Please describe your proposed solution.

Binocular uses NIPoPoWs to provide a Bitcoin blocks Merkle tree root in its Oracle datum.

This allows contracts to check a transaction exists in a block on Bitcoin.

Binocular is a smart contract that works as follows:

• Prover Pete commits to a chain of Bitcoin blocks a in a form of NIPoPoW superblocks.
• Pete puts a Merkle tree root of those blocks in the Binocural datum.
• Verifier Vicky can challenge Pete by providing her chain of blocks with higher work, and take Pete's deposit if successfull.
• Alice can observe an Oracle contact datum and construct a Merkle proof of certain transaction id inclusion in Bitcoin block.

Please define the positive impact your project will have on the wider Cardano community.

Future is multi-blockchain, and Bitcoin is still the most known.

This project improves cross-blockchain interoperability.

And it's a trustless Oracle!

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?

I'm a former IOG engineer. I know what I'm doing.

What are the key milestones you need to achieve in order to complete your project successfully?

A litepaper with high-level protocol description.

>A whitepaper with full protocol description, communications diagrams, smart contract state machine description, algorythms etc.

>A proof of concept implementation of Binocular smart contract state machine.

>A proof of concept implementation of Binocular client code that uses the Oracle.

>Tutorial and demo video of how it works and how to use it

>As a result we will have:

• the litepaper,
• the whitepaper,
• PoC implementation of Binocular smart contract,
• PoC of a client code,
• tutorial and demo video.

Who is in the project team and what are their roles?

The main proposer, Alexander Nemish, will be actively working on the proposal.

I’m a former compiler engineer at IOG, I worked on Marlowe DSL (<https://marlowe.iohk.io>).

I’m a senior Scala engineer with more than 10 years of Scala development experience with companies like UBS and Deutsche Bank.

Please provide a cost breakdown of the proposed work and resources.

I estimated it would take about 3 month of work * 35000 ADA each = 100000 ADA.

How does the cost of the project represent value for money for the Cardano ecosystem?

It's a bargain for the first cross-chain trustless Oracle design and proof of concept implementation.