WAX – EVM – HIVE TOKEN & NFTs BRIDGE

in Discovery-it11 months ago (edited)

A safe and smart-contracts based bridge between WAX, EVM and HIVE

Introduction

One of the most significant challenges in the blockchain world today is to create valuable communities, while maintaining high user engagement throughout all market phases, especially during bear markets, which statistically prove to be longer than periods of great hype. One of the most effective ways to achieve this goal is to make the blockchain experience as simple and satisfying as possible for users, by eliminating all the obstacles that currently make the experience complex and sometimes frustrating. One of the most limiting factors in this regard is undoubtedly the difficulty users encounter in moving their funds from one ecosystem to another, a process that almost always requires multiple steps or the use of centralized platforms. Our bridge, on the other hand, enables users to securely transfer their tokens (and in the future, even partner project NFTs) from one blockchain to another, creating a high degree of integration between projects and allowing communities from different backgrounds to interact seamlessly. To use the bridge, it’s enough log into the platform with the wallet from which you wish to move the tokens, and send them to the destination address, even if it's on another blockchain. An unexposed backend system detects the executed transaction, and the smart contract proceeds to transfer the wrapped token directly to the user's specified wallet. Moreover, the transfer of tokens to Rebus' Cosmos-Based EVM (Ethereum Virtual Machine) is particularly secure and convenient. The direct partnership with Rebus allows the bridge to access the native smart contracts of wrapped tokens, utilizing the mint and burn functions for tokens at the time of bridging, thus limiting the possibilities of attacks or theft. Additionally, Rebus' EVM is currently integrated with Axelar, an easy and reliable cross-chain node that facilitates connections to other ecosystems such as Binance Smart Chain (BSC) and PancakeSwap.

Proposal

Thanks to the partnership with witness Discovery-it, we are excited to extend the functionality of the bridge to the Hive blockchain, from which we all originate, and its community. The existing "memo" system in Hive transactions makes this blockchain particularly suitable for integration with the already established infrastructure. The next stage of bridge development also includes the ability to transfer not only tokens but also NFTs (Non-Fungible Tokens). This system, subject to the direct approval of the involved projects, ensures the perfect traceability of each individual NFT, enabling the transfer of NFTs that maintain their unchanged metadata, such as mint numbers, between different blockchains. Furthermore, the activation of the bridge would not be limited to asset transfers between blockchains; it would mark the first step in a crucial process to bring different communities closer and enhance integration. Several successful projects have already expressed their interest in actively engaging with the Hive community, bringing parts of their products into this ecosystem. If the funding is approved by the DHF, our team would be more than happy to waive the outgoing fees from Hive for users of the Hive Blockchain throughout the duration of the funding.

Active Bridge Link: https://app.inukstudios.com/


Funding

For these reasons, we are requesting funding of 300 HBD per day from the Hive community. We are also committed to delivering a publicly accessible demo version of our bridge to the community before receiving any funding, allowing for effective testing of the system's actual performance.

Inuk Studios and Discovery-it pledge, in response to the investment, to:

  • Continue the development of the bridge with a focus on the Hive blockchain.
  • Further develop the bridge by integrating the ability to transfer NFTs.
  • Maintain an always active and updated bridge system.
  • Provide the necessary liquidity for uninterrupted service delivery.
  • Ensure the onboarding of successful ongoing projects that have expressed interest in the Hive blockchain.
  • Incentivize the migration of their communities from other blockchains to Hive.


    Costs Report

We will utilize any received funds in the following manner:

  • 2 Blockchain Developers (6000$ per month)
  • 1 Front End Developer (2000$ per month)
  • Server Maintenance (300$ per month)
  • Projects Onboarding and incentives (700$ per month)

Certainly, once the core of the project is developed, maintenance costs could potentially decrease. In the event of a significant decrease, the team commits to using all surplus funds to develop new features and tools for the Hive ecosystem.

Notes

Projects that have confirmed their interest in participating include:

  • Farming Tales, WAX Blockchain, +10,000 active wallets. Farming Simulator game, linked to real agricoltural goods. 36,000,000$ market volumes.
  • Mining Architect, WAX Blockchain and Rebus Chain, 2000 active wallets. Real crypto mining farm based in Iceland, allow players to mine BTC using NFTs. 70,000$ market volumes in few months.
  • Few Parsec Away, WAX Blockchain, BSC, Rebus Chain, just launched. Free to Play and Play to Earn space management game. PFPs soldout in 20 minutes.


