CFP 2111-16: Non-custodial, Decentralised Chain-Interoperability and Funds-Transfer Solution Between DeFiChain and the Ethereum Ecosystem (100 000 DFI) #90
Comments
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Love it @muirglacier! Happy to also contribute to this initiative. Much needed for DeFiChain ecosystem. |
Thank you so much for your kind words, U-Zyn. I am more than happy to closely collaborate with you and the whole DeFiChain team to ensure the results are the best possible and we all are on the same page |
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Absolutely needed and given I know @muirglacier I will definitely vote a yes! |
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One of the most valuable CFP's which will open doors to huge opportunities. |
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Great CFP! You got all my support @muirglacier This will be a game-changer and will help us in the mass adoption of DeFiChain in the cryptosphere! |
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You will get definitely a YES from my side. Great idea! |
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Awesome! That is really needed. The value proposition for DeFiChain is huge once this is implemented. You will have my full support. Thank you Daniel for all you have done so far for DeFiChain. |
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Wow! This is awesome! |
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Great proposal, based on what @muirglacier has already contributed to the defichain project, this will be an awesome product, this CFP has my full support |
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Dr. Daniel Cagara ist "Master Yoda" of DeFiChain. We can be very grateful to have you on this project. I love the vision and will for sure vote yes with my Masternodes. Let's change the world. |
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awesome CFP - I will definitely vote YES! |
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Such a good idea! I vote with YES |
muirglacier
changed the title
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this CFP is one of the best and most important once I have seen so far... highly appreciated.... looking so much forward to this...!! I will vote YES YES Yes |
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A proposal to support, thanks to Daniel that is an awesome idea and worth a CFP! |
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Nothing to add. A clear: YES |
uzyn
changed the title
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$ defi-cli signmessage 8TVJcbjVizR9b48o89xKLuDqwCmDtpFtvr cfp-2111-16-yes |
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signmessage 8RmKLDHLmWKhHbR8ScJ6xvcsAAeXuetfxc cfp-2111-16-yes |
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$ defi-cli signmessage 8VKs5jqADhwRTHVXsf8hhMmJm5r8FpWF7h cfp-2111-16-yes $ defi-cli signmessage 8XP5w7ybYGFoUYy3Sm9nWdbexAvSPJXZxD cfp-2111-16-yes $ defi-cli signmessage 8VWKo5wCpaHqKvDLUTAaEWnFVhZWGoYPL2 cfp-2111-16-yes |
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signmessage 8VLXNRr6C8dui1BMzJXjYVtWzq556quUuJ cfp-2111-16-yes |
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signmessage 8cwPwDzdvKEbuJfwBT3duEtyoRKc1i9zKb cfp-2111-16-yes |
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signmessage 8KDvbt7tK4HsLMSd4kD2HXmZcy2NcuJP9b dfip-90-yes |
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defi-cli signmessage 8NvE9Uzkq31iPQnTBFAAKmN5YkCaxbByZc cfp-2111-16-yes |
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$ defi-cli signmessage 8ZZnTWjtDxryxXtxt5ZpVsw4x4wGu1xhTH cfp-2111-16-yes |
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$ defi-cli signmessage 8bepFkfN739YpAtub7F4QA51Cnao76XWKw "cfp-2111-16-yes" |
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$ defi-cli signmessage 8HyegERjH7BmYuQDzZ4zKiDZP8PRtvLsfN "cfp-2111-16-yes" |
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signmessage 8GQuQhRTKTcGgw8nSMnQmqLJWmZ2zoaorq "cfp-2111-16-yes" |
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$ defi-cli signmessage 8KV9NdtHcfPbqQEEyFkQtYgfJ5473WVqeK "cfp-2111-16-yes" |
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$ defi-cli signmessage 8FH6usLi4iiQVPvvoNqEZZjMsXwMQ3K5Rz "cfp-2111-16-yes" |
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$ defi-cli signmessage 8YBcHsAMiQkVSdmRutroDJYzhmk7XfPrme "cfp-2111-16-yes" |
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$ defi-cli signmessage 8Fgtktf4Y2DNYin6ZCAUreUu8kGGm8VsRy "cfp-2111-16-yes" |
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$ defi-cli signmessage 8d5zL6C4DeAzm1AWcYM74rFHK5PKJ2BcZ6 "cfp-2111-16-yes" |
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$ defi-cli signmessage 8TKFoAzpgMrXctyobm1A3foTQTCc3PnyUz cfp-2111-16-yes |
