Melonport Blockchain Software for Asset Management - Ethereum Platform



  • About Melonport

    Melonport is the private company building the open-source Melon Protocol. The Melon protocol is a blockchain protocol for digital asset management built on the Ethereum platform. It enables participants to set up, manage and invest in digital asset management strategies in an open, competitive and decentralised manner. Read the Melon Protocol Green Paper for a full detailed description of how it will empower its users and evolve digital asset management.

    -$15.0B Total market capitalisation of the digital asset market today

    -700 Coins, Tokens and Cryptoassets currently in existence, spread across a multitude of unconnected platforms

    -1st One of the best performing asset classes over the last few years

    About Melon

    contribution

    Our usage token is called Melon token [MLN] and is a core component of the Melon project. It is designed to enjoy a “usage right” to the Melon protocol. To use the Melon protocol one has to use MLN token. This “usage fee” will most likely be imposed on trading. All MLN token that are paid by Users to access Melon will go into a smart contract called a “Multichain fund”. The purpose of this fund is to secure trustless connectivity to other blockchains as well as redeploying the Melon protocol to other blockchains with different properties. Making it in effect a multichain capable software for asset management. A maximum of 1,250,000 MLN will be created before the final version of the Melon protocol is deployed to the live network. Following the live deployment, a fixed amount of new token will be created periodically and be distributed towards the most widely used Modules of the Melon protocol. This incentivises maintenance and development of the Melon protocol even after its final version is deployed to the live network.


    Melon Protocol

    The Melon protocol allows digital asset managers to use blockchain technology to automate a lot of processes using code embedded in smart contracts.

    Melon Portal 

     

    The Melon portal is an interface or portal to the Melon protocol. Its main objective is to make the interactions with the Melon protocol as easy as possible. Contact us to become an early tester of the portal. 

    Email: [email protected]

    Open-source and Transparent


    Asset management track-records are transparent and auditable by everyone everywhere at any time. Easily grow and share your reputation in the asset management space.

    Modular and Inclusive

    Melon is built from the start to be ever-expandable and flexible. A modular framework for easily adding new functionality and features in a permisionless way that rewards developers.

    Lowers Costs and Time

    By using blockchain technology, fixed and variable asset management costs as well as time requirements are drastically reduced. This enables a never-seen-before competitive environment for asset management strategies.

    Decentralised and Reliable

    By having decentralised storage and execution one can mitigate some of today's real world inefficiencies such as custody, counter-party and settlement. Melon creates a true alternative to traditional asset management.

    How to Participate in our Tokensale

    1.Connect to the Ethereum Blockchain

       1. UsingMetaMask

        a) Install MetaMask and 

        b) Create an Ethereum Address

        2. Using Parity/Mist

       a) Install and run ParityMist and 

       b) Create an Ethereum Address

    2. Fund your Ethereum Address with some Ether

        1. Using other crypto currencies

       Use for example: a) Coinbase or 

      b) ShapeShift to Convert your crypto currencies into Ether.

        2. Using fiat currencies

      a) For non-technical people it is recommeneded to use BitcoinSuisse which can allocate your fiat currencies to Melon on your behalf. 

    b) Or use a centralized exchange to convert your fiat currencies into Ether

    3. Contribute to the future of finance

    1. Visit our decentralised application

    a) Use MetaMask together with Chrome or 

     b) Use Mist to Browse to our DApp

    2. Send Ether and become a part of Melon

    Use this decentralised application to send Ether to Melon

    Team:

    Careers:


    Purpose:

    Links:

    https://melonport.com/

    https://reddit.com/r/melonproj...

    https://www.github.com/melonpr...

    https://twitter.com/melonport

    https://www.linkedin.com/compa...

    http://chat.melonport.com/



  • Melon Contribution Tutorial

    [THE CONTRIBUTION CONTRACT HAS HIT THE ETHER LIMIT, NO MORE TRANSACTIONS WILL BE ACCEPTED]

    MLN TOKEN Contribution starts February 15th at UNIX 1487156400

    => 15/02/2017 @ 11:00am (UTC) / 12:00pm (CET)! Do not send any Ether before the start of the contribution period!

    Important Notice: If you created a signature before February 14th 11am CET, please generate a new one to participate in the contribution period. If you use an old signature with your transaction the transaction will get rejected by the contribution smart contract and any Ether sent will be returned.

    Hello future Melon Protocol User! This post will guide you through the process of contributing Ether during the MLN TOKEN contribution period.

    Please read this thoroughly before making your contribution;

    This guide is for educational purposes only.

    Before starting, go to contribution.melonport.com:

    • Make sure you understand the Melon project before you contribute. Read the Melon Protocol Green Paper , the Melon Specifications document and the Melon Contribution terms before going any further (see contribution web page)
    • Confirm that you are not a US citizen (or acting on behalf of a US citizen)
    • If your contribution is successful, you will be receiving MLN tokens which represent a limited usage right to the Melon protocol.
    • Make sure that you understand you are not receiving equity in Melonport AG in exchange for your contribution.

    By ticking the boxes and providing your ethereum address, you are confirming that you have read, acknowledged and agreed upon all of the terms and conditions.

    Ether will be the only cryptocurrency that the contribution smart-contract will accept.

    DO NOT send Bitcoin or any other cryptocurrency to the contribution Smart Contract address.

    DO NOT send Ether (or any other cryptocurrency) to any addresses that may show up in the videos or images below as they may be addresses taken from a test contract.

    DO NOT send Ether to our contribution Smart Contract address directly from an exchange or a hosted wallet (Coinbase, for example). You will not be able to access your MLN tokens.

    THE ADDRESS FOR THE CONTRIBUTION SMART CONTRACT SYSTEM IS:

    0x3BF541f87056D134E0109BE1Be92978b26Cb09e0

    You can view the verified Melon Smart Contract System on EtherScan

    Ethereum Account 0x3bf541f87056d134e0109be1be92978b26cb09e0 Info
    Contract Source Code Copy Find Similiar Contracts pragma solidity ^0.4.8; /// @title Assertive contract /// @author…etherscan.io

    *** DO NOT SEND ETHER TO ANY OTHER ADDRESS ***

    Part 1: Contributing via the following wallets (Parity, Mist, MetaMask or MyEtherWallet)

    Here is a list of wallet providers we have chosen to integrate:

    WARNING! PLEASE ONLY USE THE SUGGESTED WALLETS ABOVE (Parity, Mist, MetaMask or MyEtherWallet):

    Parity wallet (use the Parity Browser to take part in the contribution period):

    https://ethcore.io/parity.html

    Transaction queuing on Parity:

    Feel free to test your generated signature on the ropsten testnet deployed at address:

    0xAc24d895F6b80c9ea33A2587920E97E105c345aa
    (Do NOT send real Ether to this address!!!)

