Closed muirglacier closed 2 years ago
Love it @muirglacier! Happy to also contribute to this initiative. Much needed for DeFiChain ecosystem.
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
Absolutely needed and given I know @muirglacier I will definitely vote a yes!
One of the most valuable CFP's which will open doors to huge opportunities. Yes!
Great CFP! You got all my support @muirglacier You have shown so much value in the past for us.
This will be a game-changer and will help us in the mass adoption of DeFiChain in the cryptosphere!
You will get definitely a YES from my side. Great idea!
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.
Wow! This is awesome! Can't wait to see this project come to fruition. Good luck and all the best. 💪🏽
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
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.
awesome CFP - I will definitely vote YES!
Such a good idea! I vote with YES
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
A proposal to support, thanks to Daniel that is an awesome idea and worth a CFP! This can mean a lot of new money flowing in easily! My clear winner in that round!
Nothing to add. A clear: YES
$ defi-cli signmessage 8TVJcbjVizR9b48o89xKLuDqwCmDtpFtvr cfp-2111-16-yes IIP5V3rPK3MA+gt4sIYh0hNua3A/2vKSTUn4YvQkCwqkG2jFtanYephuPxYNiIlnjghi44SgafTGkHkFzgKPHlY= $ defi-cli signmessage 8cXiD6ye5SPy1EqUF7PiyqQsWsJs5mtMuJ cfp-2111-16-yes IP44Dwkf2fDnc2F2eZUzHk8+CxHk+mGbid25DaonN3HaLIJF/qj9012eDgsX3NFfc+oVOsb568MR2j3Zu10HCoY=
signmessage 8RmKLDHLmWKhHbR8ScJ6xvcsAAeXuetfxc cfp-2111-16-yes IIUnkK+3bMNUVx4a4kWH0ipb2h+tu6J89EQVKl+nUzNyTqYdGpSQkEjMp1mQIlIFtQln/5KLFevZWamz+im8UdM=
$ defi-cli signmessage 8VKs5jqADhwRTHVXsf8hhMmJm5r8FpWF7h cfp-2111-16-yes Hw5pO3HhIVu5B+gXRUf6tIpY8r82uNzjMH5H2Q8jGcWuCO28syYro2p8pZ63lZ4pJVtQZAcPKAS5x7Xo90RDwT8=
$ defi-cli signmessage 8XP5w7ybYGFoUYy3Sm9nWdbexAvSPJXZxD cfp-2111-16-yes IFXH0kA2M7lgG+R/9yHbUMKmlT3EFISFGe27470uT8TjNciymv67nq9kiB8hCFSD0WPpwYvRdL3Ug29e06edHx8=
$ defi-cli signmessage 8VWKo5wCpaHqKvDLUTAaEWnFVhZWGoYPL2 cfp-2111-16-yes H+3kCOgP9Te8RbJssLNET5NcQ4ncT0bCb/fXx6P8AYP1KXqTIhMI8VbNUwPWDvFEpxZmstKsQpiPo97Pju3n9fo=
signmessage 8VLXNRr6C8dui1BMzJXjYVtWzq556quUuJ cfp-2111-16-yes IIMETqmN186TFdKfH3VMYZ25+f0cQOrSMDvnjq4oNXM2FVblJ81IoRtOW7D94hIXKoNBP4w1KMB4ZOMRUTeRzaY=
