Support This Proposal
- Vote for the backpay proposal (#295) on Peakd.com
- Vote for the backpay proposal (#295) on Ecency
- Vote for the backpay Proposal (#295) using HiveSigner
Thank you for your support!
1.0 Introduction
We're excited to share the completion of Milestone 1 in the Hive CrossDEX project. This post outlines our reimbursement proposal for the costs of achieving this milestone. We've enabled the direct purchase of Hive tokens using over 60+ cryptocurrencies from Ethereum and Binance Smart Chain, directly sent to Hive Blockchain wallets. This significant development enhances the accessibility and ease of use of DeFi on Hive. Let's explore the details and implications of this milestone for the Hive community.
2.0 Milestone 1: Detailed Overview
Milestone 1 of the Hive CrossDEX project focused on enhancing the accessibility and fluidity of transactions within the Hive ecosystem. The primary objective was to enable users to purchase Hive tokens directly using a wide range of cryptocurrencies from major blockchains like Ethereum and Binance Smart Chain. This milestone was achieved successfully, allowing users to transfer Hive tokens to their Hive blockchain wallet with just a single approval.
Key features of this milestone include:
- Direct Purchase of Hive Tokens: Users can now buy Hive tokens using over 60 cryptocurrencies available on Ethereum and Binance Smart Chain platforms.
- Single-Step Approval Process: The entire transaction process is streamlined, requiring only one approval from the user, thereby simplifying the user experience.
- Automation through Swidge Protocol: TeraBlock's Swidge protocol is crucial in automating complex DeFi processes such as swapping, bridging, and gas calculations. This automation ensures a hassle-free user experience, eliminating the need to navigate through the typical complexities associated with DeFi transactions.
This milestone represents a significant step in making DeFi more accessible and user-friendly, particularly for those new to the Hive ecosystem or DeFi.
3.0 Impact on the Hive Ecosystem
The successful completion of Milestone 1 has a profound impact on the Hive ecosystem, marking a significant step forward in its evolution:
- Enhanced Accessibility: Integrating over 60 cryptocurrencies from Ethereum and Binance Smart Chain directly into Hive makes the platform more accessible to a broader audience.
- Streamlined Transactions: Automating complex DeFi processes like swapping and bridging simplifies transactions, making Hive more user-friendly and appealing, especially to those new to blockchain technology.
- Increased Liquidity: This milestone potentially increases the liquidity within the Hive ecosystem, as it becomes easier for users to transfer funds from major blockchains to Hive.
- Community Growth: By simplifying the process of acquiring Hive tokens, we anticipate an influx of new users, contributing to the growth and vibrancy of the Hive community.
- User Feedback: While specific statistics and user feedback are still being gathered, early indications suggest a positive reception from the community, with users appreciating the ease and efficiency of the new system.
This milestone is just the beginning of a series of enhancements to make Hive a leading blockchain in the DeFi space. The improvements brought about by this development are expected to have long-lasting positive effects on the Hive ecosystem.
4.0 Commitment to Open Source
Our commitment to open-source development remains steadfast as we progress through the Hive CrossDEX project. Project files will be released upon the successful completion of each milestone.
This decision underscores our dedication to transparency and community collaboration:
- Transparency in Development: Open-sourcing the code ensures that every aspect of our development is visible and accessible to the Hive community. This transparency builds trust and fosters a sense of collective ownership.
- Community Engagement: By making our code open source, we invite the Hive community to participate actively in the project. Developers can contribute, suggest improvements, and even build upon our work, enhancing the ecosystem's robustness and innovation.
- Long-Term Sustainability: Open-source code is crucial for the sustainability of the project. It allows for continuous improvements and adaptations by the community, ensuring the platform remains relevant and up-to-date with evolving blockchain technology.
Our commitment to open-source development is not just a promise but a core principle of our approach to building a more inclusive, collaborative, and innovative Hive ecosystem.
