|Freelancer||Everbloom - Everbloom|
|Total||$120,000 (in CNY)|
|Duration||2019/03/01 - 2018/09/30 (20 weeks)|
|Accounting & Reporting||workers.bitshares.foundation/201903-atomic-cross-chain-swaps|
With BSIP44, Hashed Time-Locked Contracts (HTLC) will become available on the BitShares Blockchain. An HTLC is a conditional transfer where an encumbrance must be remedied to complete successfully. The BitShares Hashed Time-Locked Contract implementation permits a designated party “recipient” to receive funds by disclosing the preimage of a hash (think: a password to claim a deposit) prior to an expiration timeout. It also permits the initiating party “sender” to receive their deposited funds back if the timeout is reached, in a refund situation.
This allows two parties to exchange tokens on independent platforms trustlessly and securely and thus enables Atomic Cross-Chain Swaps (ACCS) among other useful functionalities.
For ACCS, an HTLC is used in combination with the corresponding HTLC-like feature on the other blockchain. Many existing blockchain technologies support HTLC already, such as Ethereum (example smart contract), Bitcoin, Comodo, or NEM. A generalized application of HTLC is called Hash Time-Locked Agreements (HTLA) which is more commonly known as Interledger.
We are convinced that the proposed framework for ACCS in this worker proposal can reshape the entire exchange landscape once it is easy to use for customers. Given that we operate Everbloom, an exchange based on top of Ethereum, we believe that we can gain a first mover advantage by enabling ACCS on our exchange. As we believe in the spirit of Open Source, and because we want a tight integration into bitshares-ui, we chose to engage the BitShares community to support the development of an open source library for ACCS. If this proposal is accepted by the community, we see a win-win scenario, where we increase our customer base and BitShares benefits from a tight integration into Everbloom.
Provided that ACCS is based on HTLCs which has been approved with BSIP44 and is currently in TESTNET for review by the community, we would like to point out that our work on the proposed framework highly depends on the successful deployment into MAINNET.
Since BSIP44 is installed on the public testnet, we have a starting point for our implementation and integration with a local development-instance of the BitShares Blockchain. Ideally, we can provide a working demo prior to MAINNET deployment.
Furthermore, this framework highly depends on the HTLC implementation on other blockchains. Since we intend to integrate with Ethereum first, we may need to first audit existing smart contracts that implement HTLC which could lead to adaptation of our milestones and timelines.
The goal of this worker proposal is to develop an open source framework for ACCS that is capable of integrating with multiple blockchains and initially provides adapters for ACCS operations across at least two blockchains (Bitshares and Ethereum). The framework should be architectured with usability and security in mind and the architecture is supposed to allow adding other blockchains to it with little effort.
The final delivery will constitute:
The library is supposed to be implemented such that it allows integrating HTLCs of additional blockchains easily.
In the Demo Application, Alice and Bob want to swap two assets on different blockchains. Alice has BTS, Bob has ETH, but they both want what the other has.
A successful process looks as follows:
These milestones serve as information to the BTS voters that evaluate this worker proposal. The milestones are used by the escrow to judge proper delivery. Any and all development will be done in public repositories.
The milestones are given in order of completion with an estimated hours of work involved for each milestone.
The total estimated hours of effort is 1600 hours. Everbloom intends to put two developers working 40 hours per week onto the project. This results in a five month completion time as shown in the following math:
1600 hours / 2 devs / 40 hours per week / four weeks per month = 5 months## Requesting Funding / Budget
2 full-time software engineers ($75/hr) 2 developers * 40 hours * $75 per hour * (up to) 20 weeks = (up to) $120,000
Everbloom is a venture-backed, decentralized cryptocurrency exchange that has raised $2M in capital to build an enterprise grade trading marketplace for institutional investors. The company is founded by successful serial entrepreneurs with prior startups that achieved revenue in excess of $30M annually and raised over $70M in capital. Today, The Everbloom Exchange supports the trading of digital assets built on top of the Ethereum blockchain. The company is headquartered in Boston, MA, USA. Everbloom was recently covered by CoinDesk, one of the largest blockchain publications.
For more information about the Everbloom team, please see About Everbloom.
This worker creates a easy-to-use framework for the integration of Atomic Cross-Chain Swaps (ACCS) (among other applications) which allows trustless and secure token swaps between independent platforms. This is an important step to facilitate the adoption of HTLC and a consequent extension of the BitShares Blockchain as a decentralized platform and its built-in DEX (decentralized exchange).
This worker proposal provides funds for the software development of the framework and seeks to built a foundation for its adoption.
Everbloom will be the first to adopt the newly created framework on their exchange on the Ethereum blockchain and seek integration into the BitShares UI to enable interaction of both platforms. The necessary funds with respect to marketing and any promotional campaigns are not included in this proposal and are provided as the contribution of Everbloom.