GIST - Cardano / Polkadot Bridge

Overview

In order for the web-3 vision, of decentralized networks to become the backbone of the internet, we need to be able to pass messages to one another. You have a couple of competing standards in the space currently. You can utilize Polkadot, Cosmos, Chainlinks CCIP, and several other smaller ecosystems. The goal is to create all the infrastructure necessary to pass messages between ecosystems, allowing developers from other ecosystems to more easily utilize Cardano with their projects. The first project will be a Polkadot Cardano bridge. This is the easiest to implement and will be a quick win for the Cardano ecosystem, bridging it to BTC, EOS, DOT, and Ethereum. 

This is important because let's say a user wants to have an insurance smart contract that pays them in DAI. Currently, the developer would need to run the smart contract on the Ethereum network. If there is a bridge, the developer could run the smart contract on Cardano, and have it pass a message to Etherum to pay the user the correct amount. 

How this impacts challenge questions/metrics

This project will attract users and developers to the ecosystem by making it possible for them to move their currencies into the Cardano ecosystem, increasing liquidity. This will also allow Cardano to be used as the backend for new projects while making it possible for developers to allow users to be paid in whichever currency they wish. You will have pBTC, pETH, pEOS, etc. Polkadot was chosen as the first messaging system to target because it is the lowest hanging fruit, which means the project will be brought to market quicker. 

What does this mean for Cardano?

There will be increased liquidity inside the Cardano ecosystem. If we can pass messages to and from Cardano to Polkadot, we can take advantage of the bridges that exist there. There will be access to BTC, Ethereum, EOS, and several other chains within the Cardano ecosystem. 

This will help developers create cross-chain applications. There are a lot of advantages to using Cardano as the backend for smart contracts. It should be a cheaper and safer alternative as compared to other ecosystems. If we have a bridge, this will allow other ecosystems to use Cardano as the backend, while letting the user use whichever ecosystem they prefer.

Definition of Success

3 months: The bridge will be built during this time period. 

6 months: The developer toolkit to work with Cardano, BTC, ETH, EOS, and Polygon will be built. 

12 months: The goal will be for a fully functioning website, with GUI to transfer assets between these blockchains with wallet integrations will be built.

Project Scope

This project is for the creation of the bridge and for the dev kit. There will be future funding rounds to integrate with other messaging standards. The goal will be for the completion of the scope from February - March 2022. 

Budget

$15,000 total.

Technical equipment, server fees, and software - $4,700.

Business administration costs and licenses - $1,000.

Outsourcing for non-technical components of the project to speed up project delivery date - $6,000.

Taxes - $3300 D:

Developer

William Christian