Newsletter: Chrysalis Project Update AMA

Newsletter: Chrysalis Project Update AMA
Christopher Reay Bio
Extensive Experience
Christopher Reay, Chief Technology Officer (CTO) of Chrysalis, brings over 30 years of software development experience. He holds an artificial intelligence degree from 2004 and has been coding since the age of seven. Christopher has been developing products since 1995, working with major institutions and the European Union.
Blockchain Expertise
Christopher built a blockchain layer 1 in 2016 in Silicon Valley. He has experience in alternative economic structures, working globally with organizations like Sardex. Recently, he worked in El Salvador on blockchain transparency tools for government.
Supply Chain and NFT Knowledge
Christopher has expertise in chain of custody and supply chain tracking, including projects in Colombia and China. He also possesses a deep understanding of NFTs and formal protocol-centric blockchain applications.
Alexander Reay Bio
Role and Expertise
Alexander Reay serves as the Chief Information Security Officer (CISO), bringing extensive experience in digital transformation, blockchain, and cybersecurity to his role.
Educational Background
Alexander's education includes a Masters in Digital Disruption from NordicIT Academy (2015-2017), Certified Ethical Hacker (CEH) certification from the Institute of Network, Code and Security (2020), and a Bachelor's degree in Music Production from the Academy of Music and Sound.
Professional Experience
Alexander's impressive career includes roles as Founder and President of the Nordic IT Association, Advisor to the Board of the Nordic Blockchain Association, Founder of DAFPA (Digital Asset Fraud Prevention Authority), and Cyber Security Advisor for iSHANG. He also has extensive experience in global sourcing and innovation.
Nishant Kothari Bio
Professional Experience
Nishant Kothari serves as the Chief Operating Officer at Corum8, the new marketing and media partner for Chrysalis. His background includes:
Over 4 years of experience at Corum8, starting as a Project Manager before becoming COO
Editor at Coingeography News
Previous experience as a Sales and Business Development intern at DIYblockchain
Education and Expertise
Nishant holds a Bachelor of Technology in Computer Science from the College of Technology and Engineering, Udaipur. He brings expertise in blockchain, cryptocurrency, and growth hacking to the Chrysalis project.
Project Updates and Timelines
1
Smart Contract Development
The team is working intensively on new smart contracts.
The goal is to complete development by the end of the month (approximately 3 weeks from the AMA date).
While this timeline is ambitious, Christopher is confident it can be achieved, even if it runs a day or two over.
2
Token Economics
The fundamental tokenomics of Chrysalis will remain the same.
Christopher spent 2.5 hours reviewing the tokenomics with Shad (another team member) the day before the AMA.
The team is focused on implementing the tokenomics correctly in the new smart contracts.
3
Technology Infrastructure
Christopher has introduced new tools for smart contract deployment and auditing.
The new infrastructure provides more flexibility and better record-keeping of all actions taken.
Blockchain Platform and MVP Timeline
1
2
3
1
MVP Release
Expected by early November
2
Full Migration
Planned shortly after MVP
3
Blockchain Platform
Likely Binance Smart Chain
1. Blockchain Platform:
While not definitively stated, Christopher mentioned that Chrysalis will likely deploy on Binance Smart Chain to maintain continuity with users' previous interactions.
2. MVP (Minimum Viable Product) Timeline:
Alexander Reay mentioned that an MVP is expected to be ready by the beginning of November. Full migration capabilities are planned shortly after the MVP release.
3. Relational Database and Deployment Tools:
Christopher has implemented new relational database and deployment tools. These tools provide better auditability and flexibility in managing the project's technical aspects.
Earth Exchange and Related Projects
1
Earth Exchange Launch
The project has been well-received, with discussions ongoing with several countries including Kenya, Amazon region, and Indonesia. There has been significant press coverage in Indonesia.
2
United Nations Endorsement
Earth Exchange has received a letter of endorsement from the United Nations. This endorsement is under the AACID (Arab African Council for Integration and Development), which covers 52 countries.
3
Project Reception
Alexander Reay provided updates on Earth Exchange and other projects, highlighting the positive reception and international interest in the initiative.
Carbon Credit Market and Ghana Project
1
2
3
4
1
High-integrity carbon credits
2
Insurance wrapper exploration
3
Ghana export license secured
4
Promax partnership in UAE
1. Carbon Credit Market:
The team is positioning Earth Exchange as a platform for high-integrity carbon credits. They are exploring the possibility of adding an insurance wrapper to make the credits a tradable commodity.
