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Who checks and confirms whether the milestone has been reached or not? Does it require a third party or the confirmation of the person(s) who have funded the project?

Thanks for your question, Momo! 🙌🏼 Milestones are predetermined timelocks. It is for the founder/project creator to share regular project updates using nostr, in line with the milestone dates which were set while creating the project. There are no third parties - only the project creator (founder) and the investor(s). Feel free to take a look at the source code: https://github.com/block-core/angor