To All the CPChain Community, Partner & Supporters:
It has been over one year since the Foundation was established. Over the past five hundred days and nights, CPChain has completed one and another technical breakthrough under the full engagement from the R&D team and the operation team, and in the support of the global community. We united as a team and passed all the test lying in front of us. No matter how dramatically the external environment has been changing, we have never forgotten why we started, and our mission can be accomplished. CPChain just needs a time point, a time point when all quantitative change can lead to a qualitative change. And we figured out— It is today!
“The CPChain formal mainnet has already been deployed since 6/27/2019. It passed the initial moments and has been running very stable in the past two days. ” ---- Dr. Long Chengnian, CEO, Founder, CPChain
Today，we are so excited to announce everyone in the world that,
CPChain mainnet is formally online at 6 PM, 6/30/2019, UTC +8
This is the most important milestone in the history of CPChain and also a new beginning. From today on, CPChain global community members including investors, developers, and industry partners will have a platform completely owned by ourselves. Based on that，the foundation welcome everyone to join and participate in the construction of the entire CPChain public chain ecology, hand in hand to open a new commercialized world.
The Genesis Block and 1st block
At the exact time of 3:18:29:933, 6/27/2019, the genesis block on mainnet was proposed. After that, the 1st block was also proposed based on consensus. We have made the video as well as screenshots to recap the birth of genesis block and 1st block. For CPChain, these are the two critical time points that deserve to be remembered forever. It represents the process of 0 to 1. It also indicates a brand new start of the project.
In the following paragraph, please allow us to introduce you the amazing update in formal mainnet as well as the follow-up schedule for token swap.
Formal Mainnet Launch and All-round Update
CPChain comes with 5 built-in smart contracts to ensure normal operations of DPoR. Other contract files in our code repository are either abandoned or not yet activated.
Campaign Contract：Campaign contract will be called once a user starts mining. Campaign contract will check whether the applicants’ hardware resources match basic requirement by calling admission contract and check whether the applicants are RNodes by calling RNode contract. If applicants pass the tests, Campaign contract will add them into candidates list for next three terms by default.
Admission Contract：Admission contract is called by campaign contract to verify whether the candidates’ CPU and memory resources match the requirements of mining. Admission contract uses primitive contract mechanism so that contract code can directly call functions implemented in golang.
RNode Contract: RNode contract will record all the RNode in the loop, and maintain the deposit of all Rnodes
Network Contract：Network contract provides configs for testing network status. Applicants have to pass the network test before becoming RNodes and candidates.
RPT Contract： RPT contract provides configs for reputation calculation. Proposers will be elected from candidates based on their rpt value. Rpt is calculated based on five dimensions.
For more details about Smart Contract，please refer to https://docs.cpchain.io/preliminaries/overview.html#rpt-contract.
Our data privacy mechanism allows users to deploy and call private contract on cpchain for completing their private transactions in a secure way. Besides the agent P (validator and intermediary) and accounts accepted by the deployer, others are NOT permitted from viewing the private transactions. Although the private transactions are invisible for others who are not the transaction’s participants, some sophisticated key data is recorded and maintained in the blockchain. The data is available for audition and validation for private transactions when necessary.
CPChain uses the consensus system of DPoR (Dynamic Proof of Reputation) and divided the entire architecture into three parts, as follows:
After passing the admission test, a civilian node will be legitimate to become an RNode. A specific election algorithm will select candidates from the RNode pool to conduct a dynamic committee, which is responsible for the maintenance of the blockchain.
Economy Node. Any Civilian node with at least 20,000 cpc in balance is Economy node. An Economy node owns the right to participate in the lock-up session but cannot propose blocks on the main chain. He needs to lock up at least 200,000 cpc to participate in the Quarterly Lock-up Reward Plan (4 times a year). The RoI for every quarter will vary based on the overall participation rate and total number locked up after the application session. It will be adjusted naturally by the market. More cpc locked up will result in a decrease in RoI. CPChain will not reveal the total amount locked up before the application ends. So our community member needs to make an assessment by themselves and decide whether or not to participate. The reward will be distributed every 3 months.
RNode. A civilian node who deposits at least 200,000 cpc and meet the hardware required will be considered an RNode. An RNode owns the right to propose blocks on CPChain and thus gain rewards. The deposit of at least 200,000 cpc is a must. Every block proposed by an RNode will bring back 12.68 cpc in return. The reward will be distributed immediately.
** Please be noted after formal mainnet Launch, considering the fact that the RNode reward pool for the first year is 50m while the economy reward pool is 5 m, RNode will not share the economy node reward pool anymore. If an RNode would also like to gain the economy/basic reward, a separate application for Economy Reward is needed. **
The consensus in LBFT 2.0 is determined by two committees: Validators Committee and Proposers Committee. The Proposers Committee is composed of 4 official proposers and 8 community proposers selected from the RNode pool. The Validators Community is temporarily not open for public. It refers to a group of users that can validate a newly proposed block. The committee consists of nodes nominated from CPC Foundation, governments and companies. Except for some abnormal cases, validators may not propose blocks.
The LBFT 2.0 protocol can be considered as a finite state machine (FSM) with 5 states: idle, prepare, commit, impeach prepare and impeach commit. The former three states are designed for normal cases, and the rest, named as impeachment, specializes in handling abnormal cases.
