Appreciated for your long time waiting for our mainnet version AMA. Since 6/22/2019 we have gathered a bunch of questions related to the projects both domestically and overseas. It did take us some time to get together all the questions and answers ready in one sheet. Thanks again for your patience. Following are the core questions from the community and they are answered directly by the CPChain board members.
1. Will you try and list on oceanex.pro soon?
CPChain is continuously seeking to launch high-quality exchanges. Oceanex.pro is a good exchange and at a certain time point we will get in touch with them for further discussion. For now, CPChain is indeed looking for some chances to be listed on some top exchanges. We cannot promise we will 100% succeed but the team is trying their best. Several lines are going through simultaneously. We don’t want to create over-reading. So we want our community to give us some time on proceeding with it.
2. Can we have any update on CPChain Bug Bounty Program?
The Bug Bounty Program has been going on for months since CPChain Beta Mainnet. Luckily, there have not severe bugs since then. But we did receive some constructive opinions from the community. The reason we haven’t announce it yet is we would like to migrate them with the following reward announcement for tech contribution from the community. Please stick to the official announcement recently.
3. CPChain is from the beginning busy with tech and the product itself. Now the mainnet is almost life, will CP Chain do some more for marketing and liquidity? And if yes, will it be only in Asia or also in Europe? And about the liquidity, could you please tell us something about in the near future?
As stated before, CPChain will expand on marketing side after formal mainnet launch. The main goal is to increase brand identity and exposure worldwide. Under this goal, we are planning to set up new communities in South Korea and some regions in Europe (Turkey & Russia). We are seeking reliable partners locally to realize market entry. For now, we have almost reached an agreement with one local service provider in Europe and are in talks with partners in South Korea. There will be an announcement about the new community set up in the next few days. We have also finished some online campaign design, which will be released step by step. Honestly speaking, we believe the online event in the schedule will receive really good feedback from our community. We can confident of it. For offline brand exposures, CPChain has scheduled to attend conferences in China in the next 1-2 months. We will update with the community when the time comes. As for liquidity, the foundation’s main goal in the 2nd half of 2019 is to pushing CPChain to at least 2 top exchanges. The whole operations team led by Shi are striving to reach that goal. We believe by launching top platforms alongside the other good news will finally trigger the market and open up a positive loop.
4. With the partners you have gathered what quantity of data do you think will go through CPChain in the first few weeks?
We need to be realistic. There will not be a large amount of data stream in the first few weeks or even in the first few months after formal mainnet launch. Business adoption is an eternal topic until someone finally reaches it. We are in joint research with Solvecare to seek data integration in the medical industry in North America. We are in the working group of MOBI to set up standards in the fields of VID (Vehicle Identifier) & EVGI (Electrical Vehicle Grid Integration). We have developed prototypes for the National Driving Safety Center to improve data monitoring for driving school. The above cases will take months even years to realize mass adoption and mass data stream on our chain. We will make sure we get ourselves ready for it.
5. Have you run the stress test of the network with a huge amount of transactions?
Yes, we have!
6. When do you think we will see the first DAPPs on CPChain ?
We are optimistic towards the first DAPP on CPChain. Accordingly, the incentive plan for the DAPP will be released after the formal mainnet launch. We have already reached out to some professional Dapp incubators. We are also anticipating numerous DApp implementation on the mainnet.
7. CPC token is clearly a utility token. This also means the mainnet can technically work with a token valued at 0.01$, 0.2$ or 100$. I think the only factors that will have an influence on the token price is "perception" of the project and token velocity. People will buy the token if they think it will grow in price. Or the price will go up if more and more token must be "frozen" and out of circulating supply. If a customer has to buy CPC token to use the product but can these token are sold instantaneously, the token price will not increase even if there are more and more customers. What do you intend to do to increase the token price ? (to your benefit and the benefit of your long term supporters and holders. On a side note, Binance is doing an excellent job on this topic and could be taken as a benchmark)
First, CPC is utility token and there is no doubt of it. In the future, once we reached mass adoption and the affluence on mainnet DAPPS, CPC's functional characteristics will stand out and people will use it as transaction medium of the onchain business. However, we still cannot forget the “investment” characteristic of CPC. The only thing is to make sure users perception towards CPC is positive and buy>sell, then we can be confident about the price maintaining or increasing at a good rate.