signmessage 8cwPwDzdvKEbuJfwBT3duEtyoRKc1i9zKb cfp-2111-16-yes H4OB996i6WILpzX6D1q9M74gy/nTKT/x1akmOyNhOsWSIci1LpxEFO9wM7aSiXxWXTAJuFr00ClegOZNVgW5rKo= signmessage 8c58cBH6SyhoQrtPC3522JAouAgoLU93x2 cfp-2111-16-yes H7nv+esUvHaxqTncWfzfuVp9SkVDvB1eCh61uhx5I296LniT6rx0LOSUQgS3FF0gl2IdVv7mwHGAJi2mOlRSr30= signmessage 8X6yRDkrfZk1ndVFtCLw5Es6Xbt9ANnMgg cfp-2111-16-yes H2jvcGCV8iwzXH1vGOHf+wpr6o5PI1T7bDLmTkSLzWEHOZwWdc9++gn9nKpwi6z1wtbbPtYMNLBG1goWWVJfLwo= signmessage 8XVoB9qHofbBWZRJZrW6ExaM9G7Lqs2SVE cfp-2111-16-yes IME674UrJeeCNy2cUML7B1ypuds8BJlM04jtfKGTHONqXKIFXVUgbKyfrci3WIUgSttpiAuEvLuenCSK4BTeQkU= signmessage 8b4DfwndQM6BEkEgiWCaMgBQh6BwxmhELy cfp-2111-16-yes ICtzurNZyNbwOZliTDEpSfzJ6wXBEhVgcHyYV7x/gz//fsYGixAls8+uL/j58f4XLmCGlUoAXmaEwEca8PGzJCk= signmessage 8L5HqaEBzRN4FEiHkyV6qiDpupDWktEfcb cfp-2111-16-yes HzfvlWQ4NxnOyLZIKB3RTkKg68n/YCJJSfrvYoEaSh3DPtBH/BXSq+lhuvna7Fu2s8PcbQ4MZ1R8IcmID0IXp0U=
signmessage 8KDvbt7tK4HsLMSd4kD2HXmZcy2NcuJP9b dfip-90-yes H4MTpX6DwYKMDyBxiD08LBT2DdgPYiL6TV5zE8RLOfF5SwaEiVo6y726XRoge6GQAx9DyXvRBdftd9VTWqZ5lJ0=
defi-cli signmessage 8NvE9Uzkq31iPQnTBFAAKmN5YkCaxbByZc cfp-2111-16-yes H528OHvTf6w+vGMOwzghLk+KAu2xR5/6zYy9NpEJksKxbuubB7JsERvCx8R1vvjKMMHE9FiePSuD4yP2Bc+R1sI=
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signmessage 8YZjv4wjtdGqZWDt7BZ8tKPwDyXZVjkp4F cfp-2111-16-yes IN++VRY75EenVIyc9tIXaMxtkTkae3BNZX6sZj4JoQPFZFr8p8UxihjplamUqr2iCRpP+5AMwKQ5Xi/MdIELUF4=
$ defi-cli signmessage 8Ly4EGDFmcMr9kaEUyVRz3727w2rdzkMyW cfp-2111-16-yes IE7DVoq1aK3BD9lXPDerHjtLLrX370LhbklxUlRMm0+paSHp+tKWXtR2rI/Mpy5rtUHvWiUrK1NSiaXWM4DIk+4= $ defi-cli signmessage 8HJGgMQR8rS9ZaLiWsRwJSmgvComw6AmDK cfp-2111-16-yes IDJ0Vl8FQvDB4LPfoO0r/SHVMX8l6bMV2gdcOAqTedgRGl6Dg7jryZ8X/sroWEsEZqo6YEO8NAWtaPMURSfxEuA=
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signmessage 8Lb2YBdFHTbioN1e3RGf1Vvprrj7da8Srs cfp-2111-16-yes IFy4wn7WZ+XW9gvxfHKJSabpJc/cSoGhOP4G7560rN0PTqA7nDZd+fnqYvMU+St0TfGqGkpLhSPVFL7EJXCAuKg=
$ defi-cli signmessage 8dK9Se1fAmQxNUnxu9CwE4gDHNe2813oEX cfp-2111-16-yes H5MY7ycnc3nHMohnQISd88oBkRpeAeBD4Oc1pWi6lLxbMn/zANNGkDQ30+Mp5Hk1yR7rGBa+8rv09VGrbHFZQx0= $ defi-cli signmessage 8cascFsC5FNV5SHeEjpitLGFiXx2UgWHzF cfp-2111-16-yes INHNlUcl719pRIoCp90xuu3hYTYxeD+qqSF7sCXE/qUzcbde1sUvIyhfZBeqL+unhFrPPGNOsJJPFZqH0J1TnA4=
defi-cli signmessage 8bPdc4zfc5ciqdhi1Eucz48zXeWNCN1HU3 cfp-2111-16-yes IEbTaFWFuu9uIAz4/1v0/nhjUC98pL8Phs0TEFbYWiNgbwqg3X8NyDQrk5RomGhxbw54BjsTyIywqZkOqv6+b0E=
$ defi-cli signmessage 8P24qRzccs9FJXkqrrzPZGa2aNXxqBkrmb cfp-2111-16-yes H8xGvujHrapF9tnQSmUMboHkLLO5ZJkMLxydfIE9Qcs+ep8+iQtT0y+WIjX7gK/0dEc6CUmFS+HhlhR5lmixuOM=
$ defi-cli signmessage 8WC9NZuVSbQUdASSarGUTpw5g75EspLJRr "cfp-2111-16-yes" IAExH49qc79f59tMv5mBLUQlECly7zXBx6P1FI3gjN/WcMTaZbErOsq20Z29/C0NAUrODzM90/GCjrcy1ljz0z4=
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$ defi-cli signmessage 8MkuZ4irYvvaZ29ej11s8eL8kKq7pX41mu "cfp-2111-16-yes" H99aPKZLXKtpPb7LX33OqaHhXK4kHjkfKguPbBeWmD/4Nf/zNGPabKX7D1Oz+HKpeKhqUPlry8DZA7r3xo1oDeI=
signmessage 8VqHKJmGVPxDj2gZyD4cMnE5AvjrKPBgT6 "cfp-2111-16-yes" IEhAFSAng3AZwcAxpGA7ZrC88LCbodEyelcPHBiD48J6ewqKkeuvYUrBqEk0prDN+zEegwNaEW/T6YjfpTdzPwY=