For more details about LBFT 2.0, please refer to https://docs.cpchain.io/detailed_algorithms/consensus.html
Node Entitlements & Rewards
CPChain’s ecosystem is established by a lot of Internet of Things (IoT) enterprises, developers and users. It is a long-term process. As a result, CPChain will divide the incentive system into two stages. In the first stage, CPChain Foundation would be the main fund provider, for the ecosystem establishment and the chain maintenance. The next stage is mainly performed by the market. With the optimization of CPChain ecosystem and the increase in data sharing and transferring, the reward for RNodes will mainly be generated from smart contracts and market transactions.
Rnodes’ entitlements will be allocated to two parts: basic rewards and maintenance rewards.
Basic Rewards: CPChain will create a reward pool with 5 million CPC annually (1.25 million CPC quarterly, 13, 700 CPC daily). The Economy Nodes receive the corresponding CPC reward based on the ratio of the locked margin to the total margin. The detailed process goes as follows:
Each season lasts 90 days, including the first 3 days for the raise-period, the 84 days for the lock period, and the last 3 days for the settlement period. There is no overlap between each period, and the second period can only be opened after the end of the first period. Each period does not overlap with another one. And the contract is always at a certain period, the raise-period, the lock period or the settlement period. In the raise-period, you can deposit tokens into the economic pool or withdraw the tokens. No operation is permitted during the lock period. And interest for each season can be taken away during the settlement period. If the user does not take the interest, the administrator will assign them one by one. Users can apply for the lock-up session through CPChain Wallet.
Maintenance rewards: Proposers committee nodes are entitled to blockchain maintenance rewards after it proposes a block and successfully gets it inserted into the chain. As defined in the RNode ecosystem, the annual supply from maintenance is 40 million CPC in the first year and is decreased by 25% annually for the next four years. Thus, the annual supply for five years is 40 million, 30 million, 22.5 million, 17 million and 12.75 million respectively. After five years, the supply runs out. In other words, no CPC is rewarded after that time. Meanwhile, CPC Mainnet inserts a block every 10 seconds, which yields around 3 million blocks each year. Therefore, we conclude the reward and supply in the table below.
Token Swap Timeline (**Important**)
Alongside the launch of formal mainnet, the token swap has also started correspondingly. We will provide the community with several entry-windows to swap their ERC-20 tokens to CPChain tokens. A detailed timeline is as follows:
Phase 1: The SPARK Program. (Strongly Recommend! Please refer to the instructions below)
Phase 2: Exchange Swap. The major exchanges including Bibox, KuCoin, Cointiger, Latoken and so on will support the token swap directly in the exchange. Please pay attention to the notification from them. The Phase is expected to occur at the beginning of August. ** If you want to swap the token through the exchanges, please pay close attention to their service instruction. Any loss caused by not following the instruction will not be covered by CPChain Foundation.
Phase 3: Wallet Swap. CPChain will release the CPChain wallet on both Andriod and IOS platform in early August. CPC holders can swap their ERC 20 token through wallet as well.
The Project SPARK
Community is the base for any blockchain project. CPChain will not go further without the support of the ecosystem users. In order to ease the overall procedure of token swap as well as showing our appreciation towards our token holders. CPChain Foundation finalized the Project SPARK for everyone. Simply speaking, the foundation will help the participants to destroy the ERC-20 token in advance and will return the CPChain-based CPC 30 days later with bonus.
Details are as following:
Application Period July 1st 0：00 - July 7th 23:59, UTC + 8.
Prerequisite Applicants MUST transfer at least 20,000 cpc to be considered legitimate for receiving bonus.
Procedure An ERC-20 CPC holder MUST transfer the amount of token of cpc that he/she wants to swap in this project directly from the wallet (with full control of private key) to our token swap address:
The foundation will return the CPChain Tokens (Principal + interest) to the same address the participant used for swapping before. ( Interest Rate = 1.67%)
For instance, If A transfers 50,000 cpc to the address we provided on 7/2/2019, 4 PM, UTC +8, The system will automatically define the release time would be 30 natural days later, which will be 8/1/2019, 4 PM, UTC + 8. A will get the distribution in 24 hours after the release time point with 50, 000 *(1 + 1.67%) = 50,835 cpc. The foundation set the interest rate at 1.67% based on a rough calculation of Yearly RoI at around 20%. The intention for distributing bonus for token swap is mainly rewarding the long term support.
**Important Notice &Warning**
please read carefully the bellow tips for participating in Project SPARK. It is closely related to the safety of your own tokens. Please make sure the below action tips are kept in mind. The CPChain Foundation IS NOT responsible for any loss of property caused by personal reasons for failure to comply with the following regulations! ! !
1. Please DO NOT transfer the ERC-20 cpc from exchange address directly. (You don’t have private key there!)
2. Please use wallet such as Imtoken or MEW, where you have the ownership of the private key. (WHICH is very important!) to send the ERC-20 cpc.
3. Any transfer after the application due WILL NOTbe able to get the interest but will get the principle token back after 30-day lock-up session.
4. The time we will use to decide whether one is on time or not is based on the block proposing time recorded by etherscan.com. Since there is a certain delay in the transfer of Ethereum, it is strongly recommended that you complete the destruction before 23:50 on July 6, 2019, UTC+ 8, so as not to miss the final application time.
5. A basic swap limit of 20,000 cpc MUST be met to be considered legitimate for receiving the bonus.
5. If you missed the Project Spark, you still can swap your token in August through exchange or CPChain wallet. However, there will not be a bonus.
The Event in the Pipeline
As mentioned above, the formal mainnet is just a start.
In the NEAR future, we will release plans for more community engagement, which includes but will not be limited to
White Paper 2.0
DAPP Incubator Program
CPChain Bounty Program (Upgrade of the previous Bug Bounty program)