Block explorers to check the transactions:

To test the bridge, please get in touch with “lykos.inuk” or “phage93” on the Discovery-it Discord Server. We will be glad to provide you with some tokens to test the bridge.

companies behind
inukstudios
Nodo42

Link to the proposal

Sort:  

Bridge proposal #271 suported

https://leofinance.io/threads/jlinaresp/re-leothreads-uujrjwfe
The rewards earned on this comment will go directly to the people ( jlinaresp ) sharing the post on LeoThreads,LikeTu,dBuzz.

Bridge 271 supported

A few questions from me:

A bridge from what to what? (I'm guessing Hive to WAX. I just wanted to be clear).

A bridge from Hive is still dependent on an additional layer correct? (Like Hive-Engine). If you are just using the memo system, what stops me from just sending memos myself?

Are these nodes sufficiently decentralized or is the community paying for individuals to maintain their integrity?

Good evening @kryptik, I'm Nick, from the Inuk Team... First of all thanks for your questions!

  1. Currently the bridge can move tokens (and soon NFTs) between WAX, Rebus EVM and, of course, Hive. Rebus is a Cosmos-Based chain, and its EVM is already linked to other Cosmos Chains and BSC thanks to Axelar Bridge and Pancake Swap. We've chosen Rebus for the EVM part because, thanks to a direct partnership, we can access native Smart Contracts. This makes the bridge absolutely safe.

  2. The bridge will run on Hive Mainnet for legacy tokens and, if needed, on Hive Engine for side ones. Even if we provide a dedicated UI, the bridge is public, and people can directly access it from a console for example, using the memo system as you said. That's not a problem at all, if the transaction is legit and the memo correct, we're ok to that.

  3. Up to now nodes are more than ok. WAX and HIVE share a common structure, and we rely on different nodes and BP to mantein the system. We run 2 BPs on Rebus, 1 on Hive and we've partners on WAX. In full transaprency, only part we would like to improve as fast as possibile is the Private Node on Rebus, since in future our validator there (top 10 and top 20) could be slowed down by too much traffic.

I hope these info can be useful, let me know for anything else!

Would this entail smart contracts being available for creation on Hive or does this only pertain to tokens?

How are the tokens (and soon NFTs) stored on Hive?

Only token for now. Ofc we're going to use Hive Engine for anything smart contract related, as NFTs.

NFTs bridge instead is a bit more complicated, and it requires a direct collaboration between our team and interested teams.

!PGM
!PIZZA
!CTP

Sent 0.1 PGM - 0.1 LVL- 1 STARBITS - 0.05 DEC - 1 SBT - 0.1 THG - 0.000001 SQM - 0.1 BUDS - 0.01 WOO - 0.005 SCRAP tokens

remaining commands 5

BUY AND STAKE THE PGM TO SEND A LOT OF TOKENS!

The tokens that the command sends are: 0.1 PGM-0.1 LVL-0.1 THGAMING-0.05 DEC-15 SBT-1 STARBITS-[0.00000001 BTC (SWAP.BTC) only if you have 2500 PGM in stake or more ]

5000 PGM IN STAKE = 2x rewards!

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PIZZA!

$PIZZA slices delivered:
torran tipped discovery-it
@jlinaresp(6/10) tipped @discovery-it

Great! Proposal supported @discovery-it team!... Excellent!... I wish a lot of success and fast forward!!!

!VSC
!PIZZA
!BBH

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Uses: 13/25

@discovery-it! Your Content Is Awesome so I just sent 1 $BBH (Bitcoin Backed Hive) to your account on behalf of @jlinaresp. (5/5)

which nfts?

Seems disconnected.

Like most interested people are few wax nft projects that would like exposure to hive users. Possible people making it are involved in those. Would be nice if hive can fund it for them :)

It's quite visible as in post above hive token is completely ignored. Like where you move it and what you do with it?

Tokens part seems very disconnected. like hive token to other blockchain, tokens from other blockchain to hive ? or hive-engine ?

How could this potentially be integrated into @vsc.network? We are building the next generation of smart contracts, tokens, NFTs and decentralized cross chain bridges on HIVE.

@discovery-it any response?

we are no longer pursuing this path at the moment

@discovery-it Hello, I voted for you as a witness. I've already seen you support me thank you