Thu. Jul 29th, 2021
    defi #16, Free TON

    The meetup is dedicated to Polkadot bridge update by Wintex, Stablecoin contest prolongation, DeX contest update, TonSwap proposal, Decentralized Accounts Management Design & Architecture and Ethereum bridge demo by Broxus.

    Free TON DeFi Weekly Call #16

    Polkadot bridge update by Wintex

    Alexey, a member of the Wintex.prо team, reports that the PolkaDot bridge code has been improved.

    Sergei Potekhin says that they have already reviewed the general structure and the source code of the bridge. There is still a lot of work to be done, but overall the Polka↔Free TON bridge works fine.

    Vladislav Ponomarev reminds the jury that there are three days left for voting. Only participants who took prize-winning places at the first stage will be able to continue participating in the second stage of the contest.

    Stablecoins contest prolongation

    The balance of the contract ended at the very last moment and a few people did not have time to publish their work. In this regard, they asked to prolong the stablecoin contest. Vladislav Ponomarev will prepare a proposal to extend the contest for a few more days. He asks the jury members to wait until all the participants publish their proposals.

    DEX contest update 

    Vladimir Maslyakov believes that it is a good time to start the contest for the DEX implementation. The stableloin contest is almost over and there are several teams that want to participate in both contests. There is another proposal from the team — contest for Uniswap analog.

    As discussed earlier, there is no need to narrow the scope to just the Uniswap implementation. There are a number of things that overlap in their proposal and in the DEX proposal. Vladimir proposes to put some points to the DEX proposal and make one proposal for implementation. He also decided to exclude the stage for UX/UI, he believes that a good implementation should be independent of the UX/UI. If we have a DeBot interface by the middle of the contest, it will be considered as a user interface. This will be the standard interface for all participants. At the moment, there are three stages.

    Sergey Shashev believes that the first Uniswap or the first DEX with an interface will attract new users a few months earlier, since our systematic way of double DEX and different architectures will take more time.

    Mitja suggests including DeBot in every contest as a necessary part of the system implementation. By providing DeBots for all components of your system, you get an interface to your smart contract system. It is much easier to write interfaces on top of DeBot.

    Vladislav says that if they want to have user interfaces, they shouldn’t be limited to DeBot. DeBot is simple to implement, but if we have a simple web interface for these DEXes, it can be used by a regular user.

    • Relay nodes are like servers. When will the number of servers increase?

    Vladislav explains that three relay nodes were placed for the Ethereum bridge demo. Later there will be reputable companies that will host their own relay nodes on various services, in different locations. The number of such relay nodes can be up to 10. The main goal is to achieve a certain decentralization in decision making.

    • The question is why are these nodes not in Free TON blockchain? Is it possible to make nodes in Free TON blockchain and use Free TON smart contracts as relay nodes?

    Relay nodes are software that connects Ethereum and Free TON blockchains. The bridge itself uses Free TON smart contracts to achieve consensus between relay nodes. All confirmations are collected in a big Free TON smart contract. Only the smart contract has enough confirmation from the actual release, backwards is also true for Ethereum.

    The question is whether it is a good idea to provide the opportunity to be a bridge to validators in Free TON?

    They will have to run an Ethereum node on their Free TON nodes, which is not a very good idea.

    Sergey Shashev says this may be the case in the future. This is a big software that includes Free TON nodes, Ethereum nodes and our software bridge and it will of course be more expensive for all validators. For example, if there are a thousand or more relay nodes, the cost of swap will increase dramatically. A bridge cannot be implemented in one network, as it is between different networks.

    Our core objective is to launch it as soon as possible, not for the sake of security and stability, so that at least everyone can understand how it functions.

    • If I want to be one of the relay nodes in your bridge, when is it better to start discussing this opportunity?

    At the moment we cannot provide specific requirements as the product is not finished yet. However, the more people test and give feedback to the development team, the more stable the product will be and the faster it will launch. In any case, it will be open source.

    Decentralized Accounts Management Design & Architecture

    The idea is to develop a decentralized account management with the ability to order any service for working with sub-accounts, with various kinds of tokens on it, to integrate wallets from one-side trading platforms and other services, such as payment services. Also allow users to use the W3C sovereign identity mechanism. Also start an account for your Free TON wallet and show us this account with a third party organization. Our idea is to go first with a small contest for proposals in order to have white papers documents on technical solutions for architecture, and then implement it step by step, integrating each business service, at least crypto exchanges easier.

    Sergey Shashev asks to describe the decentralized nature of the proposal, since some people from the government say that it is similar to the API. 

    The team members agree that the proposal should be completed and discussed again at the next meetup.