Please describe your proposed solution

We want to use BitVM2 to run Cardano Mithril verifier or another lite client for Cardano to Bitcoin bridge, and Binocular for Bitcoin to Cardano bridging.

This allows to create a first truly decentralized and trustless 2-way Bitcoin <-> Cardano bridge.

We'll do research and development and produce a proof of concept implementation if possible.

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

First and only decentralized trustless 2 way Cardano<->Bitcoin bridge. It's huge!

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 compiler engineer at IOG, I worked on Marlowe DSL (https://marlowe.iohk.io).

I'm the author of Scalus – DApp development platform on Cardano

I'm the author and designer of Cosmex L2 Exchange

This approach is totally feasible in theory. Additional R&D is needed to make a proof of concept, and that is precisely the point of this proposal.

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

Milestone 1: Research running Mithril and Cardano lite client validation on BitVM2 for Cardano to Bitcoin bridging.

Produce Whitepaper with the design.

Milestone 2: Implement Proof of concept implementation of 2-way bridge using BitVM2 and Binocular.

Final Milestone: Produce demo on Testnet of the Proof of concept 2-way bridge.

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.

I'm the author and designer of Cosmex L2 Exchange

I'm the author of Scalus – DApp development platform on Cardano

I'm the author and designer of Binocular – Trustless Bitcoin Transaction Oracle

Ruslan Shevchenko rssh – PhD in CS, prominent Scala engineer, compilers engineer and system architect.

Please provide a cost breakdown of the proposed work and resources

We estimated 3 months of development.

3*160h*** 75=36000/0.3=120,000 ADA.

No dependencies.

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

First and only decentralized trustless 2 way Cardano<->Bitcoin bridge. It's huge!