Github for Hive CrossDEX Milestone 1: https://github.com/TeraBlock/hive-crossdex
5.0 Next Steps: Preview of Milestone 2
As we progress to Milestone 2, we're gearing up for further advancements:
- Overview: Milestone 2 focuses on improving user onboarding and wallet management, making transitioning from traditional finance to DeFi on Hive smoother and more intuitive.
- Goals: We aim to integrate enhanced features for seamless user interaction, including account abstraction for easy onboarding and a comprehensive wallet manager for a more precise overview of users' DeFi assets across HIVE and EVM blockchains.
- Timeline: We're targeting a completion timeline of approximately six weeks for this phase, ensuring timely and efficient delivery of these new functionalities.
Stay tuned for more updates as we continue to enhance the HIVE ecosystem with TeraBlock's innovative solutions.
For detailed Hive CrossDEX proposal please visit
https://peakd.com/hive/@terablock-hive/hive-crossdex-proposal
6.0 Call to Action
Join us in shaping the future of Hive CrossDEX:
Try It Out: Visit Hive CrossDEX and explore the ease of buying Hive tokens with 60+ cryptocurrencies. Hive CrossDEX link: https://hive.terablock.com/
Tokens Listing: Visit our Tokens Listing blog and suggest your preferred tokens. The tokens with the most community support will be considered for listing on Hive CrossDEX.
Participate in the Proposal: Your support is crucial for the success of this initiative. By endorsing our proposal, you help expand Hive CrossDEX's capabilities, fostering Hive's growth as a DeFi leader. Hive CrossDEX Backpay Proposal - Milestone 1: https://peakd.com/me/proposals/295
Spread the Word: Experience the ease of Swidge and share your journey. Encourage friends and family to try it out and amplify our message across social media platforms.
Share Your Thoughts: Your feedback is invaluable. Please share your experiences, suggestions, and ideas for improvement in the comments below. Together, we can continue to refine and enhance the Hive ecosystem.
Your active participation and feedback are vital in driving innovation and expanding our DeFi ecosystem. Let's build a stronger Hive together!
7.0 Milestone 1 Costs
Proposal Amount: 28,080 HBD
This proposal seeks to cover the comprehensive labour costs incurred by the TeraBlock team in the successful development and implementation of Milestone 1. Our dedicated team, including a Product Manager, JS Developer (Blockchain), Blockchain Developer (EVM), Frontend Developer, UIUX Designer, and QA specialist, has worked diligently to bring this milestone to fruition. Additionally, this amount encompasses various operational expenses integral to making Milestone 1 fully operational.
Given the nature of this proposal as a reimbursement, we request a daily disbursement of 290 HBD over 200 days. The excess amount will be refunded back to DHF fund.
Support This Proposal
- Vote for the backpay proposal (#295) on Peakd.com
- Vote for the backpay Proposal (#295) using HiveSigner
Thank you for your support!
8.0 Conclusion
In conclusion, Milestone 1 marks a significant achievement for Hive CrossDEX. We've successfully enabled users to buy Hive tokens through 60+ cryptocurrencies on Ethereum and Binance Smart Chain, transferring them to their Hive blockchain wallet with a single approval. This milestone simplifies the complexities of DeFi, offering a seamless and user-friendly experience.
We remain steadfast in our commitment to the ongoing development and success of Hive CrossDEX. Our journey continues with the upcoming milestones designed to enhance further and expand the Hive ecosystem's capabilities.
We look forward to the continued support and engagement of the Hive community as we forge ahead in this exciting venture. Together, we can shape the future of DeFi and establish HIVE as a leading blockchain in the space.
Shivam Tandon,
Founder & CEO - TeraBlock
Twitter | LinkedIn
Get started in five simple steps
Follow these simple steps to purchase Hive tokens through 60+ cryptocurrencies in less than a minute!
Step 1: Access Hive CrossDEX
Visit https://hive.terablock.com
Step 2: Connect Web3 Wallet
- Click on Connect Wallet button in top right corner to connect your Web3 wallet.
- Web3 wallet extension may pop up confirmation for account selection if you have multiple accounts. Select the account you want to connect to and click the “Next” button.
