Wrapped Ether - The WETHER token 🌧

Service Implementation:
The program accounts for:
- Storing Ether in accounts
- Minting WETHER tokens in Ada
- Exchanging WETHER for Ether
Account creation and storage is built on a secure contract creation, where the ledger of WETHER users is kept decentralized on-chain in Ethereum. To mint a WETHER token, off-chain Plutus code reads from the state of the Ethereum smart contract to validate user requests. The ledger data will be represented in Cardano Oracles in order to move as much business logic to on-chain code as possible. Minting WETHER produces a new ledger on-chain in Cardano. This custom asset will then be exchangeable within Cardano.
Frontend UI
A website and browser extension would be created. This GUI will manage the minting and withdrawal of assets. For power users, a REST API will also be exposed. Further development would include a command line interface.
Importantly, these clients can run entirely in the user's local session, without requiring a central database for account management. In this way, no customer information needs to be stored in a central server.
Key-performance indicators
Performance of the application will be based largely on 3 factors:
- Gross volume of ETH/WETHER balance in the ledger
- Rate of transactions to the protocol
- Distinct identities interacting with the platform
Adoption will be assessed based on growth across all three metrics. Target milestone to verify success of the program will be 10k monthly active users and $10MM total traded.
Relevant Experience
- Currently a Cloud Engineer at Google, working in financial and logistics verticals. Strong expertise in security & scalability for cloud services.
- Experienced Haskell developer & Solidity developer
- Lead engineering consultant for cloud adoption at USAA Bank
- Run local blockchain research groups internally and in my community
Other team members
Deepen Shah (https://www.linkedin.com/in/deepenshah1) - tech entrepreneur and cryptocurrency developer
Budget Breakdown
- 10 weeks (400 hours) of development: $20k (Frontend UI, Solidity development, Plutus development)
- Marketing & developer relations material: $4k
- Infrastructure and maintenance for 1 year: $6k
Time to complete
Testnet beta 2 months after funding. Full release after 2 months of testing.
Deliverables
Frontend web app user-interface
Developer documentation
REST API
Solidity contracts and Plutus scripts