Secret Monero Bridge?

Secret Contracts and Secret Apps
#1

Anyone interested in building a Secret Monero Bridge?

The bridge would allow for swapping XMR on the Monero blockchain to a secret token sXMR on the Secret Network. sXMR would be pegged 1:1 with XMR.

The secret contract would need to own an XMR wallet and use the “check_tx_key” command in the Monero protocol which provides a mathematical proof of payment prior to issuing the sXMR tokens. When a swap from sXMR → XMR is made, the secret contract would need to take the sXMR out of circulation and send the XMR from the secret contract XMR wallet to the supplied XMR address and provide the Monero proof-of-payment.

This would allow value to cross over between the Monero blockchain and the Secret Network.

I developed a similar working prototype on the EOS platform but didn’t take it further because of the lack of privacy on EOS.
Prototype video: https://ipfs.io/ipfs/QmZwUz2kGxkyYSy6ndjnYMfXaBFNtBuVtFhSxpeGxwt9N8

I think the Monero community could benefit from Secret DeFi!

7 Likes
#2

I heard about this network about a month ago and the first thing that came to mind was Monero, I think the bridge is a great idea. Not just for the defi, but for an ecosystem that is largely idealistically congruent in terms of privacy and freedom. It is also nice that it has a ~ $4 Billion market cap to add some liquidity and capital to the network.

1 Like
#4

I published a brief paper - Secret Monero Bridge – Conceptual High-Level Description
https://ipfs.io/ipfs/QmNweJXm6quAuroZARtPkESoG95vYrNKt3vUhGQvaBy8sT

Also created a new repository on github for the project at: GitHub - maxkoda-cpu/Secret-Monero-Bridge: A value transfer bridge between the Monero blockchain and the Secret Network.

5 Likes
#5

I would be happy to contribute to this in any way i can, I think the ability for xmr users to bridge into another privacy system then into eth or bsc etc is very cool.

#6

Check out our github repository at: GitHub - maxkoda-cpu/Secret-Monero-Bridge: A value transfer bridge between the Monero blockchain and the Secret Network.

We just submitted a working proof-of-concept as part of a hackathon. Demonstration video: https://ipfs.io/ipfs/QmcNRXZoqVT3GxPCiaZuq2ho86CY2pXV9tckfxX9cSuZ9v

We will be looking to expand our team moving forward.

1 Like
#7

Watched the video, very cool. You said in it that once you got closer to a working product you would wok in a monero wallet interface rather than having to use the Terminal. Most people playing in the crypto and DeFi space are decent with a computer, but once Terminal windows get involved, my guess is that the size of the population willing to touch the products drops drastically.

I’m interested in this and would maybe be willing help under the right circumstances, not sure how though, not a coder.