A Brief Version of Web3.0 Chainless Financial Platform White Paper

——Open, Credible, Safe,tamper-proof——

The end of the decryption white paper series

The Decryption White Paper series is a companion to the Enter the White Paper series. Enter the White Paper, which is a detailed explanation of the essential concepts of the Two white papers. There is a lot of content in the two white papers that need to be implemented step by step. The original version is in Chinese. If there is any ambiguity in the English version, the Chinese version shall prevail.

Table of Contents

  • Chapter 1: Introduction to Web3.0 chainless financial platform system
    • 1. Advantages and characteristics of chainless
    • 2. The Origin of Chainless Systems: Inheritance and Innovation
    • 3. Advantages and characteristics of chainless:
  • Chapter 2: Application of chainless system
  • Chapter 3: Economic Model
    • 1. The value of chainless coins
    • 2. Characteristics of chainless coins
    • 3. Total issuance
    • 4. Distribution of chainless coins
    • 5. Detailed description of ecological community incentives
    • 6. Detailed description of user community incentives
      • 1. Newcomer airdrop rules
      • 2. Rules for event rewards
    • 7. Lock-up mechanism
    • 8. Buyback mechanism
    • 9. Income and dividends
  • Chapter 4: Community Governance
    • 1. The value of community
    • 2. Principles of Governance
    • 3. The power of the community
    • 4. Community development:
    • 5. Community structure
    • 6. Dividends from the community
    • 7. Community elimination system

Chapter 1: Introduction to Web3.0 chainless financial platform system

The Web 3.0 chainless financial platform system is now referred to as chainless.

The cryptocurrency industry has developed for over ten years, but its pain points still exist in slow development.

1. The pain points of cryptocurrency are as follows:

1. The transaction speed is slow: one block of Bitcoin takes about 10 minutes, and one block of Ethereum takes about 15 seconds. Relatively secure confirmation of a transaction requires 6 blocks.

2. High transaction costs: Bitcoin transaction fees continue to rise and have reached several dollars, which is not practical for small payments. Ethereum’s gas faces the same problem when it is congested. Decentralized applications on Ethereum all face this problem. More interactions will bring huge costs.

3. Poor scalability: Bitcoin and Ethereum have limited block sizes, making them unsuitable for storing large amounts of non-transaction data and challenging to cope with large-scale commercial use.

4. Unfriendly user experience: Using cryptocurrency wallets and forgetting mnemonic private keys may lead to the loss of assets. Applications such as Dapps are not as convenient as web2.

2. The Origin of Chainless Systems: Inheritance and Innovation

Cryptocurrency developers excessively advocate decentralization and have been studying it from one angle. Both decentralization and centralization have their advantages. The excessive pursuit of absolute decentralization itself is an extreme approach.

The evolution of history must be inherited and developed, and the Web is no exception. Web 3.0 must inherit the achievements of Web 2.0 and cryptocurrency. Otherwise, it will not become mainstream.

The design of the centralized ledger of the chainless system is precisely the same as that of the Bitcoin ledger. Transactions are completed in one ledger. Due to the different coin issuance modes, competing for accounting rights like Bitcoin is unnecessary. Inheriting the ideological value of Bitcoin, abandoning the current blockchain general ledger structure, while inheriting the excellent technology of web2, the chain of ideas is invisible, using the ideas of Bitcoin to transform the existing centralized system and create a new general ledger method, used to solve the pain points of blockchain such as transaction speed and transaction costs, a financial system compliant with Web3.0 was born.

3. Advantages and characteristics of chainless:

1. Fast transaction speed

The internal transaction speed of the chainless system retains the transaction speed of web2

2. Low transaction costs

The transaction costs within the chainless system are much lower than those of the Bitcoin chain and the Ethereum chain

3. Control decentralization:

Individuals can control the transfer of general ledger data, and individuals can set the control level for data transfer.

4. No downtime:

The cluster system’s automatic scaling and global layout ensure that the system does not go down. There are no blockchain ledger accounting problems caused by submarine cable failures.

