Additionally, through bridges like Nomad users can bridge assets between Ethereum <-> Milkomeda. However, we currently don't have a way to bridge ERC721/ERC1155-like assets between Cardano <-> Milkomeda which limits developer adoption for projects that would benefit bridging NFTs or similar assets.

Allowing bridging these types of assets will increase the number of projects that can bring their assets over to Cardano

This project is a technical implementations to help connect Cardano to other blockchains by allowing them to bridge over their ERC721 and ERC1155 assets.

Bridging ERC721 and ERC1155 assets is a known problem in the bridging space because NFTs often have special permissions associated with the individual tokens which may not work as expected when bridged. This is a fundamental limitation (from both a philosophical and technical perspective), but we will do our best to provide a solution that enables as many use-cases as possible

[FEASIBILITY]

Q1 2022: Release the ERC20 conversion functionality in (not strictly related to this proposal, but related to the timeline)
Q2 2022: Proof of concept for bridging ERC721/ERC1155 assets
Q3 2022: Full production release of ERC721/ERC1155 bridging

$5K - Investigation work into the best way to transfer ERC721/ERC1155 assets between Cardano <-> Milkomeda
$10K - Technical implementation of the bridging mechanism
$5K - UI development of a portal for users to bridge their assets

The dcSpark team is one of the core contributors to both Milkomeda and Cardano so we are familiar with how both protocols works. Additionally, we have multiple UI developers who can build the bridging portal for users to bridge their assets

[AUDITABILITY]

The project has 3 milestones as described in the feasibility section and progress will be measured by their implementation according to the timeline

Success looks like many projects released on Milkomeda and Cardano that depend on bridging ERC721/ERC1155 assets across chains along with the success of the assets on marketplaces such as NFT marketplaces in Cardano

New proposal

Monthly report

February 19, 2023 Progress report

Status: In progress

On track: No

Estimated completion date: -

January 19, 2023 Progress report

Status: In progress

On track: No

Estimated completion date: -

Summary

Unfortunately, we are currently unable to move forward with the project as we are still in need of developer resources. We are actively working on obtaining these resources and will update you on the progress of the project as soon as we are able to do so.Fo

Evidence

Explanation

It is not possible to indicate direct progression due to the situation described earlier in the report. For the sake of continuity of reporting and to explain the situation related to the project, we decided to fill out the report. If in the absence of visible progress it is better not to report at all, please let us know.

December 20, 2022 Progress report

Status: Completed

On track: Yes

Estimated completion date: -

Summary

Our goal is to build the infrastructure required to be able to bring NFTs or ERC1155-compatible assets between Cardano <-> Milkomeda. Recently we released New open-source smart contract (Plutus Minting & Burning Contract) that allow users mint & burn tokens using a Plutus contract. Thanks to our proposed solution we will make it possible: - More efficient bridges in the UTXO model (such as Milkomeda C1) - Token redemption functionality To solve this, our smart contract allows defining both minting and burning logic as a smart contract! This contract is meant to create a unique minting and burning contract for every ERC721 smart contract that is bridged to the Cardano blockchain. The ERC721 id is used to configure the smart contract, along with a "permission NFT" policy id and token name. Using the ERC721 id as part of the configuration ensures the policy id for the NFTs is unique. The permission NFT is required to be spent in either the minting or burning transaction. Multiple NFTs can be minted or burned in a transaction. However, to ensure that NFTs are minted, only one token for each token name can be minted in a transaction.

Evidence

https://twitter.com/dcspark_io/status/1603187838706929664?t=tZPPaH2dFkam_uCLX3Pkkw&s=19 https://github.com/dcSpark/bridge-minter

Explanation

1. Social media announcement 2. Github repository

November 28, 2022 Progress report

Status: In progress

On track: Yes

Estimated completion date: -

November 23, 2022 Progress report

Status: In progress

On track: Yes

Estimated completion date: -

May 30, 2022 Progress report

Status: In progress

On track: Yes

Estimated completion date: 09/30/2022

Team

dcSpark is one of the core contributors to Milkomeda and also core contributors to Cardano so we are very familiar with how both platforms work. Additionally, we helped design and build the functionality to bridge Cardano assets <-> ERC20 so we have ideas on how to extend it.

nicoarqueros

dcSpark

Website

https://cardano.ideascale.com/c/idea/400718

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