Dear Community,

Today we are pleased to release the FR for Q1, 2020 to the community. The following FR covers the time period between Dec 1st, 2019, and April 1st, 2020.

The Foundation continues its commitment to transparency, fairness as always. We sincerely invite the community to supervise all aspects of the use of funds and the development process of the onsite team.

The following report will be divided into 3 parts:

  1. CPC Supply & Circulation
  2. USDT Expenditure (Use of Proceeds)
  3. Financial Status Summary

CPC Supply & Circulation 


At the end of March 2020,  the CPC circulating supply was 409,945,726 which accounts for roughly 40.99% of the total supply, The distribution status of CPC token holders remains scattered. 


Compared to the previous FR, there are several changes  in terms of CPC supply and circulation

  1. 32 million more CPC tokens have flowed into circulation supply, which accounts for 3.2% of the total supply. Such amount of tokens mainly come from the RNode reward pool, the Community Operations Reserve, and the Business Development Reserve. 

  2. The percentage of Individual and Institutional investors has come up. Although the beginning of 2020 was greatly affected by the Coronavirus, the team has still tried their best to keep on the business discussion with potential partners for further cooperation. Additionally, according to our data mining history, we saw several significant increases in the early investors' address. We sincerely appreciate the support and will keep on the hard work. 

  3. Although we have released the 1st batch of team node reward, the portion for the founders of the team is still under lock-up. As promised, the CPC for the executive level staff will remain locked. 

  4. We have spent a tiny portion of the reserve for Developers' Community and Institutional investment due to the apparent situation of coronavirus. However, with the recovery of the situation in China and the foreseeable recovery worldwide, we are quite optimistic about restarting the business in these two parts.  

Generally speaking, CPC in reserve is being released into the circulation supply orderly. The foundation is expecting more use of CPC tokens in more and more corresponding situations, which will significantly accelerate the tokenization adoption of CPC. 


USDT Expenditure (Use of Proceeds)


We summarized below the USD value of the expenditure in fiat or BTC/ETH for the reporting period. For the spending in BTC or ETH, the USD value was booked based on the rate when the transaction occurred. 

Comparing with the last reporting period, the total expenditure has been greatly reduced due to the lack of marketing operations in the past few months. The Foundation made the decision to cease the marketing and BD due to the pandemic. 

Daily Operations
This part of the expenditure mainly covered the fields the salary of the Administrative team, Office rent, and all other administrative costs. 

R & D
This part mainly covered the expenditure of Development Team salary and the expense for technology adoption.  Regarding business adoption, we cannot reveal more details at the current stage. However, we are pleased to notify everyone that we have reached some conservative progress in terms of DID development and the business talk with our clients. 

Marketing & Operations 
This part mainly covered the expense in terms of team salary for the operations team and marketing actions such as exchange listing. 


Financial Status Summary


Affected by the global epidemic, the CPChain Foundation executed a similar operation strategy in the first quarter of 2020. While continuing to vigorously reduce team expenses and expenses on non-essential issues, the team continued to seek the potential opportunities of technology adoptions in fields of Internet of Vehicles, smart cities, and public safety.  The board has been working hard on seeking mass adoption and capitalization in different scenarios. In Q2, we will also release the updated version of the CPC wallet with more stability and functions. The community governance function will also be merged in the last version of the wallet.  We expected to see more community involvement in this project. Regarding Business Development, we are confident to see more progress in the next Quarter and once we get any talkable achievement, we will let the community know at the very first second. 

The beginning of 2020 is quite hard for everyone, the foundation wishes everyone in our community the best and we can achieve more in the upcoming summer. 

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