    Mist (use the Mist browser to take part in the contribution period):

    https://github.com/ethereum/mi...

    Contribution using Mist:

    Contribution using the following wallets is also possible:

    MetaMask (use the MetaMask Chrome extension to take part in the contribution period):

    MetaMask
    MetaMask is a bridge that allows you to visit the distributed web of tomorrow in your browser today. It allows you to…metamask.io

    Not used MetaMask before? Try this explainer from CryptoCompare — https://www.cryptocompare.com/wallets/guides/how-to-use-metamask/

    MetaMask should automatically specify the correct amount of gas

    MyEtherWallet

    MyEtherWallet: Open Source JavaScript Client-Side Ether Wallet
    Ether Wallet: Open Source JavaScript Client-Side Ether Walletwww.myetherwallet.com

    For my EtherWallet, once you have signed on the contribution page, you will need to go back to MEW and attach a data string to your transaction or your Ether will not be accepted (see below — in MEW on the “Send Ether & Tokens” page, click “+Advanced: Add Data” under the gas limit field to add data). This data string is generated once you have signed on the contribution web page (see below).

    Remember to specify a gas limit of 100000!



    Adding data to the transaction on MEW

    Be sure to check you are using the correct address in all instances!

    Part 4: Check your contribution has gone through!

    You can view your transaction to the Melon Contribution Smart Contract System on Etherscan: https://etherscan.io/address/0x3bf541f87056d134e0109be1be92978b26cb09e0

    Part 5: Watching your MLN Token

    You can add the data below into your wallets (Parity does this automatically!) to “watch” your MLN tokens. The MelonToken Contract has been verified on Etherscan — https://etherscan.io/address/0xBEB9eF514a379B997e0798FDcC901Ee474B6D9A1#code

    For Mist/Ethereum Wallet, go to “Contracts” then scroll down, click “Watch Token” to add MLN.

    For MyEtherWallet, choose the “Send Ether & Tokens” tab, select the wallet file/private key you used in the contribution and unlock your wallet, then click the “Add Custom Token” button on the left and add MLN.

    For MetaMask, you can go to https://wallet.ethereum.org/ and follow the steps for the Ethereum Wallet.

    Token Contract Address: 0xBEB9eF514a379B997e0798FDcC901Ee474B6D9A1

    Melon Token Name: Melon

    Token Symbol: MLN

    Decimal Places: 18

    Part 6: Troubleshooting Q&A

    Q: This has all gone terrible wrong! What do I do?

    A: Join us on the Melonport Slack chat and we’ll endeavour to solve your problem together.

    Q: I made a transaction and my Ether was returned, what happened?

    A: The limit for the pre-sale has likely be reached! Sorry you were not able to participate this time.

    Q: What is the total Ether cap on this contribution period?

    A: 227000 ETH

    Q: How much should I set my gas limit when contributing?

    A: 100000

    Q: How soon after my contribution will MLN tokens be allocated to be and transferrable?

    A: MLN tokens will be allocated upon contribution. However, they will only become transferrable at the e

    of the four week contribution period.

    Author,

    Melon Project



  • Melon Token Launch

    Hello future Melon Protocol User!

    The Melon Contribution Period will soon be over (12pm CET, March 15th, 2017) and your Melon tokens will be unfrozen.

    This post will guide you through the process of interacting with your Melon tokens created during the Melon Contribution Period.

    Please read this thoroughly before accessing your tokens.

    This guide is for educational purposes only.

    Recap — What are Melon tokens?

    The Melon token “MLN” is a core component of the Melon protocol (that is being built by Melonport), and is designed to provide a “usage right” (usage license) to the Melon software. The Melon token follows the ERC20token standard, and is available only on the main Ethereum blockchain.

    Where can I find my Melon tokens?

    Your Melon tokens will have been distributed by the Melon Contribution Smart Contract System to the same address you used during the Melon Contribution period.

    For example:

    If you sent X Ether from the (hypothetical) account 0x005f7b35e60913cF95s3F1231Cb93B5700A116a6 to the Melon Contribution Contract, that “0x005f7…” address will have received Y Melon tokens back from the Contribution contract.

    How can I see my Melon tokens?

    Some Ethereum clients like Parity automatically identify any Melon tokens held in your account, so you will see them without any additional effort on your part.

    Others, such as Mist, Ethereum Wallet, My Ether Wallet and MetaMask for example require you to add in the appropriate data to “watch” any ERC20 tokens held in your account. This data can be found below under “Token Data”.

    The MelonToken Contract has been verified on Etherscan — https://etherscan.io/address/0xBEB9eF514a379B997e0798FDcC901Ee474B6D9A1#code

    For Mist/Ethereum Wallet, go to “Contracts” then scroll down, click “Watch Token” to add MLN, then add in the data below.

    For MyEtherWallet, choose the “Send Ether & Tokens” tab, select the wallet file/private key you used in the contribution and unlock your wallet, then click the “Add Custom Token” button on the left and add MLN using the data below.

    For MetaMask, you can go tohttps://wallet.ethereum.org/ and follow the steps for the Mist/Ethereum Wallet.

    Token Data

    Token Contract Address:

    0xBEB9eF514a379B997e0798FDcC901Ee474B6D9A1

    Melon Token Name:

    Melon

    Token Symbol:

    MLN

    Decimal Places:

    18

    FAQ

    Q: I can’t see any Melon tokens in my account?

    A: Check your client is fully synced. If there are still no tokens, check you have entered the correct token data into your Ethereum client. If there are still no tokens, check you are using the address you used during the Contribution Period. If there are still no tokens, check your transaction with the Melon Contribution Smart Contract System was accepted. If there are still no tokens, try a different client than the one you are using and check again. If then you still have issues, join us on the Melonport Slack.

    Q: Where can I trade my Melon tokens?

    A: Any exchanges or platforms who wish to engage in Melon token trading will make their own announcements.

    Q: Why can’t I send my Melon tokens to another account?

    A: Melon tokens can be sent to other accounts starting 12pm CET (11am UTC) on the 15th of March, 2017. Until that point, they are frozen in the account that was used to generate them by sending Ether to the Contribution Smart Contract System.



