HackMDState Channel, what now.
As we have observed about state channel in recent months, we realized the oppurtutniy is still there and even getting bigger. As Channel 4 closing up its project, we would like to propose the following 3 projects as the next round of State channel related.
This document serve as proposal for PSE leadership to approve our next BIG thing.
This proposal is brought you by: Jay G., Jack, Ian, Jeo & Chiali.
Back to the purpose
State channel meant to be low-cost, almost zero-gas to onboard next wave of blockchain users. We want to leverage this desire while thinking about perforemence, super speed and ease of use for the people we are serving for.
Idea #1: Enterprise Resource Planning (ERP system)
Problem statement
In the evolving digital landscape, traditional ERP (Enterprise Resource Planning) systems are increasingly inadequate in addressing the dynamic needs of modern businesses. Current ERP solutions fall short in offering the necessary transparency, trust, and flexibility, especially for entities operating within or transitioning to blockchain environments. There is a growing demand for an ERP solution that caters to both traditional companies and new market entrants who are underserved by conventional finance and employment models.
Vision statement
Our vision of the ERP system is designed to seamlessly integrate enterprises and their employees into the blockchain ecosystem. We envision a platform where transparency in business operations is balanced with the utmost privacy for employee data. This system will dramatically reduce transaction costs, making blockchain technology not only accessible but also economically viable for businesses of all sizes. By developing this system, we aim to transform global perceptions of its practicality and security, establishing it as an essential, trustworthy tool for modern businesses. it's a step towards a more efficient, transparent, and privacy-conscious business world.
How are we going to do that?
Every business has their way of doing business, we want to make sure this system can easily onboard them, therefore in our developmenet, we will build as modular approach, and easy integrable with their exisiting tools. We will first develop a standard protocol then build an application on top of that. This idea also heavily rely on the power of zk in order to meet the core value of scaliabity and privacy.
The expansion
This project can highly benefit on the following;
- Ivy Network (AWS of workforce) can build on such protocol
- Platform for construction, contracting (Base on team member's past experience)
- Freelancing platform
Project tracks
| Track | Complexity | Tech Stack |
|---|---|---|
| Protocol | Medium | State channel, zk |
| Protocol & Integration | Medium | Smart contract, hooks |
| Application | Low-Medium | Open |
Idea #2: High Frequency Trading platform
Problem statement
In the current cryptocurrency trading landscape, especially on platforms like Ethereum, users face significant challenges with high-frequency trading (HFT). The primary issues are the inability to quickly enter and exit positions due to the inherent limitations of fully on-chain solutions, which include high transaction fees and latency. This creates a barrier for both casual and professional traders who are accustomed to the speed and efficiency of traditional trading applications.
Vision statement
We envision a state-of-the-art decentralized exchange (DEX) powered by state channels, specifically designed for high-frequency trading. This platform will enable users to swiftly enter and exit trading positions, akin to traditional financial markets. Our vision extends to significantly reducing transaction fees and providing access to deeper market liquidity, making high-frequency trading accessible and feasible on a blockchain platform. We aim to make this DEX not just a trading platform but a benchmark in blockchain efficiency.
How are we going to do that?
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The expansion
- App likes Uniswap can highly benefit from this
Project tracks
| Track | Complexity | Tech Stack |
|---|---|---|
| Protocol | Medium-high | State channel, zk |
| Application | low | Open, will only be demo |
Idea #3: Game- Collective Conscious
Problem statement
A common criticism of blockchain games is that they often prioritize cryptocurrency elements over gameplay, leading to experiences perceived as cash grabs or platforms to push crypto adoption, without a focus on engaging game mechanics. This approach has led to a disconnect between the game's design and player enjoyment, especially in the context of play-to-earn models, which are not universally appealing.
Vision statement
Our vision for "Collective Conscious" is to emphasizes immersive narrative and community-driven storytelling, where cryptocurrency is an enriching feature, not the centerpiece. Central to this game is the integration of a prediction market, where players forecast the story's direction, adding a strategic and anticipatory element to the gameplay.