- Approve the connection to the HIVE CrossDEX by clicking on the “Connect” button.
We currently support MetaMask, Trust Wallet and Coinbase, more wallet will be available after the completion of the next Project's Milestone. Read more
Step 3: Hive username
Enter the Hive username to receive the tokens following the conversion on the Hive blockchain. Click on the "Continue" button to proceed.
User Verification notification confirms the validity of the Hive wallet connection.
Step 4: Selection
- Select the desired blockchain
- Select the desired token
- Enter the amount of tokens you would like to Swap to Hive
- Click on Approve button
We currently support Ethereum (ERC-20) and Binance Smart Chain (BSC BEP-20) blockchains and 60+ cryptocurrencies. More blockchains and cryptocurrencies to be added after the completion of Project Milestone 6. Read more
Step 5: Approval
- Approve the “Spending Cap Request”. The minimum amount should be the amount you are swapping. Enter the amount and click on “Next” and then click on "Approve" to sign the transaction.
- To Approve the Swidge transaction click on "Confirm"
Spending Cap is the amount of tokens you would allow Web3 wallet to use for swaps on the connected DApp.
Step 6: Fully Automated Execution
- Swidge protocol will Swap your tokens to a stable coin.
- This stable coin will be locked on the EVM blockchain and equivalent amount will be released on the Hive Blockchain.
- Hive tokens will then be transferred to the Hive wallet.
The Swidge Protocol is TeraBlock's proprietary cross-chain technology, enabling users to swap assets across blockchains with a single click. It is designed to handle the underlying complexities of cross-chain transactions, including smart contract interactions, liquidity sourcing, and token conversions.
Customer Support
Whether you have a question about the CrossDEX, or its features, or would just like to share your experience and feedback with us, our team is ready to answer all your questions. Please feel free to get in touch with us.
Help Center: https://terablock.com/help
Telegram Community Group: https://t.me/TeraBlock
Support This Proposal
- Vote for the backpay proposal (#295) on Peakd.com
- Vote for the backpay Proposal (#295) using HiveSigner
Thank you for your support!
Important Links
Hive CrossDEX: Milestone 1
Hive CrossDEX: Try now!
https://hive.terablock.com/
Presentation
Hive CrossDEX Deck
TeraBlock ⇔ Splinterlands
Splinterlands Swidge: Try now!
TeraBlock's Impact on Splinterlands and the HIVE Blockchain
TeraBlock and Splinterlands collaborate, take DeFi gaming to new heights: Cointelegraph
TeraBlock on Peakd
Splinterlands Partnership
Splinterlands Cross-Chain Bridge
Genesis League Sports Proposal
Social Links
Website | Twitter | LinkedIn | Telegram
HIVE CrossDEX Backpay Milestone 1 Proposal Updates
Update 1
Dated: 18/12/23
- Taking into account the feedback from @borislavzlatanov, @vaultec, @stoodkev, @hero-hive, and the community, we have decided to take an open-source approach. Project files will be released upon the successful completion of each milestone.
Github for Hive CrossDEX Milestone 1: https://github.com/TeraBlock/hive-crossdex
Update 2
Dated: 28/12/23
- Following significant input and endorsement from key members of the Hive DHF group, we have successfully made the milestone 1 backpay proposal live. We would greatly appreciate your support, which will help us remain steadfast in our commitment to the ongoing development and success of Hive CrossDEX.
Support Backpay Milestone 1 Proposal - Vote on Peakd.com | Vote using HiveSigner
Isn't that you are getting fees from transactions? Then why DHF? "We" will end up paying you anyway.
In a really awesome and fair world that's exactly how it should work right? That projects and companies will flock to Hive with a business model that would profit from interacting with Hive users. This is not our reality... YET! I think we all know that the present state of Hive users fees generated would never cover the cost of more complex development projects.