5. General ledger data is open and transparent:

General ledger data is publicly available. The hash value of the running account (log account) on the Bitcoin chain can be publicly downloaded. General ledger data reconciliation before and after transfer.

6. The results cannot be tampered with:

Openness, transparency, and hash verification ensure that accounting results cannot be tampered with.

7. Privacy:

Users decide how public their data is. The journal can be downloaded. However, the degree of data disclosure of each transaction record depends on the encryption settings of the parties. Only the parties can decrypt their transaction records.

The hash index contains data such as sub-account address and KYC, which cannot be checked.

Subledgers are not publicly viewable.

8. Anonymous:

Users can set up anonymous accounts to support anonymous transfers without exposing personal wealth.

9. Open:

The program is open-source, and the transaction account is publicly downloadable. Anyone can query the general ledger data through the public interface.

10. Control your data:

Multi-signature and multi-backup sub-account design, automatic retrieval of data, and data transfer control from the general ledger enable you to manage your data. More secure than bank storage.

11. Intelligent program:

The first smart program is more convenient than smart contracts.

12. Community governance:

Gradually transition from team governance to community governance. This point will be explained in the following content.

Chapter 2: Application of the chain-less system

1. Multi-signature and multi-backup secure wallet

In order to achieve the goal of controlling your own money, the problems that a safe wallet must solve are as follows:

1. Solve the problem of private key loss and security issues.

2. Solve the problem of multi-device verification.

3. Solve the inheritance problem of assets.

4. Solve the usability problem.

The above issues are all issues of asset security completeness.

The market needs a unified solution to enable cryptocurrencies, NFTs, and fiat assets to use one platform to adapt to the future of Web3.

2. Airdrop platform, IDO platform

You can use the chainless system’s advantages of fast transaction speed and low transaction costs to empower airdrop and IDO platforms.

The Bitcoin ecosystem is gradually developing. Brc20 allows the Bitcoin ecosystem to have the function of issuing tokens, but it can only complete fundamental token issuance functions. We can use a chainless platform to empower brc20 tokens with airdrops, or It is the realization of more prosperous functions such as ido.

3. Bitcoin ecological trading platform

It is the primary application of the chainless system platform. There are basic trading applications on Ethereum, such as UNISWAP and Opensea, and we can all use chainless systems to implement them in the Bitcoin ecosystem.

4. Bitcoin Ecological Financial Center

It is the primary application of the chainless system platform. There are basic financial applications such as AAVE and COMP on Ethereum, and we can all use chainless systems to implement them in the Bitcoin ecosystem.

5. Chainless system ecological empowerment:

The chainless system provides an API interface so that all types of applications can use the chainless API interface to improve their products, allowing web2 application software to have the security attributes of the cryptocurrency through the API interface, allowing the cryptocurrency application to have the transaction speed of web2 through the API interface.

Chapter 3: Economic Model

1. The value of chainless coins

The chainless coin is the token of the chainless system and an incentive for the ecological development of the chainless system.

2. Characteristics of chainless coins

1. Properties of assets

2. Equity attributes

3. Governance attributes

4. Properties of platform trading coin

5. Ecological privileges: various privilege discounts, wallet handling fees, exchange handling fees, etc.

3. Total issuance:

The total issuance of chainless coins is 2 billion, and there will never be any additional issuance.

4. Distribution of chainless coins

Chainless coin distribution and linear release period

参与方或社区 Participants or Communities占总量比例 Proportion in Total发行量 Circulation线性释放期 Linear Release Period
生态社区激励 Ecological Community Incentive30.0%60000万 600 million3-6年 3-6 years
用户社区激励 User Community Incentives30.0%60000万 600 million3年 3 years
市场推广 Market  promotion6%12000万 120 million3年 3 years
项目发起方 Project  initiator15.0%30000万 300 million12年 12 years
程序设计者(李冰) Programmer (Li Bing)0.875%1750万 17.50 million12年 12 years
项目设计者(祝维沙) Project Designer (Zhu Weisha)1.75%3500万 35 million12年 12 years
战略投资者 Strategic Investors7.5%估算 Estimate 7.5%15000万 150 million6年 6 years
Web3基金会 Web3 Foundation1.0%2000万 20 million6年 6 years
北京理工大学珠海学院 Zhuhai College of Beijing University of Technology0.25%500万 10 million6年 6 years
Web3顾问委员会 Web3 Consultant Committee0.5%1000万 10 million3年 3 years
种子投资者(何伟强) Seed Investor (He Weiqiang)2.62%5250万 52.50 million3年 3 years
早期贡献者 Early contributors4.5%9000万 85 million3年 3 years
5. Detailed description of ecological community incentives