8. Do you have all administrative authorizations to start selling your blockchain services in China?
Not yet. But we can reveal that we are in talks with some traditional companies we want to embrace the new technology. Some of them have more or less government background. One thing we are 100% sure is that the Chinese government are open for the Blockchain technology adoption. BaaS is the business we are exploring right now.
9. Is there really a Binance application ongoing?
Yes, there is. We have started the process. However, we want to be honest with our community. It is super difficult to get listed on Binance nowadays. There will both fund and time cost. We are trying our best and will let the community knows once we reached any announce-able progress.
10. Can we expect an industry node from BMW China?
It’s under discussion. We have sent our invitation. But as we may know, Big companies like BMW has more perspectives to consider and more complicated internal decision-making process. We are also waiting for feedback from them. However, it will be really an honor of CPChain if we can finally get BMW China on board.
11. When will the wallet be published?
It will be published in August.
12. What is the nature of BMW partnership? Can we have more insight on it?
The nature of the partnership is PoCs & Pilot project. CPChain is more liking serving the BaaS (Blockchain as a Service) to BMW China. Unfortunately, due to NDA, we cannot reveal any insights into the partnership without permission from BMW.
13. Can you give us an estimated annual hardware consumption as an RNode?
Briefly speaking, a VPS with a monthly fee around 50 USD will be enough for and RNode. If an RNode is setting up his own server, he will need at least 4GB memory and 300 Mbps bandwidth. As for hardware capacity consumption, it is related to the total amount of transactions on our mainnet. During BETA mainnet test, 700,000 blocks consumed around 4 GB in capacity.
14. What is an optimal bandwidth for a proposer?
Theoretically, a pure transaction will need a bandwidth of 100 bytes. As mentioned the Q12, a 300 Mbps bandwidth is a minimum requirement. We suggest 1 Gbps bandwidth.
15. How do you differentiate your project from other IoT projects in the field?
The core of the question lies in where the ecological boundary is. In essence, there is not much difference in the IoT related public chain projects. The differences, for now, is more reflected in the performance on the secondary market. However, from a long term perspective, whether a project is sustainable will lead to the debate on how to build up an ecosystem where everyone can contribute and benefit. At this point, our project has a certain competitive advantage: for some domestic projects of the same type, our academic background and resources are our advantages, not to say we have the technology and real-world adoption ability. At present, we have established extensive commercial and ecological cooperation with BMW, the National Engineering Safety driving Center, the National Supercomputing Center Changsha Center, Node Pacific, and HashQuark and other top institutions. They will work together with us to fulfill the industrial adoption based on CPChain technology; For those similar foreign projects, our advantage is that we rely on the massive future market of China, which is a big battle field they will feel harder to enter than us.
Another vital point is: How to occupy the leading position of the market from the emerging stage of the blockchain industry. We believe we can accumulate more ecosystem members and users by creating a good product experience as well as a good ecological system
From the perspective of R&D, we also have advantages. The CPChain mainnet has already been launched, and we have also developed the PDash prototype. For both B-end and C-end users, we will launch more functional and easy-to-use products to empower the entire ecosystem. In the field of tool products. we will actively introduce top ecological partners to promote the entire community governance. Meanwhile, we will speed up the construction of the developer community and the maintenance of the investor community. In addition, we will dedicate to activate the application volume on our mainnet. Through our previous accumulation of industry resources, CPChain will invite more enterprises to develop applications on our chain.
The war of the blockchain project is a long war, and we have the ability to endure a long war.
