Please describe your proposed solution.
Our proposed solution aims to bridge the divide between Cardano, Ethereum, and other major blockchains by developing an open-source solution that allows wallets across these platforms to interact seamlessly. The different wallets can connect to one another through our portal and enable cross-chain rewards and interactions. For example, through the portal we want to build, your Metamask wallet can be connected to your Yoroi, Nami, or Eternl wallet.
Currently, there is a lack of easy cross-chain interaction between Cardano, Ethereum, and other blockchains. This lack of interoperability means users of one blockchain cannot easily receive rewards or participate in activities on another blockchain, which limits the potential of these diverse ecosystems. By linking wallets across multiple blockchains, we will enable a wider range of interactions, facilitating more complex and interesting cross-chain activities. The current solutions are closed-sourced and expensive to tap into.
We have chosen to approach the problem by creating an open-source wallet link. This approach is scalable and can be extended to include additional blockchains in the future. Furthermore, by making the solution open-source, we are inviting the wider developer community to contribute and improve upon our initial design, ensuring that the solution remains robust, secure, and up-to-date. This will also allow for other projects to utilize the capability freely.
Our project will engage users and developers of Cardano, Ethereum, and other included blockchains, along with any interested parties looking to utilize cross-chain functionalities. This will bring more users and use-cases to the Cardano ecosystem, leading to higher adoption and innovation.
We plan to demonstrate our impact by tracking the number of users, number of wallet interactions between Cardano and other blockchains, and the quantity of projects that participate.
What's unique about our solution is its broad scope and scalability. By initially targeting Cardano and Ethereum – two of the most active blockchain ecosystems – we can maximize our impact right from the outset. Furthermore, our solution is not a one-off, but a platform that can be expanded and developed in response to evolving needs.
The benefits of our project extend to every participant in the Cardano ecosystem. For ordinary users, they'll have increased opportunities to earn rewards and engage with projects across multiple blockchains. For developers, it presents a new avenue for innovation and a new way to attract users and build communities. For Cardano itself, it represents another step towards interoperability and a more integrated blockchain ecosystem.
This is important to Cardano because it aligns with the blockchain's vision of interoperability and sustainability. By facilitating cross-chain interactions, we are helping to build a more connected, cohesive, and powerful blockchain ecosystem.
How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?
Our proposed solution addresses the challenge by providing a direct and open-source means for cross-chain interaction between Cardano, Ethereum, and other major blockchains. This interoperability is a crucial step towards achieving Cardano's vision of a more cohesive and integrated blockchain ecosystem.
Benefits to the Cardano ecosystem include:
Greater Interoperability: With our wallet link, projects can track and send rewards across multiple chains. Through our solution, you can reward users in ADA for holding a specific Ethereum digital asset and vice versa. This enhanced interoperability could lead to innovative cross-chain projects and applications.
Increased Adoption: By facilitating interactions with Ethereum and other popular blockchains, our solution could draw new users to the Cardano ecosystem, thereby driving adoption. Because Cardano has native tokens, there is a compelling reason for projects from other chains to reward holders on Cardano.
Robust Developer Community: Our open-source approach encourages other developers to contribute to and improve the solution, leading to a more innovative developer community. We want the developer community across popular blockchains to use our solution to build cross-chain solutions that solve existing real world and Web3 problems.
New Avenue for Innovation: The wallet link creates new opportunities for Cardano projects, potentially encouraging novel use-cases and applications. Interoperability is complicated, but with our solution of a wallet link, we can drive cross-chain innovations. We believe that Cardano has unique technical features that are better for people to build enterprise solutions, while Ethereum or other blockchains are used for other purposes. Therefore, we establish a solution where someone can build across multiple blockchains AND we can build a digital identity using cross-chain native wallets.
As for impact, we estimate that our solution could engage thousands of users across different blockchains in the first year following the project's completion, given the size of the existing user base in Ethereum and other chains and the new scalability over the previous solution.
How do you intend to measure the success of your project?
Quantitative Measures:
Number of Wallet Interactions: We will track the number of cross-chain interactions that are facilitated by our wallet link. An increasing number of interactions would indicate greater usage and adoption.
User Growth: We will measure the number of unique users who utilize our solution. Growth in this metric would demonstrate the increasing relevance and acceptance of our solution among users across different blockchains.
Number of Participating Projects: The number of projects that utilize our solution for cross-chain rewards or other interactions will be a strong indicator of its utility and success.
Qualitative Measures:
User Feedback: We will actively seek feedback from our users regarding their experiences with our wallet link. This will provide insight into any potential issues, improvements, and additional features users may want.
Community Engagement: The response and interaction of the Cardano community to our project will be a vital measure. We'll look at responses in discussions, social media, and other public spaces.
Developer Engagement: The participation of developers in improving and expanding our open-source solution will be a key qualitative measure of success.
In the short term, our project is expected to draw new users to the ecosystem, positively impacting Cardano's growth. In the long term, we believe our project can play a pivotal role in fostering innovation, attracting developer communities from other chains, and driving cross-chain interoperability - all vital elements for Cardano's sustainability and dominance in the blockchain space. Moreover, the developer community can build out cross-chain solutions off of this standard. In the future, we can build more user-friendly solutions for all internet users, so they don’t feel like they’re interacting with Web2 or Web2, but just the internet.
Please describe your plans to share the outputs and results of your project?
Open Source Code: The primary output of our project, the wallet link codebase, will be made available on GitHub. Developers will be encouraged to use, improve, and build upon our solution. We want to create a cross-chain wallet link standard that can be leveraged by DIDs.
Regular Updates: We will regularly share updates and results with the Cardano community through blog articles and social media. We want to keep the community informed about our progress, challenges, successes, etc.
Documentation: We will produce thorough documentation of our solution, including technical specifications, user guides, and FAQs. This will be freely available online for anyone interested in our project.
Partnerships: We will actively reach out to projects across Cardano, Ethereum, and other blockchains to encourage them to leverage our solution for their cross-chain activities. These partnerships can pave the way on how to create rewards and solutions for cross-chain experiences and interactions.
As the project matures and more data is collected, we will utilize these results to further refine and expand our solution to more blockchains. The project’s results will guide us in identifying areas for improvement, understanding user needs, and evolving the wallet link to meet those needs. Moreover, we will work with developer communities from other blockchains to evolve the wallet link to build a more robust network of wallets.
Our expectation is that the results generated from the project will be instrumental in further research and development activities for cross chain interactions with Cardano being the foundation. This includes expanding the solution to other blockchains, refining the user experience, and potentially moving towards more complex cross-chain activities. By being open-source, other projects or developers can use our solution as a foundation for their own innovation.