Caelum Update Notice
During my quest for the perfect inheritable digital asset storage solution, I encountered several issues over the past 18 months of development.
Starting out as a basic QT wallet, we soon realised that this wouldn’t suit our needs. Next, we moved on to Smart-Contracts, and after countless hours of developing, a basic solution was found. During my work at Digipulse, i refined this technique by using Storj as a decentralised back-end to store all the data. While I developed a fully working Alpha and Beta version of all these techniques combined, we faced another issue during the Crypto boom in 2017; Crypto Kitties.
Crypto Kitties taught us that it doesn’t takes much to clog up the Ethereum network, forcing users to use higher gas fees to have their interactions processed faster. During the ATH in 2017, a single transaction could cost up to 8$. At least 3 smart-contract interactions are needed before a digital vault can be created, and configured to become inheritable.
Technology evolves. Certainly in the Cryptosphere, where today’s standard can be ancient technology after 3 months. Many different projects, mostly unrelated to each other, are working hard to solve many of the hurdles that Crypto needs to solve before being able to go mainstream, and become a valid competitor for the well known and established brands in the tech sector.
In Q3 2018, I developed and deployed an EIP918 smart contract based project, codenamed Caelum Project. Caelum was all about finding a new distribution methods to replace the ICO model, an alternative to users investing money and receiving tokens. While being a powerful tool to raise funds, this soon become the project setup of choice for scammers. Millions of dollars have been lost to scammers, who’s only job was to create nice looking graphics, a website, a technical looking whitepaper, and deploy a smart contract to hold the funds, and then send tokens. All of this could take less than a week, and they receive thousands of dollars in return.
In order to keep the distribution of CLM tokens fair, we used the EIP918 standard. This transforms a smart contract into a mineable version, where users can use their GPU or CPU to calculate a hash, and receive tokens in return. As an added extra, a Masternode reward system was implemented. Once a user has 5000 tokens, they can choose to lock them up in the smart contract, and become a hybrid Masternode. Every epoch — from 0 to total Masternode users — Masternode users are given a reward when a block is found by miners. The reward mechanism is designed to benefit the miners during the first months, and then increase/decrease proportionally, until the Masternodes receive 98% of all rewards. All these factors were considered valid during the contract creation to ensure a fair distribution method.
The current issues
It’s needless to say that our Caelum tokens, known as CLM, would be used to fuel our digital asset storage solution. While Caelum Project was originally created with the mindset of not raising capital by ICO methods, this has proved to be far more difficult than we had assumed. In our experience, running a project from scratch with limited resources is viable. However, what’s not viable is the ecosystem surrounding blockchain technology. It’s ruled by greed, and this is mainly because of the way new projects ran for several months.
This is something the that everyone offering services in the Cryptosphere know, that many, if not nearly all, projects somehow raised significant capital, which creates a high demand for premium services.
During the crypto ATH, a “top 3” exchange listing could cost over 6 million USD. Even today, the prices asked for these premium service are mind blowing. Listing on a small cap exchange costs around 5000 USD. Medium cap exchange starts at 30.000 USD. If you want to list your project on a website to promote it, you’ll be looking at around 2.500–10.000 USD per month. If you would like someone to review your code, or talk about it on social media, it will cost you around 5.000 USD per mention. Simply said, the entire ecosystem is biased towards the idea that everyone raised funds to support their projects.
Caelum project ran it’s entire span fueled by the community input and donations. I can’t express my gratitude towards everyone who’s been with me since, and even before, day 1 of the project. Many people invested many hours and/or money to keep the project running. I’d choose my community before 1 million USD every single day. But sometimes, good will alone simply isn’t good enough if you want to become a giant.
Evaluating the future
The time has come to reevaluate our project, and it’s future goals. We choose to stand on the shoulder of giants for our future roadmap, as collaboration with technical inspired projects seems to be the best way forward.
Decentralized storage: IPFS
For the backend of our storage solution, we will use a custom version of the IPFS protocol. IPFS is a peer-to-peer hypermedia protocol designed to store any digital data, that is entirely decentralised. IPFS is very inexpensive, fast, robust, p2p based, immutable and is even capable of storing working websites and dapps without the need for a server. IPFS is our first choice to be the backbone of Caelum. More information on IPFS can be found at LINK.
Out with smart-contracts, in with our own Blockchain
One of the most important changes for Caelum, will be the move away from the Ethereum blockchain and towards our own blockchain. Our blockchain will be Ethereum based, meaning it can interact with the existing Ethereum tools with minimum changes.