  • Melonport The Melon [MLN] Protoco



  • Melon protocol v0.1 released

    This release contains the following modules:

    • Data Feeds
    • Universe
    • Risk Management (function signatures)
    • Exchanges
    • Fees (Management and Performance)
    • Participation (function signatures)

    This release contains the following infrastructure additions:

    • Governance (v basic version which tracks all created portfolios)
    • Version (of Melon protocols)
    • Premined Assets

    This release contains the following highlights:

    • Share price calculation via simpler math formula (makes accounting independent of running price feed)!
    • Creation and Annihilation of shares independent of a running price feed!
    • Creation and Annihilation of shares independent of current share price calculation
    • Annihilation of shares possible at any time by every portfolio share holder
    • Generated fees of Manager are payed out entirely in Melon token

    Download:https://github.com/melonprojec...



  • Melonport The Difference Between Protocol Tokens and Traditional Asset Tokens

    By way of background, one of our biggest motivations in building the Melon protocol is the creation of an infrastructure for managing digital tokens; what we firmly believe to be a fast-emerging asset class.

    In the last two years, hundreds of digital tokens have emerged. To avoid confusion we can break up “digital tokens” into two broad sub-groups;

    Protocol Tokens (PTs)= Digital tokens that are governed by a coded
    protocol. The rules of the protocol are enforced by the underlying
    blockchain technology. They are generally not linked to any
    “centralised” entity or any “traditional” real-world assets.

    Traditional Asset Tokens (TATs)= Digital tokens that represent a “traditional” asset, such as fiat currency (e.g Tramonex’s ERC20 GBP on Ethereum, Decentralised Capital’s ERC20 Euro) or precious metals (Digix’s ERC20 token representing gold for example). These assets are still dependent on traditional financial and legal systems.

    It is important to distinguish between these two sub-groups because they
    will have different properties over time. Protocol tokens benefit from a
    very interesting collection of properties which is why we believe they
    will soon be a critical element in the achievement of diverse portfolio
    construction.

    “Harry Markowitz called diversification a “free lunch.” We spend all our time in intro. econ. figuring out there is no such thing as a free lunch but Markowitz tells us that diversification is a free lunch. “ — Open Yale Courses


    Harry Markowitz — 1990 Nobel Memorial Prize winner in Economic Sciences. The secret to great portfolio management is good diversification and uncorrelated returns. It is hard to find back-tested data on protocol tokens, so we can use the chart below to illustrate that even against asset classes which are considered “safe” such as gold and U.S Government Treasuries, protocol tokens have a surprisingly low correlation.

    Seeking Alpha — https://seekingalpha.com/artic...

    Some of the reasons for protocol tokens having low correlation to other asset classes come about from their independence from today’s financial system. They are bound by the rules of their underlying protocol, which is supposed to be “un-corruptible”. As such, they are not so exposed to any hidden erosion in value (eg. Quantitative Easing) or traditional financial risks that have emerged over the years in financial markets.

    The way that Traditional Assets are being tokenized — the processes
    involved, how they then connect back to the “real world” — is
    intriguing, and clearly part of a growing trend.
    The underlying asset of a Traditional Asset Token is typically a “real
    world asset” which is governed by one (or more) centralised party but exists independently of the token’s existence on a blockchain.

    Adding traditional assets onto blockchain technology requires for them to first be held in custody by a centralised party. They can then be tracked via an issuance of tokens which represent the ownership of assets on chain with the security guarantees that blockchains provide. Trading and settlement can happen in a matter of seconds and at minimal cost (compared to t+3 + high fees, for example) due to the underlying technology. In theory, these assets are also divisible into smaller units, and as a consequence become more easily accessible.



    Our Vision?

    We are primarily building “Melon”, as an infrastructure to set up and manage funds built around protocol tokens — an asset class which we fundamentally believe will have a place in every single diversified portfolio ten years from now.

    Traditional asset tokens are a newer trend — Assets in the real world are fast becoming tokenizes through a variety of novel and innovative mechanisms. Some examples include art (Ed Fornieles), music (Ujo Music), intellectual property, equities (Overstock & Otonomos), fiat currencies (Santander), real estate (REIDAO) just to name a few examples.

    If you believe (like we do), that traditional asset tokens are also an emerging asset class, it will then be possible one day to apply the Melon protocol to that asset class too, enabling traditional asset managers to save costs and pass them on to their investors. In theory, there is no reason why you can’t run a truly diverse portfolio across the full spectrum of all these assets in one Melon portfolio with the efficiencies that come along with it!

    This idea is incredibly exciting to us as a means of democratizing asset management and allowing a deeper talent pool to rise, enabled through great technology. Hundreds of trillions of dollars worth of assets around the world now have the potential to be tracked, trusted and traded on your favourite blockchain, and perhaps even sooner than you can imagine!

    Author:

    Mona El Isa

    Former star-trader at Goldman Sachs, promoted to Vice President by the
    age of 26 and made the “top 30 under 30” list in Trader Magazine in 2008
    and Forbes Magazine in 2011 after profitably trading the 2008 and 2011
    crashes. Moved to Geneva-based macro fund Jabre Capital in 2011, before
    deciding in 2014 that the future of finance lay in blockchain
    technology. She studied Economics & Statistics at the University
    College London. Today, Mona is the CEO and


    Co-Founder of Melonport AG, the private company building the open-source Melon protocol.

    Website: https://melonport.com/

    Twitter: https://twitter.com/perham83

    LinkedIn: https://www.linkedin.com/in/mona-el-isa-3a653526



  • Melon v0.1.0 Release

    Many of you have been keen for updates over the last few weeks whilst we have been beavering away at latest version of the Melon Portal…

    Today, we are very excited to unveil the new v0.1.0 release!

    It’s still a very EARLY release, so expect bugs, bugs and more bugs. We are sharing this early version with our community so we can garner your feedback and iterate upon it. Any feedback given is hugely appreciated!

    This new release allows you to:

    1: Create a fund (in ERC20 format) and invest upon it’s creation. For this version, you can only invest in your fund once.
    2: Trade using the first Melon Universe Module which is now live with 5 ERC20 assets (ETH, BTC, MLN, EUR and REP). Trades history is visible on kovan.etherscan.io.
    3: Monitor prices of these assets using the first data feed module brought to you by Cryptocompare and Oraclize using native proofs
    4: Calculate fund/share prices as well as NAV in real time (assuming for this version zero management and performance fees)
    5: Redeem and annihilate shares in your fund at any time (using redeem)
    6: Trade on our exchange against our liquidity provider, which tracks real prices and provides continuous bids and asks (liquidity) at current market prices
    7. Generate a real, stored track record on Kovan secured by the integrity of Kovan’s authorities

    Implications — A Real track-record!

    Since Kovan uses a proof of authority consensus algorithm, it’s security proposition is as strong as the integrity of its ten authorities. Comparing this to the 5 mining pools in bitcoin that currently control 55.1% — we can see that Kovan has in fact a very strong security proposition.

