RUNE is being RUINED
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Received an update from the Thorchain devs. Their team has signed up for audits & commenced collaboration with a reputable smart contract monitoring firm. The vulnerabilities were again limited to ETH smart contract: ERC20 tokens and the team is confident with the recovery.
Why anyone would use thorchain at this point is beyond me.
Please direct developer attention to quality projects like ycash, rather than derivative money grabs like thorchain.
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We are monitoring Thorchain’s response to the repeated vulnerability exploits affecting the ETH smart contracts code. The native coins BTC, BCH, LTC were not affected.
Since you have an interest in DEX swaps too, you might understand the value and new use cases that will be unlocked with a cross-chain native swap, benefitting Zcash overall.
I doubt Ycash would be interested in Thorchain
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Maybe. Ycash has this weird token WRY on binance smart chain that supposed to magically be worth YEC. Not sure about how any of that works though. I think the ycash foundation burns yec to mint wry or something. Frankly not a fan of that.
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Yec/Zec is on safetrade
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“Yes, we can’t be trusted, yet so far, only one section of our code has proven that! The others are probably fine.”
This should at least be put on hold for a period of time while Thorchain resolves itself.
Also, SafeTrade isn’t a DEX nor relevant.
- We need viable DEX options for trading native Zcash.
- There are some willing to serve as a ZEC LP to kickstart it.
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$40,000 a year for starting salary, signed on for 4-5 years for that $230,000 would be more reasonable, with constant progress reports due to their bad track record.
That’s a lot of money we have wasted if what you say is true.
Present and accounted for 
. We need this LP
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It will be interesting to see if any members of @ZcashGrants are re-elected. More interesting to hear what @ZcashGrants considers its successes.
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Following Zcash Block Explorer’s launch per Schedule in August, I am happy to report that the developers initially sourced for building the Zcash integration with Thorchain are still available to bring native ZEC swaps & yield earning opportunities on the Thorchain network.
The prolonged delay in the planning stage of the Zcash Thorchain Integration Grant has turned out to be a blessing in disguise.
After the Ethereum Router code was exploited back-to-back within a week in July, Thorchain developers enforced severe measures to protect the Liquidity Provider Pools, validators and users. They halted the network, enrolled in to audits and and re-wrote major portions of the codebase. They have even set up a bounty funded by the RUNE currency, and taken measures to reward Liquidity Providers all whilst building the native, multi-currency DEX protocol with multiple front ends. More info here: THORChain Network Operation Roadmap and implementation of a protocol level insurance via THORChain Bug Bounties | Immunefi - https://twitter.com/THORChain/status/1420227117510320128
I strongly believe that Zcash will benefit with the exposure to a wide DEX user base who doesn’t have access/exposure to any native privacy focussed coin. Zcash has the first mover advantage here. And getting Zcash in to more user’s wallets will increase the ZEC distribution across the crypto community.
Why ZEC on Thorchain is important:
- NineRealms has an initial commitment from a partner to supply ZEC liquidity to Thorchain, to the amount larger than the Wrapped ZEC (9104 ZEC $53.94 | Wrapped ZEC (WZEC) Token Tracker | Etherscan) & RenZEC (11,280 ZEC $50.87 | renZEC (renZEC) Token Tracker | Etherscan), combined. Hence, we would be ready from Day 1 of deployment to enable native ZEC swaps functionality via the existing front-ends.
- Thorchain developers are working on a mobile SDK which will make integration with mobile wallets possible, further extending the reach of the swap functionality for Zcash.
- ShapeShaft with its millions of users has recently integrated with Thorchain for native swaps of BTC/ETH/ERC-20 tokens, so once ZEC integration is complete, then ShapeShift users would be able to provide liquidity to earn ZEC & swap ZEC via ShapeShift too. ShapeShift to Decentralize Entire Company
& per Andre’s points:
We are in touch with the Thorchain developers, monitoring the September restart of the Thorchain network along with the RUNE community who are very supportive. NOTE: None of my team members hold any RUNE yet and are not paid by Thorchain or anyone to extend the features of Thorchain. Our interest to deliver this integration is based on the study of the Thorchain decentralized architecture, the scalability, volumes processed and possibility of interfacing with Thorchain via mobile wallets & web apps.
Timeline: Over the next 2-3 weeks, we will study the updated/audited framework and re-evaluate the efforts to make ZEC integration happen. With a development start timeline of October 1st, we will aim to deliver the integrations in December, and based on the code reviews and integration of Zcash front-end code with existing DEX front-ends. We can target native ZEC swaps and interest earning capabilities by New Year or January.
Budget: The statement “compensation for this proposal is based on the value of the outcome for Zcash attaining increase in adoption on a DEX” did cause confusion to many; it was made per the combined pay for contributors working on a flat fee basis to finish all the outstanding issues till ZEC integration is live on Thorchain. I will update the breakdown & milestones with the revised estimates including the hourly costs for transparency in September to resume this opportunity to grow Zcash adoption.
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Thanks for the update, @aiyadt!
I’m glad! This will make it much easier for ZOMG and community members to make apples-to-apples comparisons between these rates and rates on other proposals. It just makes things much easier when we can see this breakdown.
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Hey folks I posted this thread to twitter, and there was some enthusiasm in response:
https://twitter.com/sifchain/status/1426336837581242368 (SifChain is like a sister and/or competitor chain to ThorChain.)
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I’m continuing to see more enthusiasm like this:
Also, I was at a dinner in L.A. this week attended by some famous crypto leaders — people whose names most crypto folks probably know but it was a private party so I’m not name-dropping them — and one of them enthusiastically brought up the possibility of Zcash-THORChain integration, too.
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Thanks for sharing! I am excited about this integration too, as it would open up ZEC integrations in many more DEXs!
The current state of Thorchain main-net launch:
- Mid September: Binance Chain online
- Early October: BTC/LTC/BCH online
- Mid October: Ethereum/ERC20 online
This matches our timeline estimates to start the work in October. Our team is reviewing the test-net that went live last week.
Thorchain network timeline tracker: Notion – The all-in-one workspace for your notes, tasks, wikis, and databases.
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@ZcashGrants - Following the delivery of the zcashblockexplorer.com and subsequent updates. The Budget and Payout Timelines for the Zcash Thorchain Integration Grant has been updated at ZF Grants - Zcash Thorchain Integration Grant with work beginning on Oct 1, 2021 with final deliverable for Dec 31, 2021.
Task Total Resources Cost
Development 120,000 4 $197.37/hr x 608 hrs
Testing + Integration 60,000 3 $98.69/hr x 608 hrs
Planning + Deployment 22,000 2 $36.18/hr x 608 hrs
202,000 + 26,260(13% tax) = $228,260
- $228,260: Software development, planning, evaluation, testing & deployment.
- $10,000: $2,500 x 4 Thorchain core developers consultation, reviewing Pull Requests and deploying to prod.
- $20,000: $5,000 x 4 months of multiple large AWS instances to run Thorchain test-net environment.
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Hi, after taking some time to review how to integrate coins to their platform and their current code base, I am wondering why it would take so much dev resources.
They have integration with btc, btch, ltc and doge.
Each of them is a copy of their btc chain client.
And when they make a change, they do the same change 4 times.
For example, their last one was:
It seems that an integration with zcash could follow the same lines, considering that zcash shares the same utxo model.
In which case, it would cost significantly less than 1000 hours of development.
Is there something that I am missing?
Maybe a rough dev design would help me understand your cost estimate.
Thanks
Edit: 9 x 608 = 5472 man.hours
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