POSV (masternode) reward mechanism: TomoChain
Caelum will be built on top of TomoChain. TomoChain is a recent startup that know what they’re doing. The github repos are amongst the finest codes that I’ve seen recently, and the project is run entirely open sourced. While the source of Tomochain will undergo heavy transformations, it should benefit both projects in terms of code stability. Tomo itself is based on Ethereum, and their main code is forked directly from the Ethereum repos to ensure best practice and well tested code. More information on TomoChain can be found here.
EIP918 mining remains
While the PoSV is a very good idea, it would limit acquiring tokens for everyone. An EIP918 mineable smart-contract will be deployed on our own blockchain, where mining can proceed fueled by our own tokens instead of Ethereum. While the EIP918 contract will be our last step, we could theoretically make it close to free of charge to submit solutions, eliminating the need of ethereum gas to pay the fees.
The Caelum Project will rebrand itself as Caelum using the ticker CLMP, derived from “Caelum project”. As recent history has shown us, it’s important to use a ticker that doesn’t exists yet. This ticker pays a homage to the start of our project.
The total Caelum tokens in existence will be capped at 50.000.000 CLMP*. The distribution is planned as mapped out below;
Caelum will be airdropped at a yet to determine ethereum block. The airdrop distribution scale is set as following*:
It’s very important if you have a Caelum Masternode to keep it locked in as Masternode! Masternodes will be snapshot inside the contract, and will not be accounted as a Masternode if you withdrew the tokens from it.
As our experience taught us, it’s difficult to start a project without funds. Caelum will set up a charity foundation from where the tokens can be donated to support other startup projects. The total amount of tokens locked in this foundation is capped at 2.000.000 CLMP*, or 4%* of the token supply.
As concluded in the first part of this announcement, it’s currently unsustainable to maintain a project solely on community donations. For these reasons, Caelum will open up a public sale period where investors can decide to purchase presale tokens instead of mining them, or gaining the rewards from the Masternode reward system. The raised funds will flow back to the project, and will be locked up in a multisignature wallet.
10%* of the tokens (5.000.000 CLMP*) will be available during the public sale at a fixed price of 0.2$* per token.
There is no minimum cap on the public sale, and the sale is not mandatory to acquire tokens. Everyone can participate in the project without purchasing tokens. It would be a huge help if we received some investors during the public sale to support the project in long term. The sale will run between two fixed dates, and will close when this data has passed, regardless of the funds generated.
Scope (taken from the TomoChain economics)
Masternodes are full-nodes that create, verify and validate new blocks in Caelum’s platform.
Masternode Candidate: Any account can deposit 50k CLMP* using the official on-chain governance dapp to become a Masternode Candidate. 50K CLMP* deposit can earn staking rewards. A Candidate can resign, but the tokens will be locked for the next 30 days (1,296,000 blocks)* after the resignation.
Becoming a Masternode: A Candidate becomes a Masternode when he/she belongs to top 150* most voted Candidates in each epoch. A Masternode can resign, but the tokens will be locked for the next 30 days after the resignation.
Reward: The reward a Masternode receives in each epoch is proportional to the number of signatures he/she signs.
TOKEN VOTING AND STAKING
Token voting: Token holders can vote for Masternode Candidates by sending CLMP to each Candidate specific voting address using the official governance d-app. Top 150* most voted Candidates will become Masternodes. Token holders can un-vote a Candidate, but the tokens will be locked for the next 48 hours (86,400 blocks)* after the un-voting.
Staking: Masternode token deposits, and all tokens used to vote for Masternodes will enter staking program, and earn block rewards in each epoch, plus any fees. Tokens used to vote for Candidates who do not become Masternodes will not earn staking reward.
EIP918 Mineable contract: CLMP can be earned by mining our smart contract.
Each epoch consists of 900 blocks*, which will reward a total of 250 CLMP* in the first two years. 250 CLMP* will be divided to all the Masternodes proportional to the number of signatures they sign during the epoch. Afterward, the reward achieved by each Masternode will be divided into three portions.
The first portion of 40%* called “Infrastructure Reward” goes to the Masternode.
The second portion of 50%* called “Staking Reward” goes to the pool of all voters for that Masternode which is shared proportionally based on the tokens stake.
The last portion of 10%* called “Mineable Reward” goes to a special account controlled by the EIP918 smart contract, which will serve to pay the miners their share.