So the question then is are we willing to kickstart a few unique tools that the community may want at reasonable costs? If so then is this one of those tools we think will benefit the community? Will it be good for our hopes in expanding this community and hopefully new people coming in today or years into the future, is it a good long term investment. This is what i want to hear discussion on. To me it seems we aren't in a position where we can lure a lot of cool financial products for our community that are self sustaining and that maybe is a gut punch to the reality of our community... but we still want them right? So maybe we need to pay for them to come here. BUT BUT... the question is ... is this one of those products.
I use simpleswap and stealthex.io and i'd like to understand better how this product is better than those.
Hi @gtg,
Thanks for your vote and question.
It's important to clarify the distinction between the fees generated from transactions and the purpose of the DHF grant.
The fees we collect from transactions are primarily used for the ongoing improvement and maintenance of the product. This includes launching new features, regular updates, and covering operational costs to ensure the platform remains efficient, secure, and user-friendly. These fees are crucial for the long-term sustainability of the project.
On the other hand, the DHF grant is specifically aimed at covering the initial development costs of the Hive CrossDEX. Building a robust DeFi infrastructure from scratch, especially one that doesn't currently exist on Hive, involves significant upfront investment in terms of resources and manpower. The grant allows us to undertake this extensive development work without compromising on quality or scope.
Moreover, our vision extends beyond the initial 6 milestones outlined in our proposal. The grant helps us lay a strong foundation, but the journey of enhancing and expanding the DeFi infrastructure on Hive is an ongoing process. The fees generated will support this continuous evolution, ensuring that we can keep adding value to the Hive ecosystem over the years.
We believe this approach balances the need for initial support with the long-term viability and growth of the platform, ultimately benefiting the Hive community.
Thank you for your engagement and for allowing us the opportunity to explain our funding structure.
Isn't that the whole point of owing a business/launching a product that's for profit? Take a risk in the hopes that the product succeeds and the revenue from that exceeds the cost to develop and maintain the product?
Hi @rishi556,
I appreciate your perspective, and you raise a valid point about business risks and rewards. Indeed, launching a for-profit product typically involves risk-taking with the hope of future success. However, for a project like Hive CrossDEX, the scenario is a bit different.
Developing a comprehensive DeFi infrastructure for Hive is a substantial undertaking, requiring significant investment in resources, time, and expertise. While transaction fees will eventually sustain the platform's ongoing maintenance and improvement, the initial development phase presents considerable financial challenges.
The DHF grant plays a crucial role in this early stage. It enables us to cover the upfront costs and kickstart the project, which would be challenging without community support. This grant isn't just about funding. It's about community involvement and ensuring that Hive CrossDEX aligns with the needs and expectations of the Hive community.
Our goal is to build a platform that thrives commercially and significantly contributes to the Hive ecosystem. With the DHF's support, we can achieve this balance, creating a product that benefits the goals and objectives of both TeraBlock and the Hive community for the project's long-term success.
Thank you for engaging in this conversation and helping us clarify our approach.
They also have their own token. It is just a centralized exchange & business.
Hi @mahdiyari!
Thank you for your comment. I want to address your concerns about centralisation and clarify our approach with Hive CrossDEX.
Firstly, decentralisation is fundamental to our operations, and we're transitioning to a DAO structure. This move aligns with Hive's core principle of decentralisation, which is a key reason we're committed to the Hive CrossDEX project.
Regarding the centralisation aspect you mentioned, our current focus is on enhancing the security and efficiency of our bridge watchers. We're collaborating with ICP (Internet Computer Protocol) to shift our core bridge event watchers to ICP canisters. This transition is crucial for bolstering our decentralised security framework.
Additionally, we're working with Partisia Blockchain to integrate Multiparty Computation (MPC) into our infrastructure. This integration aims to enhance the Hive blockchain's privacy, scalability, and security, further aligning with our decentralisation goals.
Lastly, in response to community feedback, we plan to open-source the codebase upon completing all six project milestones. This decision underscores our commitment to transparency, community engagement, and long-term sustainability.