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$ defi-cli signmessage 8XGwVa3SSZvZkXj4LKupxkr2K5gZiiGdL8 "cfp-2111-16-yes" H3F8/sdYdDeSGeDerd8J39yodKrCERnAPHzkyUHiiOUuRPLjjDyeckVr3xj9slen7DyS41YZtkDDZZiJq4BZFlo=
$ defi-cli signmessage 8dEUXp1tgAQHK6xtGZu4xk3NpL1U1P7z5T "cfp-2111-16-yes" H/hlogRjMNB01q1qkiEzfDtlSH7tcju+qLTjOmHoikwyesDho43yPSpuWjd2ZjsPZpqfkU88dunvycmewWRlEJY=
$ defi-cli signmessage 8TWqmjSwFxbaoxz71eeum67VnoYuBnm82z "cfp-2111-16-yes" Hzaz6DJQxAzl4aQ9YUKP5LkjMARJ/vPLm4VP/ejvwDCvLvI1raiMYrfeKkbCea2TdKRzva8GLHzbNTL0asURcZE=
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signmessage 8LuYw58tMJthEkXjg27xYQbp2J6iyUFgmt "cfp-2111-16-yes" H59zSxafMntynUHNdOhssH3q3SrtBKJNbKMcU6JKdGqNdkw5zeucH2/FFJMo8fYXoWwD0wYm/lTmWM/EmDOz07s= signmessage 8XRBSUtCnW3HqWdMiLxco17TGxgKqq3P6T "cfp-2111-16-yes" H4WN7y1vocRkF6VknqrIHP95fDXgG39aQ6Lpg2aSQXCSLb1zM0MFz254fnrXcP7T5YOzrk905CvJOT6u/LADcRo= signmessage 8brcHg6dt6fHphUTxZ7pZAaoXfrQsGrp5t "cfp-2111-16-yes" HwFEvN6qdoKccwr5e6q6ZTSXDL2qU7HmK04zfN4N4nDzIIPJv1njYiYs4NKADmXi4KsMj/nJ3z5hI0eB/lTVBmQ= signmessage 8cS4WTshRjjhKJ5fizs7tNmK49yRufM5Vt "cfp-2111-16-yes" H+oCguIR8xeOznxlzc/0+Yjzhufa6p+iAZJ//yFXTv5oIWf2POF6aQ+JDZ/+nc7mQQqxRDo9RlqaIPc5fBDxB0A= signmessage 8JkiGinKjd6TCjJz4mgZ5fzSqfKQVnAcaX "cfp-2111-16-yes" H4ez74Iq7dJUsz1ZwwEIAmhkxxDyjXl4CjnqiqqYTVsbfRWdbYSfFkDLmeO0uU9E4zehwIUj7Zy6JXmMB+8iZLo=
$ defi-cli signmessage 8WvdC1N5TcUh5vUakHbiwS4FLseKHxgh8k "cfp-2111-16-no" H85GOzYskqTVufHAY4XHfcqryBT/z79FMhvB7r/ddZKhWD1S1f0x2oVeWj6sYmnAUDswaQ2WTkhApXyGqcHjCng= $ defi-cli signmessage 8NmpD9eCmYZ1QPB5KxeHZ16nYt3BRDxJCG "cfp-2111-16-no" H5t4R6nMG6CWQ+VFnXYFUOnfTGYwC+ZQTQ778TVwbaiDLjNIqOUOGUWrKo/IGMCPHJmYczl/+hp4dnOvUSkpygQ= $ defi-cli signmessage 8KN72KNQW1aAjLJ3TG97rvmPLvjF4JgV1M "cfp-2111-16-no" IFLSX3VGZKSrnLVpx/l2EJ8z0fiwFU6Io6kSPiptYKEyOkYK52ZraguLA50Nc7i04K7n5puRLbjsaLeITsAkARo= $ defi-cli signmessage 8ZVS15wW8qyh6chG7oC5JjsWCXuUC49qR8 "cfp-2111-16-no" ILhH75FgUD3Coc2rBlKhS8x7zqwkSywRTjlsxVvgBlBdSKlOjqQSHeQYWbkdvYKbZs7HRZWfDeohxjW33GYbHfk= $ defi-cli signmessage 8eQJbB5twfEAuw6WDiZYaR7zmc8arsqUWN "cfp-2111-16-no" H2UjlQmn4k1uAyD4Q8/s5zHy/EszyDs/SdjhN9/8mbzVBkp3UPFYZ9nmY4DjW+f2WrX0s5ClPKML2je61/V3fE4=
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defi-cli signmessage 8RJM58PhPWKy8ufcbHwtxHLrByEyCM5Pey "cfp-2111-16-yes" H/IwNGDeNQJ7JiqBwIHhpbmrjgrAsDGrRrApCrjcF2qSFF7/wzWOtIMNTTF3j8cz05Ovcd1HwZQVUizCxJ/QCLY=
$ defi-cli signmessage 8TGQ4fFvV2NMirCgFS9coDz63jt2AZgo1t "cfp-2111-16-yes" H3hSkNw5vGLiujv7C+WykFAk7GOT7SIJX2BRdHDQOSfZGiOZEcTZhbQC2nMVfxlnJIaybZFsnziwUxEYU95emdI=
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?