16. Let’s be honest, most of the public chain projects are simply spending their money and token in inventory without a sustainable profit model. What about CPChain. What is our profit model and what is our goal in terms of profit in 2019?
Profit is an eternal topic for all the blockchain project. There are two areas where we can bring in profit. The first area is mass business adoption and revenue hereinafter. The second area is the setup and activeness of CPChain ecosystem, which will result in the strong positive feedback for the main financial indicator for a public chain. This is the core advantage of the existing top public chain project.
If we are only talking about 2019. Our ambition is to take the project to Top 200 on CMC. However, from a long term perspective, business adoption will be the real source of revenue and profit.
17. When can we expect mass business adoption on CPChain?
The mass adoption depends on many factors, such as whether the blockchain technology itself is mature enough, the traditional industry's acceptance of the technology, the government's attitude, the project's commercial and technical preparations, and so on. It is quite difficult to give out an accurate date. However, as a public chain project, the infrastructure has been done and we will keep on updating the tech.
CPChain is in close touch with a bunch of traditional industry, government-based entities and some other blockchain project to seek real business landing. According to the cooperation, we are expanding right now, in the next 1-2 years we might see some business landing for Business-end use. However, if we want to see some customer-end, multi-million level mass adoption of the tech, let’s give it at least 3 years.
18. What work and preparation did CPChain do in terms of legal compliance?
Legal Compliance is a common concern as well as a sensitive topic for the entire industry in that there is some cost to reach a legal compliance. We have invited authoritative third-party code auditing providers to make a relatively complete set of consulting services and review services for project code.
19. Is there a plan for industry node or RNode to get extra rewards if he/she contributes to the CPChain network other than proposing blocks?
Yes, the detailed plans for scoring contribution and community governance have been done recently and we will release it to the community in the near future.
20. Can I see my RNode proposer reward in CPC wallet?
Yes, you can! Once you propose a block the reward will display instantaneously in your balance.
21. As an RNode, can I also get economy rewards?
No, you can't. After formal mainnet launch, there will be two staking pools, which are ENode Pool & RNode Pool separately. If you stake in the ENode pool (>=20,000), you are an Enode. If you stake in the RNode pool (>=200,000), you are an RNode. And of course, you can stage in both pools to have two types of nodes at the same time.
22.“How decentralized infrastructure will bring value to the IoT industry?”
The value of decentralized infrastructure is huge in the IoT industry. According to the prediction from Gatner, by the end of the Year 2020, there will be 30 billion IoT devices online. So how to insure the security and privacy of these data will become a problematic issue. The traditional centralized solution will inevitably face the risk of privacy right violation. However, the decentralized solutions with blockchain technology provide us with a perfect answer. No third party has access to your information, which will greatly increase the safety and ownership sense of your data.
23. What is the planning for CPChain in the 2nd half of 2019?
The second half of 2019 is very important for CPChain. Overall, the entire market is in a recovery period. The launch of mainnet in June is a foundation for building the entire CPChain ecosystem. In the future, we will continue to upgrade the mainnet to ensure that it is stable for some new business adoption scenarios. The development team will also gradually shift its focus from infrastructure to DApp development and the improvement of the current system.
From a technical perspective, we hope that more DAPPs will be available online after the mainnet is online.
From the market point of view, there will definitely be a series of commercial promotion and marketing activities after the formal mainnet launch, so that more people will know the CPChain brand. From the perspective of the exchange, we noticed the voice from the community. So in the second half we will strive to be listed on 1-2 top exchanges.
Lastly and most importantly, we will release the CPChain ecosystem plan to the community in the 2nd half of 2019. This is what we think the core of the community governance of CPChain in the future.
24. What is the business model of CPChain?
In order to answer this question, we need to expand on four key elements of our model
- Value Proposition
Build a trustworthy, connected and inter-operational world with decentralized infrastructure.