We understand the importance of maintaining a decentralized ethos, especially in a community-driven ecosystem like Hive. We aim to uphold these values while delivering a robust and efficient DeFi platform.
so many words...
What about competition?
How many projects like that are there, cause it's nothing special? 10-30?
Is it something you made in cooperation with splinterlands and generally made money and now ask for more money?
Thank you for your comment. Let's address each of your concerns individually.
Competition
While many projects are working to solve cross-chain interoperability in DeFi, TeraBlock's CrossDEX stands out with its unique features. With the help of Swidge Protocol, TeraBlock enables seamless liquidity transfers across blockchains with a single click. Which results in the following
→ Zero Learning Curve: Instant Fiat to DeFi onboarding
→ Universal Liquidity: One-click multi-blockchain access
→ Streamlined Execution: Fewer transactions and wait times
→ Inclusive Financial Future: Making DeFi more accessible
→ Ironclad Security: Trustless, compliant, & secure
→ DAO Governance: Community-driven and transparent
What is the Swidge Protocol?
TeraBlock's Swidge Protocol is a cutting-edge one-click solution that simplifies cross-chain transactions in DeFi. It automates complex blockchain interactions like swapping and bridging, making DeFi accessible and user-friendly. Users can effortlessly transfer assets across different blockchains with just a single approval, lowering the technical barriers and learning curve typically associated with DeFi transactions.
We are unique in terms of our technology and DEX offerings. We have the required expertise and more than 2yrs of experience in the Hive ecosystem to make this happen.
Which other projects are offering to solve the DeFi infrastructure on Hive? Please list 10-30 projects so we can learn from their technology.
@gerber
Hive has a vibrant and active community, and decentralisation is at the heart of the blockchain. However, the irony is that to purchase Hive tokens, users have to rely on centralised exchanges. There is an urgent need for decentralised finance (DeFi) infrastructure.
If there is nothing special about our offering and the technology readily available, why is there no DeFi infrastructure on Hive? Please elaborate.
@gerber
You should try out a transaction, and then you will realise how seamless it is to bridge liquidity from EVM chains to Hive directly, without centralised exchanges.
https://hive.terablock.com/
@gerber
Let me clarify the differences between what we've already built and what we're proposing with the CrossDEX on HIVE:
Existing Bridges: Currently, we have six custom-built bridges for SPS & DEC tokens, including BSC <> HIVE, ETH <> HIVE, and BSC <> ETH. We also have the Swidge Protocol for SPS & DEC tokens.
CrossDEX on HIVE
• Expanded Blockchain Support: We plan to add over 10 blockchains, including both EVM and non-EVM chains.
• Fiat Gateway: This will include both on-ramp and off-ramp functionalities.
• Extended Liquidity Pools: Beyond HBD & HIVE, we aim to list various EVM & non-EVM tokens.
• One-Click Swidge: Seamless switching between all supported blockchains.
• Standalone Platform: CrossDEX will have its own dedicated domain, distinct from our current interface.
• Web2 User-Friendly: Account abstraction for easy onboarding, automating complex Web3 processes to present a simple Web2 frontend.
• Diverse Wallet Connectivity: Users will be able to connect various EVM and non-EVM wallets to the DEX.
• Liquidity Staking Provision: A key addition is enabling users to provide liquidity in these pools, which is a major draw for DeFi enthusiasts and can significantly boost user engagement.
Building on Existing Foundations: Our work with Splinterlands and the upcoming GLS lays the groundwork for creating a DEX on HIVE. This move is strategic for attracting liquidity from leading chains and simplifying Web3 onboarding.
In essence, while our existing products have laid a solid foundation, the CrossDEX on HIVE is a significant leap forward, offering broader blockchain integration, enhanced liquidity options, and a more user-friendly experience, especially for those new to Web3.
👍
Why are you spamming with 0.001 hive messages? If you are serious about Hive, then power up a decent chunk of it, curate and make a name for yourself. Or, build something useful first, then ask for money to maintain it.