    This strong security proposition of the Kovan network is combined with an oracle system using native proofs— think of it as CryptoCompare digitally approving/signing over the integrity of the data that is intended to be delivered to the blockchain, and Oraclize taking the data and verifying the signature on the blockchain! This means that manipulation of data on its journey from the data source to the blockchain becomes virtually impossible (assuming the same cryptographic properties hold that make your Ethereum private key secure).

    Fund management is currently restricted to allow trading only against our liquidity provider — so assuming the liquidity provider provides bids and asks according to current market price - an assumption that can be trivially verified for past bids and asks. For this version, users can only “take” orders from the liquidity provider. We arrive at the conclusion that even though we’re using no real value yet — your track-record is already very real.

    Are you tempted to try it out?

    We hope so! We dearly value any feedback on this new release. so if you’d like to learn how to use it, keep reading. If you’d like to TRY IT RIGHT NOW, then head on over to the portal and give it a go! If you are in a rush — why not watch our newly released short demo video (with some audaciously funky music, courtesy of Kerala Dust)!

    The Future Will Be Decentralised!

    How it works:

    It’s quite simple really! Once you have read and accepted the terms of use, the first thing to do is check that you are connected to the Kovan Ethereum testnet and fully synced. This could be on Parity, MetaMask, Ethereum Wallet etc. You will need some Kovan test Ether to get going — if you don’t have any, just ask on our Melon Gitter channel or the Parity Gitter channel and a member of our team or their’s will send you some ASAP. You will require a Github account to use Gitter, but if you haven’t got one already, now is as good a time as any! Also by having a Github account, it will be much easier for us to utilise your valuable feedback!

    Once you’re good to go — give your fund a name and proceed to scroll down the list of modules. For the moment (in this release), there is only one of each module, so there is nothing you have to do except click “Create New Portfolio”.

    Once you do this, you will have to wait a few blocks for your fund to be deployed to the blockchain. You will receive a new alert once this is done and a new tab will appear in the top right of the screen called “My Fund”.

    Amazing! You just setup your own fund, how easy was that?

    Before you can trade in your fund, you need to fund it with some initial capital. This is where your Kovan test Ether come in handy! Go to “My Fund” and invest in your own portfolio. Metamask will prompt you three times for your authorization to

    (i) deposit the Kovan test Ether you wish to invest

    (ii) approve their spending by your newly created fund and finally

    (iii) create your shares.

    You will receive a notification when the shares are successfully created, and a new tab “Manage” will appear.

    If you scroll down on this page, you will see the testnet order book (Melon’s liquidity provider) making markets in the Melon Universe asset pairs, pretty cool eh?. Select the asset pair you would like to trade, select the order you wish to fill on the order book by clicking it and set your desired volume and execute your trade by clicking the Buy (or Sell) button. Watch out Warren Buffet! Prices are directly set by the liquidity provider, according to real market prices, in an attempt to prevent market manipulation.

    You can always go back to “My Fund” and scroll down to see your fund’s AUM, share price and holdings at any time.

    Also, note the “Ranking” button at the top right of the window and at any point. you can click on the ranking to see how you are faring compared to other funds out there on the testnet!

    If you are accessing the portal with your mobile, or if you don’t have access to Metamask, Parity or Mist, we didn’t forget you! You can click the ‘As visitor’ button in the top right corner of the page; you will be able to see the list of ranked portfolio and explore them.

    Finally, we value our users and community tremendously, and if you have feedback we would absolutely love to hear it! Please file a issue on Github and we will work our way through them as soon as possible. We’ve even placed a handy Feedback button at the bottom of the page to make it super easy.

    Our community is our biggest asset, and we look forward to hearing from you all!

    The Melonport Team (Mona, Reto, George, Simon, Jenna and Ahmad)

    Thanks to Jenna Zenk.



  • Melonport Oyente Beta Release

    After several months of implementing, testing and refactoring, today, we
    are happy to announce the first beta release of Oyente, a symbolic
    execution based analyser for Ethereum smart contracts. This release is
    made possible with support and funding from Melonport AG. The release
    can be found on Github, and an online version is available at http://oyente.melonport.com/.


    What is Oyente and how it works?

    Oyente was part of a research project carried out at the National University of Singapore. The academic paper which reports Oyente was accepted in a major security conference last year, and a very early version of the tool was released soon after that. Oyente analyses Ethereum smart contracts directly at the EVM bytecode level to ascertain whether there are any bugs that could cause security issues. This means Oyente can work with all high level EVM languages, including Solidity, LLL, Serpent and Viper. Currently, Oyente is able to detect common and well-known bugs including reentrancy, transaction race, call stack limit and timestamp dependence bugs amongst others. Support for analysis of smart contracts such as token contracts is underway.

    At a high level, Oyente explores all possible execution paths of a smart contract. For every path, Oyente checks if any possible bug is present, and flags the contract as anomalous if so. Oyente uses symbolic execution, a well known technique in programming analysis to symbolically represent the behavior of an execution path in a mathematical formula. Oyente then compares the newly generated formula of the execution path with the formulas that summarize the common bugs to see if the two can both be valid at the same time, i.e. the execution path is buggy. This methodology, if implemented correctly, is one of the most generic and cost effective approach to reason about security of computer program in general and smart contract in particular.


    What are the changes since the initial open source release?

    The Oyente team has made significant changes during for this beta release:

    • Implemented unit tests for our symbolic EVM interpreter which symbolically reasons about the execution path at the bytecode level. We have found and fixed several bugs in the interpreter implemented in the initial release of Oyente.
    • Support nearly all of the opcodes in the EVM, so we can cover all possible paths of the contracts. However, some opcodes are not possible to represent symbolically, e.g. DELEGATECALL, EXTCODECOPY and so on. For these opcodes, it makes more sense to add more context to analyse them precisely. That’s why we have enabled the next feature!
    • We allow users to set the analysis environment, e.g. blockchain source, storage values, contract address and so on and so forth. This makes the analysis context-sensitive and reduces the potential for false positive results.
    • Loops are handled well in this release. In the initial release, Oyente terminated the path whenever it encounters a loop. In this release, we allow users to specify the number of iterations that a loop can go, or just let it run as long as the gas limit allows.
    • There are a bunch of features (e.g. gas tracking, limit depth of exploration and so on), optimizations, cleanups that we have done as well. You can check all the issues closed in the last 3 months to see how much effort has been put in.

    What I can use Oyente for?

    For non-technical users, Oyente can be used as it is to analyse any contract that you may wish to engage with! Oyente will inform you if there are any potential bugs that might cause you problems. While this is not a magical bullet, and CANNOT guarantee ultimate safety, we hope it will be used as a first safety-check for users before they interact with any contracts.