CPChain’s mission is to build a world-wide applied IoT based blockchain infrastructure, at the maturity stage, we will realize self-financing, which means we will assume sole responsibility for our own profits or losses directly from the public chain. As a similar example, we can refer to ETH. We do have the ambition to follow the business track of ETH and finally, the Chain itself, including transaction fee, the ecosystem itself will bring us revenue/loss.
(B) The Key (Business) Partners
CPChain will build up an entire ecosystem. which is boned up with the core technological product (Mainnet, PDASH platform) and connected by the 6 most important components in our community, which are Industry partners, Exchanges, Community, Developers, Academia and Government.
The left picture is our tech layers, representing the fundamental platform where all our economic activities will happen. The picture on the right further elaborates on the concept of the ecosystem. Briefly speaking, CPChain would like to build up an entire ecosystem which is boned up with the core technological product (Mainnet, PDASH platform) and connected by the 6 most important components in our community, which are Industry partners, Exchanges, Community, Developers, Academia and Government. Mainnet is an “operating system” as well as a “product” of CPChain, our ecosystem member will have the privilege to use the platform however there will be some sort of expenditure caused by the usage of mainnet. The ecosystem will bring not only individual users but enterprise/government users to the platform. CPChain can bring them with real-world use cases.
(C) Revenue Model
CPChain’s revenue-- again we need to emphasize -- is based on the CPChain infrastructure and is from the ecosystem which is built on the infrastructure (mainnet). There are 7 resources which are allocated into several stages in the next 5 years.
Stage I (Y1 -Y2)
In stage I, CPChain will mainly benefit from open market performance. We have to admit although the blockchain technology is still at the Youth Age so it is not ready for the mass acknowledgment as well as mass adoption. The tag of “Capital” and “Investment” for blockchain is still more obvious than the “Tech” itself. CPChain will not neglect the importance of open market performance. After formal mainnet launch, CPChain will put more resources to marketing, PR and Business Development, which we think will increase our brand identity and help us to reach Top 100 before 2020 and Top 30 before 2021.
This is also the 2 years in which CPChain will actively build up the foundation of the ecosystem. Part of our R&D resources will be shifted to DApp development. It will cooperate with our Business Development for some real-world uses case, not in large scale, facing B-end or G-end users.
Stage II (Y2-Y3)
In stage II, CPChain together with the industrial and government level partners will deploy real-world mass adoption. From what we have achieved right now with our partners, we do believe the mass adoption uses cases of CPChain tech will fall into the area of smart moblity, smart community or smart medical. This will brings the Foundation with more open market reputation and new investors, the fund support and an increase in Market Cap.
Stage III (Y3-Y5)
In Stage III, CPChain will encounter the maturity period of the ecosystem. With a large number of our platform users, the network transaction fee itself will sufficiently support the Foundation from a financial perspective. At the same stage, with the reputation built-up, CPChain can foresee more enterprise-level inquiries for consulting. The foundation can also benefit from such services.
PDash, which stands for the Parallel Distributed Architecture for Data Storage and Sharing, is one of the core components of CPChain ecosystem. The vision of this data market place is to incentivize ordinary people get used to sharing their data, no matter it is IoT related or not, and accordingly obtain rewards for their actions. The prototype is ready but we are sure for the large adoption it will take time. Blockchain Technology needs to be ready. CPChain needs to be ready. The users need to be educated. The entire process will cost around 4-5 years from now on.
(D) Products under Development
- Driving Record on Chain for dring shool
Est. time for adoption: 1-2 years.
Adoption Area: Driving Scholl Behavior onchain.
(2) Shared EV Charger and Seamless Payment
Est. time for adoption: 1-2 years.
Adoption Area: Shared EV Charger and Seamless Payment
(3) PDash Data Market Place
Est. time for small-scale adoption: 3 years.
Est. time for large-scale adoption: 4-5 years.
Adoption Area: Decentralized Data Market Place
Above are all the answers for AMA mainnet version. Please stick to our channels for more announcements.
CPChain, towards the trusted future!