Product feature update — Bridge Protocol V0.1 + Corda Mobility backend
Thanks to the hard work from our engineers, MobiFi project has made significant progress in the last quarter. We have developed the first version of the bridge between Corda and Ethereum and completed the mobility platform’s core functionalities. The product is ready to start a PoC to test it further.
Bridge Protocol V0.1
The first version of the bridge protocol was developed. It bridges the Corda ledger and the Ethereum network. Users can use this bridge to SWAP their Corda minted token to an ERC20 token on the Ethereum blockchain.
In the current setting, there is a FundManager contract that takes care of the cryptocurrency (USDT, etc) to swap for MoFi on the DEX. The DEXHelper contracts take care of the swap activities. A signature verification contract makes sure the transaction from the Corda network is from the trusted party (endpoints). After successfully swap the user’s Corda Token (SMile) into Cryptocurrency (MoFi), the fund will move to the MoFi treasury contract and then be distributed to the user wallet. See the high-level diagram below:
The smart contract is not yet optimized, so there are still many things to do, but we are super happy that the Corda (permissioned ledger) to Public Blockchain (Ethereum) is established. The team will continue to work on the bridge, and once it’s ready, we will be open source it.
Corda mobility backend
Another core part of the product is the mobility platform, built on Corda. Firstly, just a quick recap of why did we choose Corda. We aim to be blockchain agnostic and offer a cross-chain solution, but we need to start from somewhere. Corda, a great distributed ledger that was built for the financial industry. It comes with proven characteristics like
- a need to know the basic data exchange policy, and many more.
Most importantly, as a proven technology that has been widely used in banks and insurance companies, we are very confident that it will empower our financial tool to change the mobility industry. The mobility industry is a traditional place where service providers cannot tap their business into the fast-growing crypto industry. A well-designed and compliant solution is needed to help them overcome the challenge in the post-pandemic era. MobiFi Team has completed some of the critical functions of the Corda-based mobility platform. The mobility backend can now mint $SMile token, support send and receive SMile token within the MobiFi mobility ecosystem.
The architecture is designed with a future mindset. We will be supporting multi-nodes in the ecosystem to welcome new mobility service providers to join the network. Such design will break the silos for different mobility service providers to collaborate more trustfully and effectively.
Besides integration testing with the Bridge Protocol and the smart contract. We will be kicking off a project to integrate with one of our partners in a smart parking service in Europe. Once we complete the integration, we will offer a smart parking service (with crypto payment) in multiple EU countries.
The whole product development is divided into 2 parts:
- the mobility platform,
- the Corda bridge (open source). Corda bridge is divided further into 3 phases to align with other blockchain project’s development.
Phase 1 is about creating the basic token swap between Corda and Ethereum to fulfill our end-to-end use case testing. Phase 2 will be linking Corda to other blockchains like layer two options (e.g., Polygon) and integrating service like moonbean to connect to Polkadot without actually running a para node. Phase 3, depend on how mature Polkadot project goes, we will be creating our own Corda to Polkadot bridge to complete the cross-chain bridge mission.
The roadmap will be updated in our brand new website, so pls stay tuned in this summer :-)
MobiFi is a financial orchestrator for Mobility as a Service (MaaS). We’re building the transportation UX of the future — simplifying the mess of mobility services that many consumers face today while also allowing them to earn on their mobility credit. Once complete, our platform and tokenized payment system will boost mobility service provider efficiency and coax users into more sustainable transportation decisions.