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 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.
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.
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.
We are getting close to delivering our v0.0.1 release (early May 2021). This release will be on the testnet for test and evaluation purposes. Looking to get feedback and community input prior releasing v0.0.2 which will be on the mainnet.
The v0.0.1 release will implement a 2-of-2 multi-signature Monero wallet for the Secret Monero Bridge. A 4-of-4 multi-signature wallet will be in the v0.0.2 release.
We will be looking for community feedback and suggestions.
We will continue to accept Monero Proof-of-Payment from users who deposit Monero into the Secret Monero Bridge. That gives the user the freedom to use the wallet of their choice. User’s won’t be required to use a terminal window, however, they will need to provide the XMR deposit txid and txkey to prove they made the deposit. That means that depositors can use the wallet of their choice (cli, gui, or a mobile wallet). We will provide instructions for various wallets.
We plan to provide a wallet web interface in our Secret Monero Bridge Dapp soon to simplify the UX.
I’m a big fan of the work being done for the Monero bridge. Have you applied for a Secret Grant? This work should definitely be compensentated for a long term commitment.