Statement from DreddSecure
Context and Introduction
An escrow module for the Cosmos Hub, DreddSecure was proposed. Its aim is to seamlessly provide an escrow system between blockchains in the ecosystem without the need of liquidity providers, enhancing Cosmos’s versatility and accessibility. This escrow service has the potential to provide a secure and reliable way for parties in the Cosmos ecosystem to transact with each other and reduce the risk of fraud and disputes. Currently, DreddSecure is awaiting approval to be included in the Cosmos Hub.
Our Guiding Principle
DreddSecure is aimed at expanding the connected services and allowing for a more flexible way of exchanging assets and data across sovereign, decentralized blockchains. It is more than technology; it’s a beacon expanding the usability and value of the Cosmos ecosystem.
Community Growth
With its highly anticipated launch, DreddSecure is poised to attract a wide range of third-party users who are seeking a secure platform for exchanging various assets under predefined conditions. This innovative platform aims to not only facilitate asset exchange but also foster further innovation that thrives in multiple dimensions, promoting more use cases as well as collaboration and growth amongst various chains in the ecosystem.
Tech & Vision Synergy
DreddSecure aims to expand on the strong sense of community vision that defines the Cosmos Hub. The combination of cutting-edge technology and a thriving community that shares a common vision is what sets DreddSecure apart and makes it a true embodiment of the Cosmos Hub’s essence.
Escrow Module Key Points
- Cross-Chain Compatibility: Enabling smooth inter-network trading.
- Security: Prioritizing asset safety.
- Oracle Integration: Incorporating dynamic external data.
- Gas Efficiency: Prioritizing economical user experiences.
- Scalability: Effective management of extensive transactions.
Currently, the majority of trading activities occur on the Osmosis DEX, where users can contribute liquidity and receive rewards in return. According to the Q2 2023 Osmosis Protocol Usage report by Messari, the platform generated a substantial $1.4 million in fees from trading activities in that quarter.
By incorporating the escrow module into the Cosmos Hub, users would be able to engage in trades independently, eliminating the need to depend on liquidity providers and, consequently, avoiding expenditure on fees to compensate these providers.
Go Module Highlights
Pros:
- Custom Logic: Design catered to diverse needs.
- Leveraging Cosmos SDK: Expediting our developmental phase.
- Cost-Effective: Making transactions economical.
- Community Involvement: Tapping into the community’s Go expertise.
Cons:
- Maintenance Requirement: Keeping pace with the evolving Cosmos SDK landscape.
CosmWasm Alternative
Pros:
- Easy Upgrades: CosmWasm framework provides more flexible upgrade methodologies which makes it possible to upgrade smart contracts without chain upgrade
- Sandboxed Environment: CosmWasm benefits from a high level of security and reliability by executing each smart contract within its own isolated virtual machine sandbox
Cons:
- Security Challenges: Unlike native modules, CosmWasm smart contracts interact with the smart contract, Rust, Wasm, and the CosmWasm module on the Hub. Even if all ingredients are well-audited and tested, it certainly adds relatively more complexities and instability risk
- Community Engagement: Limited due to lesser Rust familiarity within Cosmos.
Summary of DreddSecure’s Approach
The Go Module approach offers several compelling advantages for the Cosmos Hub ecosystem:
- Tailored Solutions: It allows for the creation of custom logic that can be precisely designed to cater to a wide range of needs.
- Optimized Development: By leveraging the native capabilities of the Cosmos SDK, the Go Module approach expedites the development process.
- Economical Transactions: This method promises cost-effective solutions, ensuring transactions are more economical for participants.
- Community Synergy: One of its standout benefits is the opportunity to tap into the pre-existing Go expertise within the Cosmos community, fostering deeper engagement and collaboration.
Escrow Module Use Cases / Future Features
- P2P Exchanges: Secure, transparent asset trading across and within chains.
- Token Offerings: Secure holding of funds during initial token offerings.
- Cross-Chain Swaps: Trustless inter-chain asset exchanges.
- Decentralized Market: Trading of digital assets with escrow assurance.
- Crowdfunding: Safe fund retention until project milestones are met.
- P2P Lending: Direct lending with escrow-backed collateral.
- Decentralized Insurance: Escrow-driven, oracle-based insurance minus traditional middlemen.
Next Steps for DreddSecure’s Proposal
Feedback is the lifeblood of every successful project. Recognizing this, DreddSecure is keen to tap into the collective wisdom of the Cosmos community. We understand the importance of every voice and perspective, and we believe that through open dialogue, we can refine and perfect our vision.
Invitation to an Open Discussion on X
In our commitment to transparency and collaboration, we’re excited to announce that we will be hosting an open discussion on Twitter. This platform will serve as an avenue for all members of the Cosmos community to share their feedback, concerns, and insights about our proposal. Whether you’re in full support, have reservations, or are just curious, we invite you to join the conversation and shape the future of DreddSecure together.
We genuinely look forward to hearing from you, and together, let’s make DreddSecure’s proposal resonate with the aspirations of the Cosmos Hub.
Stay tuned for announcement ⇒ X (Twitter)
Conclusion
DreddSecure, inspired by our vision, is moulded by the Cosmos community’s feedback. As we move forward, our dedication to you remains resolute. Let’s co-create an escrow service that embodies the unified essence of the Cosmos community.
Resources
-ProductShop Team