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$ defi-cli signmessage 8NY6SVD5B8ahBELJFWdbXQkL2BCnJ8Woe3 "cfp-2111-16-yes" |
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$ defi-cli signmessage 8VqMnH2q3RfHomtYWp4XuNShzrAsvW6R2c "cfp-2111-16-yes" |
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$ defi-cli signmessage 8XGafXGLtDGNgBu4tgiu1Fqq8KzgB5EyPW "cfp-2111-16-yes" |
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$ defi-cli signmessage 8PwTxTjZSJjvhhwqzn41tiXmw4tSYFA5oG "cfp-2111-16-yes" |
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$ defi-cli signmessage 8V97LpD1yXho4MZ4WFzERW6MDiUU6J3xoD "cfp-2111-16-yes" |
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$ defi-cli signmessage 8PMSQqGfyWddDnsdkLbMCNxXSS89sVN8op "cfp-2111-16-yes" |
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$ defi-cli signmessage 8Ydec1TEZH889ZbnvgZBuVLeMJKiTUo18V "cfp-2111-16-yes" |
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$ defi-cli signmessage 8WGzKYTq6HK8eSA59ef3NnNcaLeoCFUuUz "cfp-2111-16-yes" |
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signmessage 8UzN4RrVoTP9vDNqz9A9aFWmjzQNd4EPhR cfp-2111-16-yes |
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$ defi-cli signmessage 8c2Km6f9mUJNBBtmLfpYJ4A9bLcvcCTYq2 "cfp-2111-16-yes" |
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$ defi-cli signmessage 8PNFg5SaP5StkNQmaeCys3zPJ4KNLZeHyV "cfp-2111-16-yes" $ defi-cli signmessage 8L2NySK3hG27E15aWvD565GCoixDYaFa9h "cfp-2111-16-yes" $ defi-cli signmessage 8JJSzvSY6Krb127JSwoxHZnpEWwfbFTSre "cfp-2111-16-yes" $ defi-cli signmessage 8VDzTGHb8nFTiFkMY1N9dghXGpzzuDiYop "cfp-2111-16-yes" $ defi-cli signmessage 8LXtM3xBk68eEKnfFYTphcpemjabs1mtmz "cfp-2111-16-yes" $ defi-cli signmessage 8Ynwzb9Z9FBrK8D7LTaDtruBJks4SCkhgf "cfp-2111-16-yes" $ defi-cli signmessage 8PYJkF3dnVdtRgb3BxYcKAR8K1spAvDBzU "cfp-2111-16-no" $ defi-cli signmessage 8UHrvW9dn3AYbSKA2AnKYwvcURMRK4gPpU "cfp-2111-16-no" $ defi-cli signmessage 8G3KDg8etU3cBsaPg5UFy8cYgyqvcTgoky "cfp-2111-16-no" $ defi-cli signmessage 8SyEjeZXw4tFTVrn6XtHqjhEka2ghD4UN5 "cfp-2111-16-no" |
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$ defi-cli signmessage 8QbyxsADUa99wECN4gja99NExocBq7FEBH "cfp-2111-16-yes" |
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defi-cli signmessage 8TorBgcHFv8tyhMX2sbb7JfJjBi4JNtucp cfp-2111-16-yes |
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$ defi-cli signmessage 8WDwsNh6Mk2nnixNnKFAP8cGwg8zwzQrxG "cfp-2111-16-yes" |
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signmessage 8Z2Aq6dWteCRdqMkXh73FM3r2AbvJocaML "cfp-2111-16-yes" |
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defi-cli signmessage 8Wk9Yfeyd7C4Nh6FTs6tmGobhBmPzmhmFM "cfp-2111-16-yes" |
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$ defi-cli signmessage 8PsVRvSoTmG4GcCw9ndYksG1hZsQNkWNpY cfp-2111-16-yes |
mnstate_validate.log |
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CFP payments have been processed. Please refer to #73 (comment) for detailed info and hashes. Thanks! |
and others
Overview
[Update: 15/11/2021 5:51 am UTC: After many discussions, we have decided to increase the fund request to 100k DFI. This will allow us to form a bigger team and push the rollout as fast as we can. It is paramount that we have this solution up and running with no further delays, both on Ethereum and the Binance Chain. Thank you all for your generous support and the great feedback.]
Describe the purpose
Rationale
DeFi, in general, provides a new avenue for enhancing a host of traditional financial products by leveraging the power of blockchain technology; due to its nature, investors no longer need intermediaries like a banks or other institutions which provide a centralised financial platform. Instead, automated enforceable agreements in the form of smart contracts, or specialized Blockchains that have the logic embedded into their consensus algorithm (i.e. DefiChain), provide a fair, algorithmic peer-to-peer alternative and open up a plethora of opportunities even to curious investors that normally would not have any access to the traditional banking system.
Most DeFi applications are built on the Ethereum blockchain; benefiting from an already large user base and the sheer amount of money that has already been stored on Ethereum, investors, and platforms are within arm's reach of each other. In fact, according to the Q2/2021 DeFi Report by Consensys (https://consensys.net/reports/defi-report-q2-2021), the month of May 2021 alone saw a volume of $173 billion USD on decentralised exchanges, and $65 billion USD locked up in stable coins alone. According to an article by PRNewsWire from November this year, the total value locked in DeFi projects hit an all-time high of $236 Billion (DeFi Total Value Locked Hits All-Time High of $236 Billion (prnewswire.com). On the other hand, DeFiChain has only about $1 billion of value locked, with plenty of room to grow.