Chainless ecological community incentives: mainly used to encourage the development of chainless ecology. Strengthen chainless ecological applications.

Quantity allocated: 600 million

Distribution rules: Mainly proposals, community discussions, voting, passing, releasing tasks, and linear release rewards for task completion.

Release cycle: 3 to 6 years linear release; completing the task does not release all rewards immediately but releases them according to a linear release cycle.

The types of incentives are as follows:

1. Incentive based on tasks

Depending on the specific task, it will be issued at 1.5 to 2 times the market standard price. Programming has a price, and the core team organizes relevant personnel to judge whether it is reasonable according to tasks and is responsible for issuing them.

2. Find loophole incentives

Those who complete the task of finding vulnerabilities will receive bonuses of 1.5 times to 2 times the market standard price. The core team will organize relevant personnel to judge whether it is reasonable and be responsible for issuing it.

3. Project proposal incentives

Complete specific tasks or provide suggestions for improvements that are adopted. Distribution is based on 1.5 times to 2 times the market standard price. The core team will organize relevant personnel to judge whether it is reasonable and be responsible for issuing it.

4. Use Greatfree programming rewards

The core team will organize relevant personnel to judge whether it is reasonable and be responsible for issuing rewards.

5. Ecological APP support

The core team will organize relevant personnel to judge whether it is reasonable and be responsible for issuing rewards.

6. Detailed description of user community incentives

User community incentives: mainly used to encourage the development of chainless users. Grow the chainless user base.

Quantity allocated: 600 million

Allocation rules:

1. 300 million coins are used for airdrops to newcomers to encourage the growth of new users; participation means mining.

2. 300 million coins are used for event rewards to encourage continued growth of users.

Release cycle: linearly released over 3 years

1. Airdrop rules for newcomers

Newcomers refer to newly registered users; real-name registration will give you coins. The new user valuation is 50 US dollars, so 50 US tokens are airdropped.

The principle formula is as follows:

The number of coins a newbie gets is g=50 US dollars/market currency price……………… Principle formula

It is a principle formula. We use the following model, which is adapted to suit each stage of project development.

Determination of user cycle and number of people in the cycle

The 200 million users will be divided into 30 periods, and about 300 million coins will be issued.

The formula and parameters are as follows:

Number of people per cycle ux

ux=1.3×(2+8×0.8(x/3)-0.015×(x/3))((x-1)/3)……………………Formula (1)

Symbols and meanings:

1) ux represents the user, which is the total number of users reaching the end of a specific period. x represents the xth period. When x equals 30, see Table 4, u30=198.49 million, the total number of users.

2) Constant: 1.3 is a parameter set for reaching 200 million users in 30 cycles.

3) Multiplication factor: 2

4) Growth coefficient: 2((x-1)/3)

If no adjustment coefficient is added, the main line of the model is that the number of users doubles every three cycles, 2((x-1)/3).

5) Growth rate reduction coefficient: 8×0.8 (x/3). Predict user growth based on the “S” random growth curve. We split the increase into two parts: 2 for the doubling trend and 8 for the growth adjustment part. The rate of decline we set is half in three cycles, that is, 0.8(x/3). As x increases, the growth rate will also decrease rapidly. 8×0.8 (x/3) forms a growth rate reduction coefficient.

6) Growth trend adjustment coefficient: -0.015×(x/3). As the market matures, the doubling rate will slowly decrease. The parameter we set is that every three periods (x/3), the multiplication factor will reduce by 0.015.