    Oyente is of course also very useful for developers who wish to analyse their own contracts. It is always helpful to have a tool that checks your code, especially when you are new to a programing language like Solidity. Developers can also implement a new detection module for the a specific bug/ property that they want to check for in their contracts.

    This has far reaching implications for anyone designing a smart-contract protocol. It allows to check for certain smart-contract specific properties that are in general not considered a bug but are within the context of the smart-contract protocol considered a security risk.

    Imagine you’re using a smart-contract module in Melon — think of it as a smart-contract linked to another smart-contract. Oyente can now be modified to check whether this specific module does have opcodes for external calls — if it does it could be flagged as violating the guidelines of the Melon protocol and thus help enforce a security standard for Melon modules.

    Another modified check could be to track all ERC20 token transfers and values thereof. Doing this for all possible execution paths can lead to something particularly close to a formal proof that ERC20 tokens cannot be transferred or siphoned off of a smart-contract in any unintended. This methodology can be applied to all Melon funds!

    Another use case for Oyente is generating test cases for smart contracts with high coverage. The execution path exploration module in Oyente allows us to visit all possible paths, and generate corresponding inputs that drive the contract’s execution to these paths. One can run the generated inputs and check if the outputs are as expected to verify the correctness of their implementation.

    Oyente has also been used by other researchers to detect bad coding patterns in a contract by leveraging the state exploration and symbolic execution engine in Oyente. We look forward to seeing their their detections being contributed to the main Oyente repository!

    Next step?

    There are several things we want to improve and add to Oyente. One direction is that, given the ubiquity of token contracts, we may support the analysis of ERC20 and token contracts. As mentioned in above example, the team aims to detect and track ERC20 token transfers and values thereof.

    The other direction is to give more precise feedback to users. Currently Oyente only tells which bugs that the contract is potentially vulnerable to, and which execution traces (or paths) lead to the bugs. We plan to give better representation for the results (e.g. tell which line, which function of the source code may cause the problem) and produce some concrete input set for users to self-verify the reported bugs. We also aim to reduce the false positive rate by adding an new module to verify the report from the detection modules. If you are interested in working on any of these directions, please join the team on github!

    Reminder: this is still a work in progress, so watch out for bugs! :)

    We look forward to receiving feedback from our future users!

    On behalf of the Oyente team,

    Loi Luu



    Loi Luu

    Loi is a researcher working on cryptocurrencies, smart contract security and distributed consensus algorithms. Loi believes in the force of the Ethereum and Blockchain technology. Much of his work revolves around this community. Apart from Oyente, the first open-source security analyzer for Ethereum smart contracts, Loi also cofounded SmartPool, another open source project which embraces decentralization of mining pools in existing cryptocurrency. He continues to champion decentralisation and trustless properties of the Blockchain with the KyberNetwork project, taking inspiration and developing value for the community.

    Github - https://github.com/loiluu

    Twitter - https://twitter.com/loi_luu











  • Melon dev update June 2017

    First things first: the 0.1.0 Melon Portal is now live, check it out!






    Now, hello world from the Melon dev team ! 👋 👩🏽‍💻👨🏼‍💻👨🏻‍💻👨‍💻

    The past month, we have been working on integrating our smart contracts deployed on the Kovan testnet, with our interface: the Melon Portal.

    To provide constant liquidity, we built a friendly robot (the daemon) that continuously places buy and sell orders at the current market price for a given asset pair.

    On the Melon Portal, we implemented the following use cases:

    • Set up and deploy a fund/portfolio
    • Invest and redeem shares of your portfolio
    • Order book syncing with our daemon liquidity provider
    • Taking orders directly from the order book for 4 asset pairs
    • Display portfolio and account holdings
    • Display recent trades

    We have also started working on the Melon Satellite, which is a smart-contract based product that will provide a searchable registry of Melon modules for fund managers to include in their portfolio suite. Users can think of it as an “app store” for Melon Modules and devs can imagine it as a package index like PyPI or NPM. Ultimately, users will browse modules created by Melonport or by third parties, developers will register their own modules, and anyone will be able to vote on/review modules that they have used. Our Head of Design started working on the UI design and branding for the Melon Satellite.

    Next moves include: layering on the UI for the Melon Satellite and improving the user experience of the portal! Therefore, please use our feedback button to report issues or submit your great ideas on our github !

    This is our very first dev update; you can expect one of those every month from now on! 🍉❤️

    Melon Dev Team


    Jenna Zenk


    A software engineer with an extensive background in finance and asset management, Jenna worked at hedge funds in Paris and New York between 2014 and 2016. Her keen interest in the Ethereum ecosystem then inspired a new love of programming. She started learning full stack JavaScript at Fullstack Academy of Code in New York, before diving deeper into decentralized app development. She studied at ESCP Europe in Paris and completed a master in management and financial engineering.

    Github: https://github.com/jennazenk

    Twitter: https://twitter.com/jennaszenk

    Website: https://melonport.com/

    Thanks to Melon Project.



  • Melonport - What is Melon?

    The aim of this blog post is to succinctly explain what Melon is and how it works in a reasonably non-technical manner for those of a financial background. It will also provide simple definitions for some of the technical terms that shouldn’t be avoided, and will act as a staging platform for those who wish to dig deeper into the complexities of the system.

    *The following content is subject to change as thinking and protocol design evolves over time. This is a living document, and any feedback is very much appreciated!

    So, let us begin our journey down the rabbit hole…

    Description

    In the simplest of terms, Melon can be thought of as a system of tools that enables participants to set up, manage and invest in digital asset management strategies that exist within a customisable, predefined ruleset. The system itself is decentralised, and minimises the requirement for trust.

    Imagine it as a toolbox for anyone who has access to digital assets that require management.

    Components

    There are several important components that make up the Melon system:

    • The Protocol: The agreed logic behind the system of tools, consisting of a mandatory “vault” that securely holds digital assets, and optional “modules” that allow Melon funds to meet the differing needs and requirements of individual fund managers. Once the vault and modules are assembled together, they form a Melon fund.
    • The Portal: A graphical user interface in your browser (Chrome, Firefox etc) that allows participants to access and interact with the protocol.
    • The Melon Token (MLN): Gives protocol design rights to participants in the Melon ecosystem and acts as an incentive mechanism for those participants to continue engagement over time.
    • The Ecosystem: Made up of all the differing participants and technologies that interact with and are affected by the Melon system.

