Upon the release of our Bluepaper on September 30th, we began 1) initiating Cosmo Point(CP) on mainnet and 2) minting for Chain operator.
Cosmo Point(CP) is the token used as a medium of value exchange within the Ecosystem, which has a 1:1 value ratio with COSM(Cosmo Coin), and its total supply matches that of COSM.
Each user can earn or use CP by participating in the ecosystem. To utilize CP for purposes other than usages within the ecosystem such as exchanges to other currencies or transfers, it needs to be converted to COSM.
Here, ecosystem refers to an area where consumers, brands, distributors and consumer platforms participate to exchange values with one another, and an example would be FitsMe Application that provides a market place. Market, on the other hand, refers to an area where market players can freely transfer or exchange tokens, and an exchange is the representative example of market.
Once we separately operate the two tokens so that CP is used in ecosystem and COSM is used in market, it becomes very easy to recognize the overall flow and the usage of the tokens. As a way to apply restrictions on the conversion of CP → COSM, such as lock-up, the amount and period of token flowing into the market from ecosystem can be managed if necessary.
To initiate CP, we have distributed CP contract on Klaytn mainnet Cypress last Monday (9/30)
Cosmochain has first minted 1,098,000,000 COSM on October 1st and on the very day, also started minting for chain operator, which made the total supply of CP on first initiation day as 1,098,028,548 CP.
We figured that questions regarding Chain operator(CO) were most frequently asked ever since the release of our Bluepaper. Basically, CO refers to a market participant who is responsible for development and operation activities toward seamless operation of the platform, and currently, Cosmochain is one and only CO. However, as the platform grows, brands, distributors as well as the marketing channels can also perform the role of CO.
Role of CO includes 1) attracting new DApp, 2) ecosystem maintenance (e.g. contract development and distribution), 3) materializing a token model, 4) designing an item or a structure necessary for establishing a consumer-centric database, 5) discovering a use case, and from these activities, tokens are distributed to CO.
For this process, Cosmochain has started minting for CO last Tuesday (10/1). Based on the minting algorithm we shared through Bluepaper, 0.0026% of will be minted for CO daily is 0.0266% of the previous day’s total daily supply.
Following this algorithm, minting has been proceeded day-by-day, and the total supply was also changed as below.
The minted tokens has been distributed to the CO account, and if CO is added at a later time, the reward will be shared after the discussion between COs on the distribution ratio.
From this second week of token model booting, minting and distribution for DApp Operator(DO) will be initiated. Minting for DO, unlike the minting for CO, is proceeded in proportion to the number of newly attracted users.
Further details will be shared next Tuesday (10/15).
Cosmochain is a blockchain project based on beauty data, founded in March of 2018. We aim to contribute to the development of beauty ecosystem by systematically managing data incurred within beauty industry, and data to those in demand through our platform,
On June 2019, Cosmochain launched its main service “FitsMe” based on the 1.5 million data points incurred through its pilot service. So far, FitsMe is performing well, ranking 6th within Beauty Category of Google Play Store, with an MAU of 20,000 people.
● Cosmochain Web: https://cosmochain.io/
● Telegram(Announce): https://t.me/cosmochainannouncement
● Telegram (KOR): https://t.me/cosmochain_english
● Telegram (ENG) : https://t.me/cosmochain_global
● KakaoTalk(KR): https://open.kakao.com/o/gAMfQpU
● Medium : https://medium.com/Cosmochain
● Twitter: https://twitter.com/cosmochain
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