Table 4: Coin distribution table for simulated users

px 币估值价 Coin Valuation Price (美元) (USD)x 周期 Cycleux 用户数 Number of Users (万人) (10,000 People)  dx 新增用户 New Users (万人) (10,000 People)  cx当期 发行量  current period issued (万枚) (10,000 Pieces)Cx累积 发行量 Accumulation Issued (万枚) (10,000 Pieces)gx 新用户 得币 New user coins(枚) (Piece)Vx 用户价值 User Value (万) (US $10,000)
0.1311.301.00377377377.3165
0.1822.691.39386764277.56135
0.3135.372.674371201163.49268
0.49410.304.935051706102.45515
0.74519.058.75593229967.77953
1.07634.0214.96702300146.881701
1.49758.6724.65828382933.592934
2.02897.8739.20969479824.724893
2.699158.0660.191118591618.577903
3.5310247.4589.391266718114.1612373
4.5711375.99128.541403858510.9218800
5.8912555.17179.181522101078.4927758
7.5213797.60242.431613117196.6539880
9.54141116.38318.781671133905.2455819
12.05151524.32407.941692150824.1576216
15.15162033.06508.741678167603.30101653
19.01172652.20619.131631183912.63132610
23.70183388.54736.351556199472.11169427
29.41194245.62857.081459214061.70212281
36.23205223.41977.781349227551.38261170
44.64216318.361094.951231239861.12315918
54.35227523.791205.431112250980.92376190
65.79238830.431306.64997260950.76441522
78.132410227.171396.74890269850.64511359
92.592511701.911474.74793277780.54585096
108.702613242.371540.46707284850.46662118
125.002714836.881594.51633291180.40741844
142.892816475.011638.14569296870.35823751
161.292918148.131673.12516302040.31907406
178.573019849.681701.55473306760.28992484
 Subtotal 19849.6830676   
Table 4

For detailed derivation, please refer to Chapter 2 of Zhu Weisha’s version of the chainless white paper.

2. Rules for event rewards:

1) Promotion Contribution Award:

Obtain 10% of the coins new users obtain as a reward; for example, if a new user registers and accepts 200 coins, 20 coins will be given to the contributor.

2) Newcomer Award:

Activity description: This is a new ranking activity. You can improve the ranking by attracting new users and obtaining generous rewards. It stimulates the community to attract new users, helps the platform get traffic, and achieves fission.

Activity cycle: Every 21 days is a cycle, and the data is cleared and restarted. There are 3 new recruitment activities:

  • The 3-day New Customer Recruitment Expert award
  • The 9th New Customer Recruitment Expert award
  • The 21-day New Customer Recruitment Expert award

3-days Pull New Award:

The top 20% of contributors will be ranked by the number of recruits on the 1-3 days; 3% of the total airdrops generated during the 3 days will be awarded as a reward (for example, if the contributors recruit 5 people, the ranking In the top 20%, 5 people will receive a total of 1,000 airdrop coins, and contributors will receive 30 coins as a reward) and 3 community points. (The function of points is explained in the next chapter)

9-days Pull New Award:

The number of new recruits on the 9 days will be ranked, and the top 40% of contributors will be the recruiters on the 9 days; 2% of the total airdrops generated by the recruits on the 9 days will be awarded as a reward (for example: if the contributors recruit 5 people, the ranking In the top 40%, 5 people will receive a total of 1,000 airdrop coins, and contributors will receive 20 coins as a reward) and 6 community points.

21 days Pull New Award:

The number of new recruits on the 21 days will be ranked, and the top 60% of the contributors will be the new recruiters on the 21 days; 1% of the total airdrops generated by the new recruits on the 21 days will be awarded as a reward (for example: if the contributors recruit 5 people, the ranking In the top 60%, 5 people will receive a total of 1,000 airdrop coins, and contributors will receive 10 coins as a reward) and 15 community points.

Strongman Award:

The number of new recruits on the 21 days will be ranked, and the top 10% of contributors will be awarded strongman awards; 48 community points will be awarded.

3) Other activity rewards

It mainly concerns proposals, community discussions, voting, passing, publishing activities, and linear release rewards for completing activities.

7. Lock-up mechanism

We use the 20-day Bollinger Band as the basis for the lock-up tool.