2. Ghana Oil and Energy Project:
The team has secured an export license from the Ghanian government, which is described as a significant achievement. This license covers both exploration and export rights.
3. Promax Partnership:
The team has formed a partnership with Promax in the UAE, which aligns with their work in high carbon footprint industries like oil and gas.
Technical Aspects and Innovation
Decentralized Architecture
The new blockchain being developed is described as truly peer-to-peer and distributed. It can run on mobile phones, allowing for rapid node creation and network growth. The more nodes that join, the faster and more secure the network becomes.
Smart Contract Simplification
The new smart contracts will be simpler while encoding the same amount of information and behavior as before. This simplification aims to improve clarity and auditability.
Innovation Approach
Christopher emphasized the importance of building a flexible platform that can respond to market needs, institutional requirements, and regulatory changes. The team is implementing fully auditable processes across the entire tech stack.
Digital Ownership Tokens and Layer 1 Blockchain
1. Digital Ownership Tokens (DOTs):
Alexander introduced the concept of Digital Ownership Tokens, an advanced form of NFTs. These tokens contain metadata including title transfers and transaction hashes, providing proof of ownership and provenance.
2. Layer 1 Blockchain Development:
The team is developing their own Layer 1 blockchain. While details are limited, Alexander emphasized its innovative nature and potential to change how blockchain is utilized as a transactional processing system.
Community and User Concerns
The team addressed several community concerns:
Legacy NFTs and Rewards
All existing NFTs and accumulated rewards will be honored in the new system. Users will not need to take any action; assets will be airdropped to their wallets.
Staking and Rewards
The team is testing staking functionality, which is reported to be working. Rewards will be back-dated to the correct start dates for each user.
V-Boxes
V-boxes will not be utilized in the new Chrysalis system. However, accumulated micros or NFTs and rewards from V-boxes will be honored.
Exchange Listings and Liquidity
Exchange Listings
The team is consolidating most exchange listings onto Gate.io.
They are in discussions with several tier 2 and tier 1 exchanges for future listings.
Liquidity
The liquidity that was pulled out of the system is still intact and will be reintroduced strategically to ensure stability.
iShang NFTs
NFTs purchased through iShang will be converted on a one-to-one basis.
The team will handle the conversion process, airdropping new NFTs to users' wallets.
Competition Winners and Earth Exchange Staking
Competition Winners
Those who won NFTs in previous competitions will receive their prizes through airdrops.
Earth Exchange Staking
Staking for Earth Exchange NFTs is planned to start soon. The team is finalizing the airdrop functionality for this purpose.
Future Plans and Vision
The team shared insights into their future plans:
Expansion of Projects:
They are open to considering new commodity-based projects, including metals.
A process will be implemented for community suggestions and analysis of potential new projects.
Regulatory Compliance:
Chrysalis is fully regulated within the UAE, operating under the Maza City regulations.
This covers asset transfers over networks, NFT marketplace operations, and related activities.
Community Engagement and Long-term Vision
1. Community Engagement:
- The team plans to hold regular webinars, potentially weekly, to keep the community updated.
- They aim to focus on specific projects in future webinars, bringing in team members like Schad and Roy who work on ground operations.
2. Long-term Vision:
- The team emphasizes that Chrysalis is designed for long-term value creation, not short-term gains.
- They envision Chrysalis becoming a launch pad for real-world asset (RWA) projects, similar to how projects launch on platforms like Binance.
Marketing and Community Building
Corum8, represented by Nishant Kothari, has joined as the new marketing and media partner.
They bring expertise in blockchain, cryptocurrency, and growth hacking to support Chrysalis's expansion.
Additional Information
Team Location
The core team is currently based in Dubai, UAE.
They mentioned that the weather is becoming more comfortable for work.
Workload and Dedication
Christopher mentioned working 14-18 hours a day to meet project deadlines.
This level of commitment underscores the team's dedication to the project's success.
Transparency and Communication
The team acknowledged past communication gaps and expressed a commitment to more frequent and transparent updates.
They plan to involve team members like Schad and Roy in future webinars to provide insights into on-ground operations.
Global Partnerships
Beyond the UAE, the team mentioned significant progress in Ghana and potential expansions into other African and South American markets.
Summary of AMA
This AMA provided a comprehensive update on the Chrysalis project, addressing technical developments, community concerns, and future plans. The team's focus on regulatory compliance, technological innovation, and strategic partnerships positions Chrysalis as a significant player in the blockchain and real-world asset space. Their commitment to transparency and regular communication suggests a new phase of engagement with their community and stakeholders.