Thread by @DelucaDougie

1 - @AndromedaProt is an ambitious, early-stage protocol intent on building the "Wordpress of blockchain applications." A @cosmos / #IBC project, Andromeda seeks to eliminate many of the barriers currently impacting #Web3's rate of adoption. My thread🧵on Andromeda starts here 👇

2 - Whether you’re a user, developer, or anything in between, you’ve likely been impacted by at least one of Web 3’s problems today. As businesses and other large scale entities explore Web 3 adoption, the existence of many of these issues make integrating difficult to justify

3 - Identifying these barriers which continue to stunt migration to Web 3, Andromeda seeks to provide an interface to enable users to easily and effectively design smart contracts & systems without code. By doing so, they can solve many problems the space's struggling with

4 - @AndromedaProt's core team is very experienced and has a diversified set of backgrounds. The team size is 11 and consists primarily of engineers, developers and technologists focused on designing, developing, and delivering the best Web 3.0 user experience available today

5 - Andromeda’s core innovation's called an Andromeda Digital Object. Utilizing modular NFT smart contract architecture, ADOs rapidly create custom interoperable, autonomous smart contracts. They can even be composed using a menu-driven no-code builder or assembled with the ALL

6 - The Andromeda Logic Library (ALL)'s where ADOs are stored & accessible to users. Containing pre-engineered and defined functions allowing users to choose pre-constructed ADOs, assemble and stack ADOs, or create systems of ADOs, the ALL serves as the database of certified ADOs

7 - This is how Andromeda seeks to become the Wordpress, Shopify, etc. of blockchain/smart contract solutions. Through their open-source, trusted database of battle-tested smart contracts, builders can rather easily create systems, ranging from simple to complex, without any code

8 - How does this work? ADOs utilize Rust & CosmWasm + @cosmos’s IBC technology to spawn interoperable, secured, & reliable smart contracts. Better yet, they operate autonomously meaning they don't require user inputs to function (powered using incentivized Miner Extracted Value)

9 - As different ADOs are repeatedly used for certain solutions/chains, the ALL will evolve so that ADOs are more clearly defined by application. This is how trust is established. If a certain ADO has frequently been leveraged on $SCRT for a specific function, others can trust it

10 - This solves an issue which exists right now: availability of reliable smart contract auditing. As all ADOs in the ALL are pre-audited and certified, users will no longer need to seek out the same degree of auditing prior to launching an application. Another problem solved ✅

11 - The Andromeda Protocol Builder, a no-code required, user-facing interface, makes all of this accessible. Allowing users to make a system of mutually supporting modules, users can utilize menu-driven choices to select pre-constructed ADO functions or assemble new ADO systems

12 - As discussed earlier, as ADOs are created and added to the ALL, the APB’s features + scope will continuously expand. While the range of functionalities could theoretically grow exponentially over time, below's an overview of some envisioned to be most prominent & often used

13 - Now I'll provide a few examples of how this all comes together:

Below’s a fairly common real life DeFi example where Andromeda can, more effectively than any solution today, translate the interaction on-chain using several modules.

*Notice the compliance & tax aspects*

14 - Next is an NFT application. With royalties essentially impossible to enforce on-chain today, this is a huge benefit unlocked by Andromeda. Not to mention, how tax, regulatory, and legal aspects can be factored directly into the NFT's design. All things difficult to do today

15 - Now, it’s important to acknowledge that truly creating this protocol is a cumbersome process. Targeting a Q3 deployment on Cosmos, $SCRT, & $SOL, Andromeda needs additional Rust devs & professional services engagement activities for each project to meet their targets.

16 - This will inevitably come with its challenges as many of today’s Rust devs are already committed to projects of their own. Also, many off-chain entities are reluctant to embrace Web 3 esp if it’s a rather unproven application involved. Andromeda has many challenges ahead

17 - Additional funding would help them overcome many of these issues, however, the source of ROI for Andromeda is somewhat unclear as no commitment to a token or chain has been made. With the open-sourced nature of the protocol, the path to monetization here is somewhat unclear

18 - Though this is the case, the market opportunity exists and continues to grow over time. Wordpress boasts a $635B economy + software & software services is already at $430B. Comparing to the market sizes of similar Web 2 solutions, Andromeda's TAM is quite large

19 - In terms of Web 3 competition, it's limited at the moment as there're no incumbents offering the same solution(s). Tho @agoric aims to leverage a Javascript library, coding will likely still be required to utilize it. This means Andromeda’s best set up to become Wordpress

20 - The timing of this thread's unique as it's at a time where Andromeda is rather early-stage and still lacks true proof of concept. Given the mass adoption catalyst potential it poses, I do feel like it is a protocol which should warrant more attention, esp from the #IBCGang

21 - Given Andromeda’s intent to deploy across the @cosmos / #IBC ecosystem, it can unlock a massive developer base for the eco. This is a huge competitive advantage as many of us, who lack the technical background needed today, can begin deploying our own IBC-connected projects

22 - With the reward being huge but the risk here also existing for the reasons previously discussed, it will be interesting to observe the evolution of this protocol. Many stand to benefit from its existence but can it feasible execute upon everything included in its vision?

23 - That is up to all of us as community members and Web 3 participants. With Andromeda Protocol going to be a DAO, community direction will be pivotal to its success. If you read this and see the same promise that I do, then get involved and help push this innovation along.