Tokenbridge Helium to Ethereum

[ooswald]

Project:
Tokenbridge Helium to Ethereum

Elevator Pitch:
The tokenbridge between the Helium and Ethereum blockchains enables interoperability amongst both technologies. One key use case is exchanging HNT to ETH and vice versa, which facilitates trading the token more easily and thus significantly increases asset liquidity. Assets with a liquidity premium (via AMM on Uniswap) are up to 25% more valuable, making Helium even more attractive.

Total fiat/hnt ask:
USD 500'000

Name and Address:
Apps with love AG, Landoltstrasse 63, 3007 Bern, Switzerland

Team or Project website: (optional)
https://appswithlove.com

Team or projects social: (optional)
https://twitter.com/appswithlove
https://www.instagram.com/appswithlove_team
https://www.facebook.com/appswithlove/
https://www.linkedin.com/company/apps-with-love/

Code Repos of team or key applicants:
https://github.com/appswithlove
https://github.com/pcaversaccio
https://github.com/ooswald
https://github.com/risayew

The project team has yet to be built. This is a long running project with a core team at Apps with love, consisting roughly of a project manager, a requirements engineer, UX and UI designers, QA testers, software engineers, blockchain experts. That team is working together with partners and people from the crypto community. As an example, we will have Chainsecurity on board, as well as distributed systems engineers from Innopolis.

Project Details:
This is a summary of the README at https://github.com/pcaversaccio/tokenbridge-helium-ethereum, where you can find more details and technical information about the proposed tokenbridge.

A cornerstone technology of blockchain interoperability is the blockchain bridge which enables two economically sovereign and technologically diverse chains to communicate with each other. Blockchain bridges come in a variety of forms, from centralised and trusted to more decentralised and trustless. We definitely prefer the latter forms of bridges, but there is nothing to stop a development team from building and deploying the former.

The proposed tokenbridge between the Helium and Ethereum blockchains enables exchanging HNT with ETH and vice versa in a decentralized and trustless way. We aim to build a solution based on an ERC20 smart contract (on Ethereum) which serves as a wrapper for HNT (wHNT). With ERC20, tokens can be easily traded via automated market makers such as Uniswap. Helium, in its current state, does not support smart contracts. Therefore, we need to deploy a higher-order protocol to implement a decentralised bridge system. A very promising approach is to use the XCLAIM protocol which Interlay successfully showcased for the Bitcoin-Polkadot bridge.

Roadmap:

As blockchain bridges are relatively new and there is no standard, the exact mechanics and technical details of the Helium-Ethereum token bridge are yet to be defined. Security is a key aspect of the bridge, we absolutely do not want it to be exploitable. Therefore, the project starts with a solution design and requirements engineering phase which we estimate at USD 50k. The budget for the following phases depends largely on the selected solution and can only be roughly predicted.

Milestone	Deliverable	Summary	Cost in USD
MS1	Solution Architecture and Requirements	Research, Solution Design, Requirements Engineering and Specifications	50k
MS2	PoC on Testnet	A PoC Helium-Ethereum token bridge that entails, on a high-level, a proper cross-chain message communication via a smart contract system on Ethereum Ropsten Testnet and an overcollateralised vault on Helium Testnet.	~100k
MS3	Public Preview on Testnet	A beta version of the token bridge deployed to Testnets, publicly available, feature complete and documented.	~200k
MS4	v1 on Testnet	Quality assurance, testing and refinement of the bridge.	~50k
MS5	Security Audit	In-depth security audit by a certified institution.	~50k
MS6	v1 in production	Production deployment of the token bridge.	~50k