DeFiChain is a novel and disruptive solution that offers decentralised finance without the need for user-programmable smart contracts. This eliminates a common problem that we see within the Ethereum ecosystem: bugs in Ethereum smart contracts which are disastrous - given how much money is locked in them - and don’t seem to be going away anytime soon. However, this comes at the disadvantage that it forms an entirely new ecosystem rather than building on top of one that already exists. While money is already available on the Ethereum blockchain (and ready to be invested into various projects), DeFiChain currently relies predominantly on new money being brought in externally in order to increase the TVL (Total Value Locked).
Current Solutions on DeFiChain
There are currently a couple options for users to bring new capital into the DeFiChain ecosystem: one way is going through traditional centralised exchanges or CakeDefi.com, where DFI (the native currency on DeFiChain) can be traded for other cryptocurrencies, or acquired with fiat money. Then, it can be withdrawn to the users' decentralized wallets. The second approach that has been employed is a ERC20 Token on the Ethereum blockchain, which can be acquired in a plethora of different ways (most notably, on a DEX [decentralised exchange]). Then it can be exchanged for "real" DFI on CakeDefi.com in the same way as described above.
The aforementioned approaches, however, both share one central downside: both rely on a centralised authority, rather than a fully end-to-end decentralised workflow. This also imposes many regulations on the users such as Know-Your-Customer (KYC) regulations, which a share of users are not comfortable with. While I have total trust in CakeDefi.com, as I know the team in the background and I am familiar with the ecosystem's machinations, this must not necessarily be the case in general. Providing your very personal details (e.g., Drivers License, Passport) to an entity in an otherwise very pseudonymous eco-system can be an obstacle, that some people might not be comfortable with overcoming - especially when coming from different parts of the world than where the project is based.
In fact, it has been shown in numerous studies, that the removal of trusted entities from a distributed system (or offering decentralised alternatives) makes a blockchain more attractive to potential users around the world.
A Permission-less and Decentralised Approach
"Cross-chain-interoperability" is increasingly becoming a very hot topic of discussion seen as the ultimate solution for enhancing interoperability and monetary transfer between blockchains. RenVM is a pioneer in this field; it is an open protocol providing access to inter-blockchain liquidity between Ethereum and numerous blockchains such as BTC, BCH, and ZEC, allowing, e.g., money flowing from Ethereum to Bitcoin and vice versa. RenVM works in a decentralised, non-custodial, and fully decentralised way. At no point in time does a central authority have control over the funds that are being transferred. In fact, through the very clever application of "secret sharing algorithms", it allows a large group of "darknodes" (you can think of them as masternodes) to create a "joint private key" for the deposit address on one chain and the withdrawal signature on the other chain. While the collective as a whole can process deposits and withdrawals, at no point in time can one entity trivially gain control over the funds. RenVM has, to date, processed hundreds of millions of dollars in value, and has proven to be a viable approach without any problems.
So What is This Proposal About?
There are multiple problems with just using RenVM to the DeFiChain. Not only is there a "listing process for new coins" which is scrutinised by people outside of the DeFiChain ecosystem, but the darknode itself (the brain of this system) is also closed source, not allowing us as a community to have any control over what is going on. Also, even if we could list DFI on RenVM, it is unlikely that we could keep listing and tokenising other d-Coins (dUSDC, dBTC, etc.) or virtual stocks.
This proposal encompasses creating a similar solution for DeFiChain, giving us a decentralised and non-custodial portal to the Ethereum blockchain, allowing our users to transfer value, that is stored on the DeFiChain, into the Ethereum eco-system and vice-versa; the main advantage of such system is that it makes the on-boarding process of new users, that are currently invested in DeFi-projects on the Ethereum blockchain, considerably easier.
TL;DR: A system like RenVM for the DeFiChain would allow new users to move their money into the DeFiChain without any custodial third party or centralised service. In fact, it would just take a click of a button in Metamask. This would greatly benefit DeFiChain to acquire more users and fresh capital, while at the same offering a notable convenience to all current users.
A Bit More About Me
You can meet me by watching the DeFiChain Fireside Chat (Dr. Daniel, the bug bounty hunter of DeFiChain. - YouTube); I have a strong background in network security and cryptography and have been involved in crypto for almost 10 years now. As I am invested heavily in DeFiChain, I have a strong incentive to push the project forward. I used to contribute to the security and stability of the code base through the Bug Bounty Program (DeFiChain Bug Bounty Program – DeFiChain) and I genuinely believe, that the project proposed in this proposal will be able to increase the adoption and value of DeFiChain greatly. I have a blockchain-related company here in Australia which will be the overarching entity for this project.
My Company Details (The Project's Executing Party)
MUIR GLACIER PTY LTD
Australian Company Number (ACN): 639 129 632
How will the fund be spent?
How does this CFP benefit the DeFiChain community?
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