Subbit.xyz : Cardano's featherweight L2
Problem
Cardano is a great L1 but its design is a bad fit for many applications. Fees prevent chain spam but also micropayments. High latency and roll-backs are necessary but prevent instant settlement
Total to date
This is the total amount allocated to Subbit.xyz : Cardano's featherweight L2.
About this idea
[GENERAL] Name and surname of main applicant
Dominic Wallis (@waalge)[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)
Entity (Incorporated)[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)
6[GENERAL] Please indicate if your proposal has been auto-translated into English from another language
No[GENERAL] Summarize your solution to the problem (200-character limit including spaces)
Most on-going commercial engagements are two party, where a consumer of a service pays the provider of a service. Subbit.xyz models this, and just this.
[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] Please provide here more information on the open source status of your project outputs
Apache
[SOLUTION] Please describe your proposed solution
Subbit.xyz : Cardano's featherweight L2
+ Security guarantees of the L1
+ Instant settlement
+ Absolutely tiny footprint
The user journey goes like:
- Alice runs a service and wants it to be financially sustainable
- Bob wants to use Alice's service
- Alice sees Bob's account on-chain, and is happy to serve Bob
- All the while Bob is supplying Alice IOUs, Alice serves his request, all is well
- When Alice needs to pay her server bills, she submits the latest set of IOUs (from Bob, Charlie, ...) to the L1
- When Bob wants, he can close the account
- After the final claim or some pre-agreed time frame, Bob can withdraw the remaining funds
Components:
+ Smart contract
+ Tx-builders
+ Spec, SDK, & How-To docs on wrapping any existing service in subbit
+ Demo application
+ Hosted instance of demo
"... But why not hydra?!" we hear some of you ask.
Subbit is premised on the observation that most on-going service engagements are unidirectional two-party : someone provides a service, and someone consumes the service. And normally the consumer pays for it.
Subbit is an L2 that models this. Just this.
Because subbit is focused, it's featherweight. No need for persistent network connection. No mutli-sig. No need to port a plutus VM to a new device. A subbit account costs bytes of storage to the consumer and the provider. If the device can sign and send a message, it can run subbit.
Your arduino can run subbit. Your minimal spec cloud VM can run 100,000s of channels subbit. Reasoning about subbit is simple because subbit is simple.
Subbit is not a hydra replacement. They are both L2s, and that is the end of their similarities.
[IMPACT] Please define the positive impact your project will have on the wider Cardano community
Subbit.xyz opens a whole new tranche of business models to be built in, on, and around Cardano and beyond.
We will measure the success of the project in the following ways
+ Number of subbit accounts live
+ Volume transferred
+ Number product integrations
+ Derivatives such as pay with native assets
[CAPABILITY & FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?
Phd in geometric topology. Former Data scientist/ ML eng.
10 years dev. 2.5 years on Cardano. Runs artisan dapp dev house, Kompact.io.
[PROJECT MILESTONES] What are the key milestones you need to achieve in order to complete your project successfully?
Output: Smart contract with fuzz tests.
Criteria: Does it build? Tests succeed?
Evidence: Repo with working code and build instructions.
Output: Repo with Tx building code.
Criteria: Code runs.
Evidence: Tx hashes of all types of tx, verifiable on preview testnet.
Output: Minimal application example: mr-wolf
Criteria: Code builds and runs. Tests pass. Benchmark available.
Evidence: Repo with working code and build instructions.
Output: Spec, SDK, and a How-To guide on wrapping an existing service.
Criteria: Is it clear and coherent?
Evidence: Link to github pages docs site, mr-wolf application providing a minimal example.
Output: A second example: Kupmios (Kupo+Ogmios).
Criteria: Code builds and runs. Tests pass. Benchmark available.
Evidence: Repo with working code and build instructions.
Output: Hosted Kupmios demo.
Criteria: Can a client connect? Performs a full subbit account lifecycle?
Evidence: Endpoint available. A way to verify a full subbit lifecycle.
[RESOURCES] Who is in the project team and what are their roles?
Just waalge
[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources
M1: 40h
M2: 40h
M3: 30h
M4: 50h
M5: 40h
M6: 20h
Buffer: 20h
Total hours: 240h
Server costs for 12 months: 1200$
Potentially less via a partnership
240 * 80$ + 1200$ = 20400
20400 * 2.4 = 48960 Ada
[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?
Definitely.
Team