The calculation starts when the coin price drops to the point below the Bollinger Band. When it drops by 10%, the lock is triggered. The time is GMT standard time. The daily linear release of locked coins begins the next day. Until the currency price reaches the middle track of the Bollinger Band, the lock-up will be released, and the daily linear release will resume. Coins purchased on the market are not subject to this restriction.

Continue to send coins daily, and the dividends of existing coins will not be affected after locking up.

When the coin price reaches 10% of the Bollinger Band up, the release will be doubled until it returns to the Bollinger Band and returns to regular release. Doubled release means that the amount originally released in one day is now released in two days.

Bollinger Bands is a famous stock market technical tool found everywhere. This article will not go into detail.

8. Buyback mechanism

After the free coins are no longer released linearly, a repurchase will be triggered if the currency price continues to fall to the repurchase line. The buyback line is the user valuation line Vx in the table above. It means that the system only has user value.

There are two situations for repurchase:

1. The core team initiates a proposal, and the community votes to pass it. Ecological profits can be used to repurchase and destroy it.

2. Strategic investors will arrange funds for repurchase.

9. Income and dividends

The dividend rules are as follows:

1. Currency holding dividend: 50%

2. Community dividend: 15%

3. Platform reserve: 35%

Chapter 4: Community Governance

1. The value of community

There is no web3 without community. Community is the advantage of Web 3.0. Netflix, a company with the same market value, has a core team (company) of 10,000 people, YouTube has 1,000 people, and Ethereum has less than 50 people. The community is a consumer, a promoter, or an owner. The trinity brings strong competitiveness and reduces the high operating expenses of traditional companies. Good community governance is a good Web 3.0 project.

2. Principles of governance

1. Freedom, fairness, and transparency: Decentralized consensus is the basis.

2. Interest incentives: People decide the action best suits their interests based on rules. A community needs a set of incentives to thrive.

3. The power of the community

1. Right to decide

Only holders of chainless coins have the right to decide.

Adjustments related to interests must be proposed by the community and voted on. There are already cases of community governance.

Ecological community task release. There are already cases of community governance.

Improvement proposals for ecological communities. There are already cases of community governance.

Nomination and removal of the community core operating team. There are already cases of community governance.

Adjustment of incentive methods.

Establishment, modification, and addition of community systems.

2. Supervision power

Elect the person in charge of the audit.

Select the audit unit.

Approve the audit report.

Approvecore teamwork report.

Approval of foundation report.

Auditing is easy because the chainless system is a transparent centralized system.

3. Right of suggestion

Recommend applicable products and recommend all opinions related to the community, including improvement plans.

4. Right of commendation

Referrals reward community members who contribute.

Reviews recognize community members.

5. Disposal power

Participate in discussions and final decisions on the promotion or demotion of community members.

Selection and adoption of automated management machines.

The formulation and enforcement of penalty regulations.

4. Community development:

Centralized organizations have high efficiency, while decentralized organizations have strong vitality. Neither absolute decentralized governance nor centralized governance is ideal. The world is not black and white, and Chainless advocates integration. The power of the community will initially be led by the project and eventually move towards community governance, complementing each other.

5. Community structure:

The way to upgrade the community is mainly by obtaining community points, and you can upgrade if you meet the points conditions. There is also an elimination mechanism, and the zodiac symbolizes identity. After receiving community status, you will not only have community rights but also community dividends.

How to earn community points:

1. There are basic points for recruiting new people and one point for recruiting people directly.

2. Participate in new recruitment activities and complete corresponding activities to get reward points. (Detailed explanation in the previous chapter)

3. Other methods: Please refer to the community proposals after launch.

1 Coin Holding Layer

It is the most basic member, and most users are at the coin holder level, paying attention to and promoting the development of the ecosystem.

Enjoy token-holding dividends but no community dividends.

2 Contribution layer

They are community members divided into four levels: 1 Rat, 2 Ox, 3 Tiger, and 4 Rabbit.

1. rat

Promotion conditions: 100 community points, 1% elimination rate.

2. Cow

Promotion conditions: 300 points or more, 2% elimination rate.

