: Month 1 - Sep 2024
2/4
Core Bridge Implementation
Cost: ₳ 36,000
Delivery: Month 2 - Oct 2024
3/4
Testing Phase
Cost: ₳ 30,000
Delivery: Month 3 - Nov 2024
4/4
Documentation & Project closure
Cost: ₳ 18,000
Delivery: Month 4 - Dec 2024