Project: Wrapped HNT (wHNT) on EVM compatible Blockchains

afisherdev commented 2 years ago

Project: Wrapped HNT (wHNT) on EVM compatible Blockchains

Elevator Pitch:

Helium has managed to give the world a decentralized, people-powered, Omni-network protocol. Yet, its most loyal supporters - the HNT miners and holders - must still rely on centralized exchanges for exchanging their earnings and buying tokens to participate. We propose building a bridge that will allow users to convert their HNT for Wrapped HNT (wHNT). By bridging HNT onto EVM compatible blockchains, we can expose HNT to the broader market, allowing users to buy, sell and earn a yield on their tokens in a decentralized way. Expanding HNT’s reach to the larger Defi market will give users a better choice on what to do with their HNT and greater control over their digital assets.

Total fiat/HNT ask: $150,000

Name and Address:

Andrew Fisher, Founder of Noble Networks

Noble Networks Inc

Andrew Fisher

956 Asbury Ave, FL 2

Ocean City NJ 08226

Team or Project website:

https://whnt.network/ ("Under Construction")

https://www.noblenetworks.io/

Team or projects social:

wHNT: https://github.com/wrappedHNT

Andrew Fisher: https://github.com/afisherdev Frontend Developer / Founder @ Noble Networks

Graham Jenkins: https://github.com/GrahamJenkins - Systems Architect

Graham got started with Crypto by CPU/GPU mining Bitcoin and Namecoin in 2010/2011 while working as a full-time LAMP developer. Graham founded The Geeky Ninja as an IT consulting company in 2016. Over the next few years, he filled technical and managerial roles at several companies, ultimately getting involved with several crypto startups during the 2017 ICO bubble (presale investor with Bancor). In 2018 Graham filled an informal COO role at tokenized-real-estate startup Smartlaw, managing a 15 man development team, followed by a similar position with the Peg Network, (https://peg.network/) a 50% partnership with Bancor, (https://bancor.network/) focused on creating stable token factories capable of being pegged to any asset. Graham took a DevOps/Lead Engineer position with BMA (https://bma.la/) in 2019, managing development efforts for multiple client sites. Graham got involved in another COO role at Brain Inc in 2021, (https://brain.io/) managing operations and overseeing React development of Autopilot (https://autopilot.io/) Graham eventually left this position to focus on The Geeky Ninja full time, now operating as a Crypto consulting, advisory and implementation company employing a 15-20 man international team with an emphasis on Defi projects.

Jose Bravo: https://github.com/Mjavala Senior Engineer - Solidity/Rust

Cory Comly: https://github.com/kindoshen Backend Systems Developer / Founder @ Noble Networks

Lam Hoang: https://github.com/Mal402 - Project Management / Community Manager

Partners:

Dan Faiman (https://www.linkedin.com/in/danfaiman/)

Founder/CEO Revyrie

Revyrie is a full services e-merging technologies firm dedicated to launching startups into self-sustaining businesses and pushing developed startups into profitable enterprises. Our mission is to empower startups to deliver innovative technologies and products which improve how we live and enjoy our lives.

Revyrie integrates with each aspect of the startup: from its tech build-out to finding unique verticals. As a result, we can build technology for less than what the entrepreneur is typically able to and create a motivated team and experienced advisory board to guide the startup to a fiduciary event.

Sanjay Reddy(https://www.linkedin.com/in/psanjayreddy/)

Co-founder/General Partner, Unlock Venture Partners

Expertise at the intersection of media, technology, and finance. Experience in multiple verticals, including M&A banking on Wall Street at Salomon Smith Barney, entertainment and digital media in Hollywood at Gemstar-TV Guide (GMST), and technology in Silicon Valley at Covad Communications (COVD). Successful in completing the sale of the last three companies where I was an operator. Experience with private startups (as a co-founder, investor, advisor, operator) and mid-size to large public companies. Now building Unlock Venture Partners, an early-stage venture fund investing in technology companies primarily based in Los Angeles and Seattle.

wHNT - Twitter: https://www.twitter.com/wrappedHNT

wHNT - Discord: https://www.discord.gg/gAvxRwQU

wHNT - Medium https://www.medium.com/@wrappedHNT

Andrew Fisher - Twitter: https://www.twitter.com/iamandrewfisher

Noble Networks - Social Media: https://www.instagram.com/noblenetworks.io/

Project Details:

While there may be a preference within the space for fully on-chain, decentralized systems, we believe there is a need and a place for solutions with centralized components, specifically where smart contracts are not readily deployable. Our proposed method relies on trusted custodians with multi-sig keys to hold funds and, as such, could be placed somewhere in the middle on the spectrum of centralized and trusted to more decentralized and trustless.

Our proposed Custodian/Dao model aims at expanding usability and promoting collaboration among industry partners in a decentralized way:

Protocol funds are held in a multi-sig wallet on the Helium blockchain in the proposed system. Custodians are only authorized to process two types of preapproved transactions: the return of HNT to a wallet due to rejection or the release of HNT upon a wHNT burn transaction. All other actions, such as setting up another hot/cold custodial wallet, require the approval of all DAO members. Custodians do not determine which transaction to complete but rely on DAO members and community-led “Bridge Validators” to help.

The EVM token contract is governed by a token controller the DAO controls. Most DAO member signatures are required to implement changes. In the interest of security and usability, DAO members collectively decide on adding/removing DAO members/validators. In addition, they can adjust various protocol parameters such as fees and delay duration. The DAO does not sign every mint or burn transaction but relies on “Bridge Validators” to determine and process legitimate requests.

Validators run software that communicates with each other, ensuring that each (witnessed/verified) deposit of HNT or wHNT has been approved by at least one validator. To illustrate a request contract, a validator (round-robin chosen) witnesses a transaction, matches it with a request ID, and certifies that it was fulfilled. This transaction (against the Request contract) starts a time delay, after which the mint/burn can be fulfilled. Any validator can challenge the approval during this time, freezing it if they detect an error or fraud. Once a transaction has been validated and passed the time delay, the user or a validator can call claim(requestID), which will mint the tokens to the intended recipient’s wallet or send a request for the release of HNT on burning.

Roadmap:

As a proven strategy of creating interoperability between two technologically separate and sovereign blockchains, the described approach has the advantage of being relatively simple to implement compared to a fully decentralized bridge with blockchains that are inherently different in terms of architecture and use case.

We anticipate that this development will take our team three months, with the bulk of the time spent on the Proof of Concept and the remainder on preparations for stress-testing, code audits, and deployment of a functional dAPP on the Ethereum Mainnet.

Milestone Timeframe	Deliverable	Summary	Cost In USD
Milestone 1, Week 1-4	Proof of Concept	POC: Token contract Mint and burn framework laid out. Basic UI with Dapp integration for token transfer	$30,000 (up front)
Milestone 2a, Week 5-6	Test Net Application \ Testnet DAO	Test Net: Backend service automation for token transfer Dapp with the ability to exchange between networks	$30,000 (upon completion)
Milestone 2b, Week 7-8	Test Net Application \ Testnet DAO	Test Net: MultiSig Integration Testing DAO Multisig wallet functionality	$30,000 (upon completion)
Milestone 3,, Week 9-12	Final Application Launch	Final App Launch: Dapp Bridge page where users can connect wallets to perform bridge transfers Ability to bridge HNT Helium tokens to an (ETH) MetaMask wallet or (SOL) Phantom Wallet Security audit review with DeWi	$60,000 (upon completion)