3. Tiger

Promotion conditions: 600 points or more, 5% elimination rate.

4. Rabbit

Promotion conditions: 900 points or above. 10% elimination rate.

3 Management layer

He is the leader and manager of the community. He is divided into four levels: 5 dragons, 6 snakes, 7 horses, and 8 sheep.

The group leader is responsible for the management of the group, general guidance, and the role of cohesion among group members.

Groups are two-level statistical data: group C, formed by group leader A’s downline B, and then group C is counted as group leader A’s management, and group D, pulled by group leader B’s downline C and D, is not counted as A’s management.

5. Dragon level

Manage over 1,000 group members (more than 1,000 people through direct and indirect pull); 1% elimination rate.

6. Snake level

Manage 5 or more dragon-level group owners (5 or more dragon-level leaders through direct and indirect pull); 2% elimination rate.

7. Horse level

Manage 5 or more snake-level group owners (5 or more snake-level leaders through direct and indirect pull); 5% elimination rate.

8. Sheep level

Manage 5 or more horse-level group owners (5 horse-level or more direct and indirect pull); 10% elimination rate.

4 Tutor level

He is the community teacher and a big V. He is divided into four levels, namely 9 monkeys, 10 chickens, 11 dogs, and 12 pigs.

Community mentors: They are experts in various fields, tutoring different group owners, explaining project-related professional knowledge, etc.

Statistical standards: Count the media designated by the chainless platform and confirm the number of fans based on the attention of the media accounts. Whether you are a fan or not, based on the referral code of the chainless system.

9. Monkey

There are 350,000 fans and dragon-level qualifications. 1% elimination rate.

10. Chicken

With 1 million fans, it is a Dragon-level qualification. 2% elimination rate.

11. dog

It has 3.5 million fans and is qualified as a dragon. 5% elimination rate.

12. Pig

With 10 million fans, it is a Dragon-level qualification. 10% elimination rate.

5 Council

The core team controls community development and gradually transitions to the board of directors. The Council is the highest community institution of the chainless community. The members of the Council have real names in the community. They have the power to formulate development policies. They mainly study and improve community governance and continuously promote community transparency and automation. They are the community’s soul and have an important influence on the entire chainless system. Responsible for the development of the platform, the team extracts 1-3% from the total profit of the platform.

You need to have a level of 5 or above to apply, which community members will vote on, participate in community assessments, and be responsible for the development of the community.

The Council accepts tripartite supervision and assessment, including contribution, management, and mentor-level assessments. The community eliminates unqualified ones.

6. Dividends from the community

Community members are entitled to community dividends, and the development of this community is encouraged through community dividends and other rewards.

1. Community dividends: 15% of the total profitability of the chainless ecosystem is used for community dividends

According to the user’s community level, there are 12 levels in total, and everyone shares 15% of the community dividend according to the dividend base of each level.

The base numbers for each level are as follows:

Level Dividend base                                         

RankDividend base
11
21.52
32.31
43.51
55.34
68.11
712.33
818.75
928.49
1043.31
1165.83
12100

2. Community rewards: Those who have made significant contributions can apply for rewards from the ecological community incentives.

3. Community promotion rewards:

After a new person recommended by a community member successfully registers, the system will send additional coins to the promoter, and the number of coins is 10% of the new user’s coins.

(1) Registration bonus: For example, if a new user registers and gets 200 coins, 10%, or 20 coins, will be given to the recommender.

(2) Transaction reward: If a new user generates 100U in transaction fees, 10%, or 10U, will be given to the recommender.

7. Community elimination system

The last elimination refers to how many people who exceed the final elimination rate will be promoted. Assume the elimination rate is 1%. It was initially 100 people, then 5 people exceeded the original number of fans of the last person, and the last person was 1%. The actual 100th place was eliminated. Then, the new 5 people will be promoted, and there will be 104 people. The indicator of the new last site is the new standard. This algorithm has no limit on the total amount, but the bottom line is increasing. Elimination at the bottom applies to both mentors and management. Elimination is the need for competition. The higher the position, the more intense the competition.

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