Milkomeda is a novel protocol that powers several leading blockchains such as Algorand, Terra, Solana, and Cardano, to interconnect, creating a path for long-term scaling. The protocol is focused on helping non-EVM (Ethereum Virtual Machine) cryptocurrencies to achieve and maintain mass adoption, by empowering them with EVM-based sidechains, and novel technology that provides a seamless user experience for both developers and users.
The Milkomeda protocol proposes several sidechains, which will allow developers to write smart contracts in the languages they are familiar with, such as Solidity, and deploy them on multiple chains. Developers therefore, don’t have to learn the functional programming languages of Haskel and Plutus to build on top of Cardano, thus lowering the barrier to entry for developers, and increasing their number on Cardano.
The Challenge with Milkomeda Protocol
However, since Milkomeda is a sidechain, traceability of wrapping and unwrapping is really difficult since block explorers only work on one side. The Milkomeda token bridge explorer seeks to allow the protocol to perform full traceability of assets when they move from one chain to the other. The web platform will be able to do full traceability to ADA and other tokens when moved from Milkomeda to Cardano L1 and vice versa. This Milkomeda token bridge explorer will act like a blockchain explorer that supports two different chains.
Milkomeda Token Bridge Explorer Solution
The proposal seeks to facilitate the creation of dapps and tooling for developers working with Milkomeda and Cardano. Traceability is one of the core features of the blockchain technology. Lack of traceability especially for wrapped and unwrapped tokens pose a big challenge since token holders can easily lose their tokens during the process.
The wrapping and unwrapping of tokens has allowed certain assets such as Bitcoin to be traded, lent and borrowed on DeFi platforms. Wrapped tokens can be used on certain non-native blockchains and later redeemed for the original cryptocurrency. The wrapping and unwrapping of these tokens involve the introduction of a degree of centralization through the third parties. Token holders are therefore trusting these merchants with their money.
The Milkomeda token bridge explorer will allow full traceability of assets from one chain to another, allowing the process to have full transparency. Developers using the Milkomeda protocol can be assured of the right tools from the start when writing smart contracts on these sidechains.
Team Behind the Proposal
This proposal was submitted by Nico Arqueros on March 2, 2022. Nico has been a member of project Catalyst since Apr. 13, 2021 and has posted a total of 24 ideas to the platform. Nico is the CEO of dcSpark, a crypto ecosystem builder focused on creating critical infrastructure for promising crypto projects. dcSpark is one of the companies supporting the Milkomeda projects.
Nico is also the CTO of EMURGO, in charge of overseeing internal and external initiatives. Nico also plays an advisory role to SOSV, a startup accelerator program to help entrepreneurs grow in the blockchain space.
The team has requested for funding worth $50,000. There has not been any breakdown on the figures or how the budget will be distributed to different areas. However, it will be used for development and taking care of engineers, designers, the project manager and product manager.
The Milkomeda protocol has lowered the entry barrier for developers seeking to deploy smart contracts on Cardano. However, the lack of traceability between the sidechains is a huge challenge that can influence the number of developers using the protocol, as well as the blockchains willing to use the protocol altogether. The token bridge explorer is therefore a viable idea to solve this challenges and contribute to blockchain adoption. dcSpark has been behind many projects that have delivered in the past, and can be trusted to spearhead this proposal till deployment in mainnet.
To find out more about the Milkomeda token bridge explorer check out their proposal.
Image courtesy of Milkomeda