Timelines, changes and implementations
The above mentioned changes will require some extra time. Currently, we are working on a testnet version that should be live this quarter. While some functions may still be missing, or are not yet implemented, the testnet version should clearly demonstrate the use-case for caelum.
A new and improved white paper should be made, encapsulating all changes, economics, and roadmaps.
A fully working version, with the digital asset storage and inheritance included can be expected around Q3 of 2019. The MVP version (minimum viable product) on testnet should be expected by the end of Q1 2019.
To complete everything well on time, Caelum will hire a frontend developer to produce graphical nice looking interfaces for all our applications.
If the public sale results in significant funds being raised, a portion will be used to pay the listing fees on a medium cap cryptocurrency exchange. Depending on the amount raised, about 20–30% of the budget could be reserved for initial exchange listings.
Development stages and status
Phase 1 of the Caelum update is setting up our own blockchain. While we can start by using the work that Tomochain already provided, it will take some time before we created and shaped this base to our own needed specifications. Phase 1 will focus on deploying the needed services, contract, and dapps to interact with the blockchain. At the time of writing, we have already completed phase 1.
Phase 2 exists in rebranding the entire project to our own specifications. During phase 1, users will notice the original contributors styles, logos and/or names still being used. Phase 2 is all about rebranding this into our own style.
Phase 3 will start with a ‘blank canvas’, after we rebranded everything. During this phase, the basics will be implemented to use the code in the way we see it. In our case, we start implementations of IPFS and the needed contracts and dapps to interact with our inheritance solution.
Phase 4 will become our main test phase. During this last phase, every line of code will be tested, as well as the strength and speed of our blockchain. Once all tests pass, our blockchain will be ready to launch on the main net.
Node statistics page: http://stats.testnet.caelumfoundation.com **
Caelum block explorer: http://scan.testnet.caelumfoundation.com **
Caelum masternode dapp: http://master.testnet.caelumfoundation.com **
Go-caelum sourcecode: https://github.com/caelumdev/go-caelum **
CLM and CLMP Economics
Every Caelum Token (CLM) holder has been airdropped an amount of CLMP testnet tokens. These tokens serve to test and explore the possibilities our new blockchain will offer. Until the mainnet version releases, the CLMP tokens obtained are testnet only, and have no value. Our main currency remains CLM tokens until our final main net version.
Since our work is based on the Tomochain blockchain, who in turn is derived from the Clique network (POA), we decided to point the users to the documentation provided by Tomochain to save on development time. Since only a small amount of details are different during the first weeks of our testnet, there is no added value in writing an entire documentation explaining the same principles. As development progresses, documentation will be added, completed, and updated made available for the users.
Why Tomochain ?
All the benefits of Tomochain can be reviewed in this article: https://medium.com/tomochain/tomochain-all-in-one-overview-9fce16e13b5
Not only is the chain blazing fast, it can handle 2000 TPS for just a fraction of the cost that any Ethereum transaction would cost. Tomochain is an extremely stable chain, and I have great respect for the entire development team of Tomochain. As mentioned before, their code and quality is amongst the finest I’ve seen in years, and it would be a great honour to build something with such a solid foundation.
After some chats and mails, I’ve had the pleasure of talking to the lead blockchain engineer of Tomochain, Tu Nguyen. I was stunned by the enthusiasm of Tu, and his technical knowledge. Apart from Tu, i’ve experienced great support from Etienne, DevOps of Tomochain. All together this led me to believe that the team who shaped the foundation of our new blockchain are true masters in their field, and stand for innovation, technical engineering and making progress towards mass adoption.
Thanks to everyone
Apart from the upgrade notice, I want to take a short moment to thank everyone who stood by my side since the start. Some of my community members have followed me since Digipulse, some have joined later. Some have left, and some are here to stay. Our small community is what inspires me to continue, it pushes me throughout the long days of coding, sitting behind the screen.
Thank you all for the contributions and donations, big or small, it helped the community to keep the pools funded, to pay the listing fees of our small exchanges, to pay the monthly server bills.
Thank you all, to keep each other motivated even when we witnessed a long, dark bear season in Crypto. Thank you, for making each other laugh, to be supportive when someone was feeling down, for the jokes, and especially for all the GIF’s.
A special thanks goes out to Dan, ProCryptologist, Greg, FeintZebra and Christopher for the countless hours of hard work that you made behind the screens. Thank you for writing articles, writing the blackbook, making text corrections. Thank you, for never asking anything in return, thank you for believing in me.
Thank you everyone, for everything.
*: Values are still subjective to changes as the project evolves.
**: URL not final and subjective to change/relocation.