Please describe your proposed solution
Awareness of the problem:
- Hydra has garnered significant attention for Cardano due to its potential to enable one million transactions per second. However, over three years since its introduction, the technology has yet to be officially implemented. This has led many within the community to speculate that Hydra is dead.
- There have not been many use cases for Hydra technology to attract solution development projects on this technology.
- Developers face difficulties in building on Hydra due to the lack of source code libraries.
- We are witnessing an incredible surge in activity on the Near blockchain network and TON coin market cap surpassing ADA, both of which are attributed to the integration of blockchain on the Telegram platform. This is partly due to Telegram surpassing Discord in terms of daily active users while offering more extensive permissions for application integration on their platform. More importantly, the convenience of using wallets on Telegram has touched the most essential needs of cryptocurrency users.
Approach:
- Inspired by the success of the NEAR wallet integrated into Telegram with the ability to play mini-games to earn rewards, the NEAR wallet on Telegram has attracted millions of daily active gamers, generating a significant amount of transaction fees for the network. We want to build on this idea on Cardano, but transaction fees and block size do not allow for this to be done on the mainnet. It is great that Hydra will be the right solution to address this issue (in terms of proof of concept at this point in time).
- Expand use cases: Creating a wallet using Hydra on Telegram will open up more use cases than just mini-games, providing users with a seamless, simple, and convenient experience.
Description:
- Technology Stack: Backend - Node.js programming language; Frontend - React framework; Cardano interaction - Mesh.js library.
- Telegram Mini-App Development: Utilize Telegram SDK to connect with Hydra Wallet.
- Feature Development: Prioritize building essential features before proceeding to more complex ones. Planned Hydra Wallet features:
1.Create and provide seed phrase: Create and store your seed phrase securely to guarantee that only you can access your funds on Hydra Wallet. Employ private key encryption techniques and implement security measures such as passphrases.
2. Recovery Feature: Offers mechanisms to recover wallets in case of lost access, such as seed phrase recovery.
3. Check Balance: Provides an update on the balance of cryptocurrencies in the wallet. Allows viewing the history of transactions sent and received.
4. Send and Receive: Send and receive funds on both the Cardano Layer 1 and Hydra Layer 2 networks. Users can enter the recipient's wallet address and the amount of cryptocurrency to send and provides a wallet address for users to receive cryptocurrency from others.
5. Multilateral Asset Support: Supports storing and trading a variety of asset tokens across the diverse Cardano ecosystem.
Attract:
- Cardano Community: This proposal will serve as a testament to the maturity of Hydra technology and its immense potential for widespread adoption in the future.
- Project Owners: Open doors for a plethora of creative ideas leveraging Hydra technology. This will attract interest and investment in research and development of projects on the Hydra platform.
- DEVs: Provide developers with an open-source Hydra wallet library, reducing research barriers and saving project development time.
Uniqueness:
- The first Cardano application to be integrated into Telegram.
- The first Hydra wallet to be used on Telegram.
- Apply Hydra technology to specific use cases.