Thank you for your feedback. @crypticat
I apologise for any inconvenience caused by us sending you 0.001 Hive with memo. Our intention was to engage with the community and spread awareness about the need of DeFi on Hive, not to spam.
We understand your perspective and have removed you from further communications. We're committed to contributing positively to bring DeFi to the Hive ecosystem and will continue to focus on building useful and impactful DeFi solutions.
Again, I apologise for any annoyance caused and appreciate your understanding.
Hi. So, not only that I've wrote an article about your gateway that you might have not seen, but also supported your proposal and will continue to do what I can. Can you take a look at my article or maybe you have seen it already since you invited me to support your proposal?
Hi @zpek,
Firstly, thank you for your support and for taking the time to write about TeraBlock's CrossDEX. We genuinely appreciate community members like you who actively engage and spread the word about our initiatives.
We did notice your article and appreciate the effort you put into it. However, a few minor issues might have affected its visibility and impact. The use of 'Tera Blocks' instead of 'TeraBlock' could lead to some confusion. Also, tagging our official Hive username, @terablock-hive, would ensure that we're promptly notified and can engage with your content more effectively.
If you need any information about TeraBlock or Hive CrossDEX for your articles, please feel free to reach out. We're here to support and collaborate with community members like you.
Thanks again for your contribution and support. We are looking forward to more of your insightful articles!
Best regards,
TeraBlock Team
Thanks, team. I shall remember these advices for the next time I will write about it. Thanks so much for dropping by and for everything you do for us, here, in Hive. Have nice weekend!
done support ✅
Fantastic, thank you for your vote! @big.whale 🙏
Your support is crucial in driving our vision forward to shape the future of DeFi on Hive. Together, we're making significant strides in enhancing DeFi on the HIVE ecosystem.
Let's continue this journey together and shape the future of DeFi on Hive.
#timefordefi #riseofhive
You're welcome @terablock-hive , I also expect great support from the hive family of course. so that we can build great connections together
Thank you for the development.
I think this proposal is worth more than many that are currently live.
So I will support it.
thanks again!
Thank you so much for your support! It's encouraging to hear that our proposal resonates with you. 🙏
We are committed to significantly impacting the DeFi infrastructure on the Hive ecosystem with CrossDEX, and your support is crucial in driving our vision forward.
We look forward to delivering on our promises and contributing to the growth and success of Hive.
Thanks again for your trust in us! 🙌
The TeraBlock Team
#hive #timefordefi #riseofhive
@mehmetfix perhaps you could cast your eye over this, and test the swap feature, and vote PLEASE. i've been helping point out needed improvements but i know you're good at that. And who knows mayabe terablocks might put some work your way if you tell them your skills.
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Excited to see this!
I tried entering my username in https://hive.terablock.com/ and when I click Continue I get the message "user not verified".
I am keen to test out your service. Is there KYC required? Can other people run their own instances of the Hive CrossDEX?
Hi @borislavzlatanov,
Thank you for your enthusiasm! 🙌
It worked for me, can you please try Hive Swidge now and please share your feedback.
Regarding KYC, it's only required if you plan to purchase Fiat currencies. For all other transactions, no KYC is needed. Hive CrossDEX is a completely decentralised and non-custodial platform.
And yes, being open-sourced, anyone will be able to replicate it. Stay tuned for more exciting updates!
#HiveCrossDEX #timefordefi
That is so great to hear.
Now I could get to the page for swapping. Maybe there is a need for some more instructions on how to use it. I probably first need to connect a wallet before making a swap but the Connect Wallet button isn't doing anything for me. Maybe a video explainer on how to use it will be very helpful.
Thanks for your feedback @borislavzlatanov, we have added step-by-step guide in the above blog, please check it out! 🙌
Thanks, that seems very clear and easy.
Thanks for adding the Github repository open source code. I have checked it out. As I can see, it acts as a frontend app that utilizes your backend system. So while a person may install and run the frontend independently, the whole system is still dependent on your backend.
Do you have plans to open source your backend so that people can do token transfers using your protocol completely independently of whether Terablock exists?
