This is a recurrent question in many of our communication channels. Today we'll not say exactly "wen", but we want to make sure we instead provide a more clear landscape of where and how the project is progressing.
As mentioned in the community call update last Friday, we have been continuously making strides towards the completion of wPOKT, making sure we've got a great product, and, above all else, making sure it is completely secure.During this journey, we've faced some delays due to the complex nature of wPOKT, but we're confident as a team that we are on the right track to release a product that will build virtuous growth cycles for Pocket Network and its community.
We're aware that we should have been more public about the whole process and our setbacks. Being clear and transparent with the execution process will be one of our main focus points going forward.As part of this effort, we will from now on release regular devlogs to let the community know where we stand in regard to our goal. We have created a timeline to publicly track main milestones. Based on our progress and advice projects with experience in successful LBPs have given us, we are targeting a launch in early Q1 2022 to make sure we do it right and don't rush it.
One of the biggest challenges, if not the biggest challenge we have found during this time is building a POKT<>ETH bridge. We're not an EVM-compatible chain, and we've got wildly different block times as well (15 minutes), so this is not an easy task by any means.
On top of this, while considering potential bridge partners, a few of them were hacked and this meant us having to keep looking for available, security-first partners, which resulted in delays on the execution timeline.Finding the right contractor took us some time and right now we are pleased to be working with Boosty Labs.
After some groundwork in terms of specs, we started moving with the bridge project a few months ago. As our objective is to make wPOKT as available as possible and create a virtuous flow, we then redefined some of our requirements, by changing the bridge architecture from a mint/burn architecture to a liquidity lock architecture.
Having liquidity lock bridges will enable the existence of multiple bridges and further decentralize access to wPOKT, apart from, in our view, having more acceptable security considerations. This vision of multiple bridges is already in motion: Ferrum Network has proposed a PEP (Ferrum proposal PEP 11: Bridge to a multi-chain POKT) for them to build a second bridge.
Completing and auditing the bridge
According to our execution plan of the new specifications. We're currently looking at a Q4 2021 completion date for the bridge. Once it's ready, it will be undergoing under one or more audits, depending on availability and any found vulnerabilities.We've already had a headstart on kicking off the audit process: we're already in contact with various audit firms and expect to share more details in the near future.