Crypto Family Bridge Partnership and Grant

Name of Project / DAO / Company

Crypto Family Bridge V1.0 by the Crypto Family

Application type

Partnership, Grant, Investment

Proposal overview

More details about our proposal can be found in here

Proposal ask

$50k

Metrics for success

The bridge can and will function despite metrics, however such metrics are estimated to give the best spread and usage of the bridge:
.A minimum of 10 out of 30 nodes operating each Beacon
.$75M or more funds raised during nodes presale and ICO
.DEX’s utilizing bridged assets such as stable coins (USDT, DAI, USDC)

Some of the steps we’ll be taking to reach these metrics are:
.Marketing partnerships to introduce the world to our project
.Partnerships with DEX’s, to utilize bridged assets as the default assets
.Hackathon to encourage and support developers and projects building on the bridge

External links

Crypto Family Website

8 Likes

so i have read your entire bridge proposal and i have a few questions.

  1. what do u mean when u say u have succeeded beyond your expectations? if you could elaborate with examples of tests you have performed it would be helpful
  2. you said the bridge it crazy cheap, how cheap are we talking and is it a fixed amount or does it vary in percentages.
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Thank you for your question.

1.We knew we could make the bridge in the first place, but we didn’t expect its performance to be as good as it is now. The bridge is almost as powerful as the blockchains it supports, and when in high usage, the bridge is even more powerful than the blockchains it supports, meaning the bridge’s TPS is higher than that of the blockchains it supports.

2.Fees on the bridge are equal to that of an ERC20 (HRC20) token transfer, and when the bridge usage is high, the fee is even lower than an ERC20 token transfer and almost as cheap if not cheaper than a regular coin transfer, so on Harmony the bridge fee would range from $0.00000315 to a maximum of approximately $0.000015

The grant will be used to help cover audit expenses, bridge deployment on blockchains such as Ethereum, operating costs of the Crypto Family Nodes, help covering some of the costs in the past 8 moths, and help funding the upcoming Crypto Family Bridge Hackathon.

@EAOE hi Edy, great proposal.

Can you elaborate the differences between what you’re doing, vs. what other bridges look like?

  • How does it related to growing the Harmony ecosystem?
  • Are the smart contracts on your chain, or is it purely a bridge?
  • Is the bridge fully permissionless and if so, are the incentives strong enough for independent node runners to work with you?

I’d also like to highlight to the community regarding the Crypto Family white paper and a strong Discord following. Great write up and proposal.

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Hello Jacksteroo, thank you for your questions.

Please everyone make sure to check the latest announcements about the Bridge Chain Update on our Discord Server or Telegram Announcements Channel

Other bridges have only the purpose of bridging certain assets from one blockchain to another. The Crypto Family Bridge has the purpose of building a decentralized multichcian infrastructure, allowing funds of any kind to cross multiple blockchains, allowing users and projects to transfer any asset they want to any blockchain they want, the bridge also offers slight inter blockchain smart contracts communication, allowing projects to migrate from one blockchain to another, and multichcian projects to be born.

How does it relate to growing the Harmony ecosystem?
Harmony is powerful and stable blockchain, that allows and incentivizes many projects to build on it. But there are some issues that are preventing that, such as lack of liquidity and that has limited the birth of DEFI projects, prior presence of many projects on other blockchains with no way to bridge their assets (Tokens and NFTs) to Harmony, thus forcing them to stay on those blockchains.
The Crypto Family Bridge solves these issues all at once, it allows developers to custom build their interaction with the bridge allowing them to move any coins, tokens, and NFTs they desire, even if they don’t possess ownership of the assets smart contracts. This flexible bridging of projects allows anyone to bridge any project they want into Harmony, even if they are not the founders or the owners, allowing random community members to introduce new projects and more funds to the Harmony ecosystem.

Are the smart contracts on your chain, or is it purely a bridge?
The bridge has its smart contracts deployed on the blockchains it supports to help ease the interaction between the bridge and the blockchains and allowing the bridge to utilize the blockchains it links for increased security.

Is the bridge fully permissionless and if so, are the incentives strong enough for independent node runners to work with you?
The bridge is fully permisionless and allows anyone to build on it and send transactions on it, the smart contracts have no limitations, and default nodes software has no feature for blocking any user, moreover node have no incentive in blocking any user.
While the Crypto Family Bridge Nodes have expenses such as deploying blocks to the blockchains they support, they also have good management software, flexible features, and high income that nullify those expenses.

  • The bridge has no fixed block time, meaning nodes don’t have to submit blocks when there are no transactions or the current transaction fees are too low to cover their expenses.

  • The bridge is reverse congestive, meaning that the more transactions a block handle, the cheaper it becomes to handle every transaction, thus reducing the expenses of nodes while increasing their income.

  • The new Bridge Chain Update adds gas limit and gas price to the bridge, making the calculation of node expenses more clear, and their profit more precise.

  • Nodes profit on the bridge doesn’t come solely from transaction fees, they also have a fixed APY of 5% on their stake, making the overall profit of nodes as such:
    Profit = (Stake * 5%) + transaction fees
    And since transaction fees cover the nodes expenses and are enough to make profit, the final APY of running a Crypto Family Bridge node would be 5%-20% with an inflation of less than 5% and approximately only 2%.

This sounds amazing! How do you pay the fees on this bridge chain, do you have your own token?

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The Bridge does have a multichain token. The token is used for governance, security and fees on the bridge.

You can find more about this token in the white paper, and on our website

@EAOE we’ll put you in the Launch category according to Apply for Grants or DAO

Applications of each launch must have prototyped a feature-full product. Harmony helps incubate these founding teams with product development, fundraising, and talent recruit. We recommend a $50K equity-free contribution each: $10K after launching a feature-complete product on our testnet, $10K after mainnet launch, $10K after forming a DAO with its community, and $20K for after 10K users.

By 10K users, it would make sense to mean active users transacting using unique wallets for a month.

Will you be willing to use the guidelines above?

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The guidelines above are fair and we’re comfortable following them.

@EAOE Edy, congratulations! Approved for $50K Launch grant. We look forward for your first milestone on a fully functional Testnet launch ready for 100 users to test on. Please review the KYC guidelines in the FAQ and also attach your multisig wallet on this thread

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Crypto Family Safe Wallet: 0xCE8ea0dbbe5C6237993d64D3a7fcc9A65De9EEdf

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