Thank you for your support and for taking the time to review our GitHub repository. You're correct that the current frontend app is designed to interact with our backend system.
We're committed to full decentralisation and are collaborating with Internet Computer Protocol (ICP) to decentralize the bridge watcher. Furthermore, we're integrating with Patrisia Blockchain's Multiparty Computation (MPC) technology. These initiatives will culminate in a fully decentralized Hive CrossDEX, enhancing both our security framework and transaction efficiency.
Post implementation, we plan to open source the backend, ensuring that our system can be used independently, securing the ethos of decentralisation that TeraBlock upholds.
We're looking forward to these developments and the positive impact they'll have on our platform and the Hive ecosystem.
Very good. Thank you. I'll personally be voting for your proposal when the full decentralization is in place, or at least large parts of it are in place. My understanding is that DHF funds are supposed to go to fully decentralized projects, and so you would qualify for that quite well when you're a good amount on your way to completely decentralizing your entire stack. Hope that makes sense.
!WOC
Impressive work on Woc, @terablock-hive! kairke(4/5) is in awe of the time and energy you've invested in this post. Your contributions to this community are invaluable.
This post is wonderful! You deserve this gift of 0.2 WGOLD from @kairke. Keep up the exceptional work!
BTW! WGOLD is the token of the War of Clans ecosystem, you can use it to have discounts in all our games or stake it and earn rewards now!
If you can make a true multichain DEx with Hive, then do so. But this looks like a centralized exchange to me. It seems like an automated CEx.
Hi,
Thank you for sharing your thoughts. I understand your concerns and appreciate the opportunity to clarify our vision and efforts.
Our goal with Hive CrossDEX is to bridge the gap between Hive and the broader DeFi ecosystem, enhancing Hive's utility and accessibility. While our approach involves some centralized elements for efficiency and user experience, the core of our solution aims to maintain decentralization principles.
We're not just creating another exchange; we're building infrastructure to enable direct, decentralized transactions from EVM chains to Hive, bypassing the need for centralized exchanges. This effort is crucial for Hive's growth and integration into the wider DeFi world.
Our work with Splinterlands, transferring $58 million USD to Hive, showcases our commitment and capability. Despite the challenges, we're dedicated to developing solutions like Swidge to facilitate direct Hive purchases, aiming to open up Hive to a global audience.
We understand the importance of community support and are here to contribute to Hive's DeFi ecosystem actively. Your support for our proposal would not only validate our efforts but also help us continue to innovate and integrate Hive more deeply into the DeFi space.
Let's work together to expand Hive's reach and potential. Your vote for our proposal would be a step towards a more interconnected and decentralized future for Hive.
Thank you for considering our perspective. We're here for any further discussion or clarification you might need.
Best regards,
Team TeraBlock
How about this: I wrote an article on having a kind of trust-less trading system. My goal was to make cross chain atomic swaps between Hive and bitcoin like chains but I couldn't work out how to do it. Hive doesn't have a scripting language at all. Because of this, I was unable to adapt Mike Hearn's cross chain atomic swaps into something that wouldn't ultimately leave one party trusting another at some point.
The escrow system of Hive is a second. People escrow send and the escrow agent can approve or return the money according to whether the other party sends the funds. The escrow agent is unable to just keep the money. But the agent could conspire with the holder of Hive to return the money even though the other transfer completed successfully. That's not good. If the agent is honest, there is no risk even if the traders are both dishonest or one is dishonest.
Even though Hive doesn't have scripts. It has multisignature. I could setup an account that requires signatures from your account, my account, and several other users' accounts. In this example, those users I listed could watch transactions on the other chains and approve escrow Hive transfers based on that. Except that all of these users would have to have programs watching so there would be enough signatures.
In this example, the single Hive user would have to conspire with several other users who would earn money from escrow transfers. A loss of real world reputation in Hive (not the rep score) would hurt them from earning Hive earnings and working as an escrow agent. It would seem really unlikely that three unrelated users would conspire in this way much less four or five.