An open letter to Aerum and Signkeys communities by Alex Randarevich, CEO of Aerum Technology Ltd.
First, I wholeheartedly thank you for supporting our communities for over the year now, sailing with us the icy waters of Crypto Winter and the roller-coaster recovery of 2019. I appreciate your enthusiasm and belief. I can sincerely assure you it is not misplaced.
Second, I apologize for the spotty communications our team has been having with you over last months. The reason of it we threw all our resources to partner with Signkeys team and build something much much bigger powered by both companies’ technologies. We simply had to commit all our resources to design, development, planning and fundraising in order to power the launch and a rollout of the FCH Network.
Third, as of today, I would like to congratulate us all with the official launch of the FCH Network. The network was officially launched on Tuesday, 5th of November. It took us few days to run tests, configure the software and make sure the wallet applications are working spotlessly with the new blockchain. As of 8th of November 2019, the new version of Signkeys Pro application has been approved and published on both Google Play and Appstore platforms. It is currently available to everyone for download and registration.
Enter the FCH Network
FCH Network is an open business-oriented ecosystem based on the open permission-less public FCH blockchain. FCH ecosystem initially features several vertical stacks of business-oriented solutions for entrepreneurs and corporations alike, addressing typical challenges businesses face, including user onboarding and retention, digital asset issuance and listing, decentralized atomic swaps, cross-chain atomic swaps, blockchain-based Identity Management solution power by Good Digital Identity, Security asset support and much more.
FCH Network ecosystem is an open business alliance of traditional companies, enterprises and crypto companies alike built on top of FCH blockchain and powered by FCH staking infrastructure and its native crypto-coin, Fuchsia Coin. FCH Network Alliance initially launched by Signkeys and Aerum as founding partners, contributing their respective technologies, knowledge and finance to get it going. The Alliance already has a waiting list of new members to join. We believe it will soon start growing exponentially.
There are two sides to the FCH Network platform:
· Open decentralized FCH blockchain
· Vertical stacks of commercial solutions for businesses to enter the digital asset world
FCH blockchain is based on ATMOS 2.0 cross-chain proof-of-stake protocol, a major evolutionary step of the ATMOS 1.0, which powered Aerum blockchain, that had its first testnet deployed in August 2018 and the mainnet, that went live in March 2019. Among the major improvements following can be noted:
· Identity protocol implemented at the blockchain level and supported by the blockchain client software, allowing only identified and KYC-checked entities and individuals to run Delegate nodes
· Radically upgraded staking system, allowing for two types of network validators (role similar to miners in Proof-of-Work blockchains), Masternodes and Delegate Masternodes
· Improved performance, allowing up to 2,000 transactions per second at the protocol zero level (no scaling)
FCH blockchain operates on two networks simultaneously: staking on Ethereum, featuring full on-chain smart contract-based governance system, and native FCH network, operated by the consensus mechanism ATMOS 2.0.
There are also two digital assets that are used in FCH Network:
· XF token — a staking asset, allowing to secure the network and give Validators voting power for the governance processes
· Fuchsia Coin — a payment asset native to FCH Network that is produced through the block reward (mining) process
XF token is an ERC-20 token issued on Ethereum network in amount of 888 Billion units with the following distribution:
· 388B — reserved for investors, partners, adoption and the Alliance
· 250B — reserved for Signkeys as a replacement for KEYS token and co-founding the Alliance
· 250B — reserved for Aerum as a replacement for XRM tokens and co-founding the Alliance
Initial available supply of XF tokens is set as 10% of the total, or 88.8B tokens. With the targeted listing price of $0.0001 per XF token it equates to the available market cap of $8.88M. That includes allocations of both Signkeys, Aerum and the investors. That amount also include allocation for current token holders of XRM and KEYS tokens.
While FCH Network is a brand-new enterprise and will be building up its following and client base over the coming months, both co-founding partners, Aerum and Signkeys agreed to grandfather all of its community and token holder by offering them to join the FCH Network community and replace their tokens with the new XF token.
The Token Replacement Program will enable every holder of XRM and KEYS tokens to download, register in Signkeys Pro application and then stake their KEYS or XRM tokens with the FCH Network. Starting 18th of November 2019, a Token Replacement Program will begin. All holders of XRM and KEYS that staked their tokens with Singkeys Pro wallet (more applications supporting FCH staking will follow, including FCH Staking App that is awaiting approval) will receive a gradual token allocation in XF tokens over next 125 days. The program will complete on 22nd March 2020, with a maximum allocation of 250 XF tokens per each XRM token staked during the whole period, and 500 XF per each KEYS staked during the same period.
XRM and KEYS tokens located outside of the supported staking applications (Signkeys Pro Wallet, etc) will not be eligible for receiving XF tokens and will be deemed as “non-participating tokens” outside of the replacement program. That will include tokens stored at exchange wallets, cold storage, hardware keys, etc. For example 100 XRM tokens participated from the beginning until the end of the replacement program will receive a full allocation of 25,000 XF, as 250 XF per XRM staked. However, 100 XRM tokens staked only for 50 days out of 125 days of the program duration, will only receive 10,000 XF or 100 XF per XRM staked. Same applies to KEYS tokens.
XF tokens received will be free to move and will be eligible to be used for powering masternodes as a security bond and staking Delegate Masternodes. Masternodes and Delegate Masternodes will receive Fuchsia Coin as the block reward. Delegate Masternodes may share a part of the reward with their stakers. Both stakers and masternodes will participate in the Incentive Program by the FCH Network Alliance that will run various reward distribution campaigns.
Initially the Incentive Program will distribute up to 1 XF token per day per each XRM token staked and 2 XF per day per each KEYS staked, with a maximum allocation of 30,000,000 XF tokens per day to be distributed. The first stage of the Incentive Program starts on November 9th 2019 and is expected to continue up until the December 31st 2019.
However, the network-enforced reward is only delivered in Fuchsia Coin and is only applied to Masternodes and Delegated Masternodes. As staking a Delegate Masternode will increase its voting power and the probably of being selected into the Block Signing Committee (up to 10 validators) for the next epoch (100 blocks), the economics of the system incentivize Masternodes to share their coin reward with their stakers.
Fuchsia Coin is a native payment asset of FCH Blockchain and is used for paying transaction fees, Identity check fees, wallet guarantee fees, token issuance and listing fees and for many other services offered by partners joining the FCH Network Alliance.
Both XF Token and Fuchsia Coin assets will be listed on exchanges with the first exchange coming up by the April 1st 2020. FCH Network commits to only cooperate with top-tier exchanges and ensure fair liquidity and wide distribution of the listed assets.
XRM token is to be delisted and retired after the Token Replacement Program completes and XF is successfully listed on exchanges.
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