ChainPort Meets Iron Fish’s 1st Development Milestone & Grant Details

tl;dr

Iron Fish granted $1 million to ChainPort to enable bridging assets to and from Iron Fish and maintenance for more than four years.
The collaboration achieved the 1st milestone, Testnet Integration, which lays the groundwork for future integration.
Subsequent milestones will enable private, interoperable transactions for Iron Fish users and full mainnet integration.
Iron Fish operates on a proof-of-work mechanism, ensuring transaction privacy and validation through ZKPs.

ChainPort Reaches 1st Development Milestone & Receives Grant

ChainPort has successfully advanced its integration with Iron Fish for achieving and obtaining approval for the 1st milestone: Testnet Integration. This milestone sets the foundation for later stages in the integration process.

Milestone 1 is the first of six Milestones that make up a $1M Iron Fish grant to ChainPort. The grant will be funded in both stablecoins and IRON tokens, the native currency of Iron Fish’s chain. The allocation of the grant has a positive impact on the ChainPort ecosystem and signals ChainPort's confidence in Iron Fish. The first milestone included the following goals which were completed:

Run an Ironfish testnet node that can be used to interact with the Ironfish testnet network.
Build out infrastructure to properly store Ironfish private keys for usage in the bridging process.
Add code that allows ChainPort to mint/burn tokens on testnet.
Add code that allows ChainPort to monitor for incoming UTXOs on a wallet address.
Add code that allows ChainPort to generate UTXOs with metadata
Add code that allows ChainPort to send UTXOs for inclusion to the network via the Ironfish testnet node

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Moving forward, the collaboration outlines the roadmap with upcoming milestones. Milestone 2 concentrates on Iron Fish as a receiving chain within the testnet environment. This means Users should be able to port from all EVM testnet networks supported by Chainport TO the Ironfish testnet network. The manual testing plan will include:

Validating that transaction amount are correct on source and target chain
Validating that wallet addresses can be whitelisted/blacklisted (i.e. Ironfish inclusion list)
Validating that the fee mechanisms work properly when porting to Ironfish
Validating that UI components are working correctly
Validating that the bridge integration can handle large port volumes (i.e. stress test)
Validating that security mechanisms are working properly (automated bridge freezes if mint amounts > deposit amounts etc.)

Simultaneously, Milestone 3 extends the testnet, enabling Iron Fish to function as the originating chain and introducing support for native Iron Fish tokens. Ironfish native assets will also be supported as part of this integration. Both milestones 2 and 3 are close to completion.

Following these testnet phases, ChainPort will implement an Iron Fish exclusion list and real-time threat detection system (Milestone 4). The exclusion list will include all known wallet addresses of bad actors in the space. They are defined as follows:

Addresses listed on OFAC
Addresses that have interacted with addresses listed on OFAC
Addresses involved in previous DeFi-related hacks
Addresses suspected of being in the process of performing DeFi related hacks
Addresses that have received funds from malicious wallets
Addresses with occurrence of private key leakage (currently or previously)

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The final step occurs with full mainnet integration (Milestones 5 & 6). This integration empowers users to transfer assets between Iron Fish and over 20 EVM-compatible chains supported by ChainPort, including popular tokens like USDC.

This strategic collaboration brings private access for Iron Fish users to a broader DeFi ecosystem, preserving the blockchain's privacy features. Iron Fish's substantial grant signifies a commitment to nurturing a more interoperable future for blockchains, marking a step towards an interconnected Web3 world.

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