    Definitions

    Before we forge ahead, here are some simple yet important definitions (feel free to skip ahead if you already consider yourself a blockchain wizard):

    Protocol

    A protocol can be thought of as an agreement between participants in a system on a standard way to interact with each other. A good example is SMTP, the standard email protocol that allow us to send messages to and from each other.

    Cryptoeconomics

    A formal discipline that studies protocols governing the production, distribution and consumption of goods and services in a decentralised digital economy. Cryptoeconomics is a practical science that focuses on the design and characterisation of these protocols. Vlad Zamfir, Researcher — Ethereum Foundation

    Blockchain

    A blockchain is a magic computer that anyone can upload programs to and leave the programs to self-execute. The current and all previous states (history) of every program are always publicly visible, and carry a very strong cryptoeconomically secured guarantee that programs running on the chain will continue to execute in exactly the way that the blockchain protocol specifies. Vitalik Buterin, Chief Scientist, Ethereum Foundation

    Smart Contract

    Smart contracts are contracts with the terms directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralised blockchain network. Smart contracts permit trusted transactions and agreements to be carried out among disparate, anonymous parties without the need for a central authority, legal system, or external enforcement mechanism. They render transactions traceable, transparent, and irreversible where appropriate. Investopedia

    DApp

    DApp is an abbreviated form for decentralised application. A DApp has its backend smart contracts running on a decentralised peer-to-peer network. Contrast this with an app where the backend code is running on centralised servers. A DApp can have frontend code and user interfaces written in any language (just like an app) that can make calls to its backend. Furthermore, its frontend can be hosted on decentralised storage such as Swarm or IPFS. Joseph Chow — ConsenSys

    Web 3.0

    A reimagination of the sorts of things that we already use the Web for, but with a fundamentally different model for the interactions between parties. Information that we assume to be public, we publish. Information that we assume to be agreed, we place on a consensus-ledger (blockchain). Information that we assume to be private, we keep secret and never reveal. Dr Gavin Wood, CTO & Founder of Parity Technologies

    That concludes the important definitions, now let’s continue with Melon itself!

    The Protocol

    The Melon protocol is a collection of smart contracts that form a blockchain-based protocol for digital asset management. It is initially built on the Ethereum platform, but will be available on many blockchain platforms in the future. It enables participants to set up, manage and invest in digital asset management strategies that exist within a customisable, predefined ruleset in an open, competitive and decentralised manner.

    In more detail:

    1. Allows a fund manager to set up an asset management fund with predefined parameters at a much reduced cost compared to traditional fund structures. These parameters are dictated in smart contracts and enforced/secured by the blockchain protocol on which they reside

    2. Ensures that the manager operates the fund within those specified parameters, protecting investors from many potential issues that are prevalent in traditional fund structures. In a way, you can think of the protocol as being technology where, when specified, regulation is adhered to by default (for more information on this, check out our “Hedge Fund Scandal” series Part 1 & Part 2)

    3. Lowers barriers to entry making it inexpensive and much simpler to set up a fully audited, transparent fund on the blockchain. Standardised fund calculations make it easy to build and share the fund’s track record and track tax requirements

    4. Allows you to invest in other funds, or allow others to invest in your fund. Participants do not necessarily have to know or trust a fund manager in order to manage their money — managers are totally bound by the specified parameters of the Melon fund

    Vault

    Each fund structure consists of a non-negotiable “vault”, and a optional “modular” element.

    The standardisation of the vault in every Melon fund is what allows for the real time fund calculations and audits to occur. Also, the vault acts as a foundation for modules to be built upon, as each module will be compatible with every vault, and every Melon fund by extension. The vault is designed to be extremely secure, and keeps the potential attack surface for Melon funds as small as possible.

    Modules

    No two funds are the same, and the modules that plug into the vault are what give Melon fund managers the abilities to meet the individual needs and requirements of each fund.

    The module classes are broken down into the following themes:

    • Data Feeds: Serves data for fund calculations
    • Universe: Pre-defines a set of assets the fund manager can trade in
    • Risk Management: A set of rules to restrict a fund manager’s behavior
    • Exchanges: Connect the fund to different exchanges for trading purposes
    • Rewards: Setting management and performance fees for the fund
    • Participation: Invest/redeem
    • Compliance: Allows funds to easily comply and meet requirements for various jurisdictions
    A diagram showing how the “Vault” and “Modules” can be assembled together to form a fund

    So, by assembling a collection of these modules together with a vault, you have a fully functioning, smart-contract bound asset management fund. Investors can review the fund’s smart-contract modules and decide whether they are happy with the rules to which the fund manager is bound by, before investing.

    Useful Links/Further Reading

    The Portal

    The Portal is a graphical user interface that can be used by Melon participants to easily access and engage with the smart contracts that make up the Melon protocol. It can be thought of as a decentralised application, or DApp. The Portal allows participants to set up their fund, select the modules of choice, then deploy fund structure to the Ethereum blockchain. Once deployed, the Portal can then be used to manage their fund as is required, such as buying and selling assets for the fund to manage, or investing and redeeming value held by the fund.

    It works by connecting directly to the Ethereum blockchain, which is why users still require access blockchain clients.

    Participants plug their blockchain clients into the Portal (Such as Parity, Geth, MetaMask etc) which then allows them to interact with is as is required. What’s interesting about this is that the portal is really just a visualisation of the data that exists on the blockchain combined with a bit of wizardry that helps execute the Melon protocol smart contracts based on the fund managers desires. It is the blockchain clients (and therefore the user) who is always in full control of the management activity — there is no requirement of trust from us!

    White Label

    While the Portal is a significant part of Melon, any entity that wished to plug into the Melon protocol could feasibly create their own “version” of the Portal that could be better tailored to the specific use case of the type of fund(s) they wish to manage.

    Should they wish to, companies can use their brand and their reputation to white-label the Portal, perform their own security audits, customize any additional bits they may need and provide any additional off-chain services for scalability of privacy. A permissioning layer may also be added, if needed (eg KYC/AML). This will help with Melon’s compatibility with permissioned and consortium focused blockchains.

    Listen to our Chaiman and CTO,Reto Trinkler demo the Melon Portal!

    Useful Links/Further Reading

    Ethereum Client/Browser pages

    The Melon Token (MLN)

    The Melon token “MLN” is a core component of the Melon protocol, and is designed to provide a “usage and political right” to the Melon software. The token itself is a smart contract that lives on the Ethereum blockchain.

    Melon token functionality

    Political

    • Voting on monetary policy: Whilst Melonport will determine the initial inflation rate, token holders should have a say in adjusting MLN inflation up or down (within a range).
    • Voting on technical design: Anyone can propose a new technical design to modify, add or remove elements from new versions of the protocol. Token-holders and investors will have a say in whether new versions are added or not.

