Centralised Bridge Proposal - Two-Way Cardano (ADA) to Algorand (Algo)

This proposal outlines the development of a centralised bridge facilitating the seamless transfer of Cardano (ADA) and Algorand (ALGO) between the two chains. The bridge aims to leverage the unique nature of the Cardano and Algorand relationship and provide users on both networks with a secure and efficient means to transfer and utilise assets across ecosystems. Excess bridged assets will be held in cold storage through our custody provider. Why centralised? Speed and simplicity of implementation, a decentralised version though desirable would take significantly longer and require more resources. Costs associated with the build include additional tech requirements, marketing on both chains, custody provider fees and multiple audits ensuring the security of assets. If approved we can leverage the relationship with our custody provider allowing additional assets to flow between ecosystems. The Algorand ecosystem has a unique relationship with Cardano and we believe the time has come to take the first steps to embrace this. The Algomint team is also uniquely positioned to attract liquidity from ADA once the bridge is approved and a suitable reward mechanism is in place. Discussions with significant Cardano community members has revealed yield is the primary incentive that would drive interest in Algorand from the ADA community but would need to be accompanied by thorough tutorials and awareness campaigns. Significant additional research into implementation of a decentralised iteration will be continued moving forward. ### Bridge Development (260,000A) - Infrastructure Setup: Establish a secure and robust infrastructure for the centralised bridge. - Custody Provider Integration: Integrate with a reputable custody provider to securely store bridged assets in cold storage. - User Interface: Develop a user-friendly interface for users to initiate and monitor cross-chain transactions. - Security Audits: Conduct thorough security audits. - Integration Testing: Perform extensive testing of bridge's functionality and security. - Deployment: Deploy the centralised bridge, custody integration, and user interface components. The reward structure will be designated and designed around TDR and collaborations with other Algorand defi platforms.