    Usage

    • In terms of usage functionality, transaction (licensing) fees will initially be set at zero with the possibility for token holders and investors to later to vote on introducing fees.
    • Any performance or management fees earned by the Manager will require a conversion into Melon token before they can be paid out to the Manager. This would mean that Managers could use the Melon protocol for free, but would need to use the Melon token to withdraw any earnings. A more in depth blog on invest/redeem (participation)is planned for coming weeks.

    Issuance

    A maximum of 1,250,000 “MLN” will be created during the contribution periods before the protocol is deployed to the live network.

    After the completion of the 2 year development workshop (~Feb 2019), either the MLN token will be disinflationary, or potentially the proceeds of the second contribution period will be used to fund the ecosystems activities on an ongoing basis (including module development), meaning inflation would not be required. This is yet to be decided, and we are researching both options to see what would be best for the long term success of the Melon ecosystem.

    Distribution

    40% issued in Feb 2017 Contribution Period, 40% is expected to be issued in 2018 Contribution period, 12% held by founders, advisors and partners, and 8% held by Melonport AG.

    Useful Links/Further Reading

    The Ecosystem

    The Ecosystem encompasses… Everyone, even you, the reader! We see anyone and anything that interacts with Melon in some way as being part of the ecosystem. Of course, some entities are much more prevalent than others, but our goal here is to keep it as open and as accessible as possible for any value creators who may wish to get involved as a participant.

    In this final section of the Melon explainer, we’ll talk about the participants in the ecosystem now, and how that might look in the future.

    Melonport AG

    Behind Melon is the private company, Melonport AG. Melonport is building the open-source Melon protocol, Portal, and is the issuer of the MLN Token. It is also responsible for providing ecosystem and community support, such as starting and maintaining social events and forums, or even assisting budding module developers in getting their modules ready and audited for usage by fund managers.

    Fund Managers

    These are the people/companies/foundations etc that put together Melon funds and manage various assets within them. They pick and choose the right modules for their usecase, and compete against each other (if they wish to) for a position on the Melon fund leaderboard. They will be Melon token owners so that they can use Melon for their requirements, and may also wish to use the tokens to vote on the future of Melon itself.

    Module Builders

    Module builders put together tools for funds to use. For example, one module builder might be a technically capable law firm who puts together a module for fund compliance in Singapore, another builder might represent a decentralised asset exchange, and provides a gateway for Melon fund users to trade their assets through their order book. They receive Melon tokens based on the usage and complexity of their modules.

    Related Companies/Entities

    These are groups that provide additional support or services to the Melon ecosystem, but not necessarily as module builders or fund managers. An example could be Parity or MetaMask, who both provide Ethereum clients that allow users to plug their Ethereum accounts into the Melon portal, and manage their funds that are held in the protocol. Another example could be Oyente. Oyente is a tool for finding bugs and security issues in smart contracts. Melonport is currently funding Oyente as a side project for both module developers and the Ethereum community as a whole to use.

    Feedback?

    As previously mentioned, this is a living document, and we will continue to update it as Melon continues to evolve over time. If you as a reader have any particular feedback about the way this has been written and would like to help us improve it, please contact us at [email protected] — we’d love to hear from you!

    George Hallam


    Before joining Melonport as Head of Business Development, George previously worked with the Ethereum Foundation starting as Business & Partnership Director in Mid 2014. He quickly established himself as a key communicator, moving to the role of Head of External Relations where he successfully advocated the Ethereum platform to the world and coordinated the Ethereum Foundation’s yearly developer conferences in London and Shanghai. During his 2 years at the Ethereum Foundation, George grew a strong appreciation and understanding of the Ethereum community and the ecosystem it inhabits.

    Twitter: https://twitter.com/GeorgeAHallam

    LinkedIn: https://www.linkedin.com/in/george-hallam-a5002979/

    Learn more about Melonport: https://melonport.com/



  • Melonport contributes to European Regulatory Initiative Report around blockchain

    We are proud to have contributed to the European Regulatory Report on blockchain and related technologies. This effort was led by Neufund together with Lacore Rechtsanwälte and Wardyński Partners and the reporthas been submitted to the European Union.



    The full paper is open to the public and can be accessed here.

    Current signatories outside of ourselves include Neufund, Kraken, BigchainDB, MME, Golem and many more.








  • Melon’s Design and the Economic Agents within the Ecosystem

    This blog post is a draft outline showing how the Melon protocol ecosystem should behave with regard to its participants assuming rational economic agents within the Melon ecosystem.

    This post will also touch on how the design of the protocol architecture currently under development shall work to insure that those incentives remain aligned to the goal of the continued success of the ecosystem.

    Assumptions Made:

    • All assets in Melon portfolios are liquid and tradable and therefore have regular, reliable price feeds
    • For this version of the melon protocol the price feed is calculated with a Cryptocompare price feed module — price is determined using this methodology. We assume this to be the true price of the underlying crypto asset

    The Various Economic Agents Within The Melon Ecosystem:

    Melonport: The legal entity that has and continues to conceptualize and develop the Melon protocol. The Melon protocol seeks to build an open source protocol based on Ethereum smart-contracts that enables users (hereinafter also participants) to set up, manage and invest in digital asset management strategies in a way that reduces barriers to entry, minimizes the requirements for trust while maximizes transparency (“Melon protocol”).

    Suppliers: a set of individuals or entities who link their existing products to the Melon protocol ecosystem (module developers) or alternatively develop products specifically for the Melon protocol ecosystem. Within this subgroup we identify two types of ecosystem players:

    • Developers: people or entities that build smart-contract modules which interact with the Melon ecosystem.
    • Operators: people or entities that operate these modules. For example a price feed operator, delivering price feed data to the blockchain.

    Token holders: a set of individuals or entities who own the Melon tokens. These can be loosely categorised into two subsets:

    • Benevolent players: Those who generally want to see the value of the ecosystem grow and thrive.
    • Malevolent players: Those who have an incentive to hurt the value of the ecosystem.

    Managers: a set of individuals or entities that set up and manage their own Melon fund using the Melon protocol.

    Investors: a set of individuals or entities that participate/invest directly into funds (or funds of funds) which are built by Managers using the Melon protocol.

    The Design of Melon Protocol

    At the very top of the design architecture, we have the owners of the protocol, the Melon token holders. The Melon protocol as a software infrastructure, is (through an implemented set of rules) designed to provide protection to investors in Melon funds.

    Token holders are represented by the crypto Melon token .

    There are two types of functionality within the Melon protocol ecosystem.


    1. Usage Functionality

    In terms of usage functionality of the Melon token, transaction (licensing) fees will initially be set at zero with the possibility for token holders and investors to later (once there is widespread adoption) introduce them.

    Any management or performance fees — generally referred to as rewards — earned by each Melon Manager based on their performance, will require a conversion into Melon token by the Manager before they can be transferred out of the Melon protocol ecosystem to the Manager’s personal Ethereum address. This means that Managers shall be in a position to use the Melon protocol completely free of charge, but would need to use the Melon token to withdraw rewards. A more in depth blog on rewards is planned for the coming weeks.

    2. Council functionality

    Voting on Melon Council Members: We are currently working on establishing an appropriate structure to set up a Melon council elected by Melon token holders. The Melon council will represent the community in decisions regarding the future development of the Melon protocol as well as the allocation of funds reserved for supporting projects that form part of the Melon ecosystem:

    A. Technical Functionality: After Melonport deploys v1.0 of the Melon protocol, the Melon council Members can vote to add and remove versions of the protocol.

    Anyone can propose a new technical design to add or remove new versions of the protocol. Elected Melon council Members will decide on whether new versions are added or not. This may include decisions around deployment onto additional blockchains, i.e. the multichain solution.

    Once a version of Melon is deployed (e.g. v1.2.3), every new fund that is created corresponds to that version until the next version is released (e.g v1.2.4).

    Whenever a vault contract (we have previously referred to this as a core) is deployed along with its own set of modules, this is considered to be a fund. Vaults belonging to a removed version do not get deleted, rather they get decommissioned. Meaning they will be made unable to perform any managing (trading of assets) activity — rendering any investments in it virtually useless. Investors can at anytime redeem their funds even from a decommissioned vault.

    B. Economic Functionality: Council members will have to vote on allocation of funds raised from contributions in the second token generation event. Thereby, the goal of the Melon council is to

    • Preserve and grow the capital of these funds through diversification including a mandate to take stakes in Melon funds in the future.
    • Award Developer Grants to module developers, financing research, highly desired modules and any necessarily deemed incentives by the council.

    Inflation Update

    Many of you have asked for more guidance around inflation over the last months. We are still considering this as a way to further incentivise developers but believe that it does not need to be as high as originally intended. We can now firmly say that it will be no higher than 10% per annum and could be as low as zero.

    Conflicts of Interest and How They Effect Our Design

    Here we consider the conflicts between the four main groups of economic agents. There are two groups “Token holders” and “Ecosystem players” which consist of two sub-groups. We will assume for now that the conflicts within the sub-groups can be resolved and show this at the end.

    We assume that all economic agents within the ecosystem will act as selfish agents trying to maximize their utility in their way of using the Melon protocol. This means agents are not viewed as being good (honest) or bad (corrupt); all parties are simply assumed to be rational, motivated by some utility function. However, it may not always be the case that rational behavior holds and there is no way to guarantee it. The only thing one can do, is try to design governance in a way that will best manage all economic agents.

    When considering the types of conflicts below, we have also added a weighting number (score 1–3 — with 1 being a mild conflict which is easily resolvable with minimal economic consequences, 3 being serious conflict with big consequences and not easily resolved).

    Investors vs Token holders/Managers/Suppliers

    Managers vs Investors/Suppliers/Token holders

    Suppliers vs Token holders/ Managers/Investors

    Token holders vs Managers/Investors/Suppliers

    Within suppliers, we noted earlier that there are two sub-groups: Module developers/ Module operators” . Before our analysis is complete, we should also consider the conflicts within these two sub-groups.

    If we tally up the total number of attacks against each economic agent

    From the above table, we conclude that fund “Investors” are the most vulnerable group with the most at stake. A possible solution is that the technical governance power could be split between token holders and investors in a pre-agreed proportion but this would be difficult to manage. However, we believe if the Melon protocol becomes successful — Investors themselves will be incentivised to acquire Melon tokens in order to have a say in the future design and usage functionality. Additionally, since Melon council Members are voted in by the Melon token Holders which can recall their election at any time — we believe there to be a strong alignment of interests between the Melon council Members and how the Melon protocol develops and protects its Investors.

    In conclusion, the above should give an idea in the direction our development is headed towards. Of course, we are not able to set any of these decisions in stone. We will aim to be as consistent and coherent as we can, subject to feedback and new information garnered from the continual open-development process of Melon. Over the next weeks you will also hear a lot more from us in terms of development updates, and we hope to share with you our thinking process and challenges in order to keep our Melon community as up to date and knowledgeable as possible.

    Subjects we plan to touch on in coming weeks include:

    Please email us if there is a subject not listed below that you would like to hear more about.

    Registering Modules via Satellite

    We will soon be unveiling “Satellite” — a way to register and vote on the quality, security and importance of modules.

    Rewards

    Rewards describe the way Managers get compensated for their efforts in managing a Melon fund.

    Participation

    A way to invest/redeem. This is a way to invest or redeem shares in a fund to gain exposure. Upon investment, new shares are created — on redemption, they are destroyed.

    Risk Management

    Measures put in place to limit Manager’s activities. A blog post will follow in coming weeks to outline Melonport’s initial risk management design.

    Governance

    A more detailed description of the Melon protocol governance, the Melon council Members and the Melon council Fund.

    Disclaimer:

    • Melon protocol is currently only on the testnet and open to anyone
    • Once deployed to the mainnet, Managers using the Melon must act within the requirements of their local jurisdiction

    Reto Trinkler

    Chairman & CTO at Melonport. Reto is a blockchain developer with background in mathematics from ETH Zurich. He started developing Ethereum smart contracts immediately after their launch in 2015. He worked as a smart-contract developer at Brainbot Technologies (which is building the high-speed Raiden Network) and is host of Zurich’s Blockchain Hacklab. Before this Reto developed a profitable trading algorithm for sport betting exchanges in C++.

    Github: https://github.com/retotrinkler

    Twitter: https://twitter.com/reto_trinkler

    Mona El Isa

    CEO & Founder. Mona is a former star-trader at Goldman Sachs, promoted to Vice President by the age of 26 and made the “top 30 under 30” list in Trader Magazine in 2008 and Forbes Magazine in 2011 after profitably trading the 2008 and 2011 crashes. Moved to Geneva-based macro fund Jabre Capital in 2011, before deciding in 2014 that the future of finance lay in blockchain technology. She studied Economics & Statistics at the University College London.

    Website: https://melonport.com/

    [email protected]

    http://twitter.com/melonport



  • First Melon Manager Competition!

    This competition aims to enable users to test the Melon protocol in a safe environment with play money on the Kovan Ethereum testnet. It is the first of many, and prizes and scope of the competitions will grow as time goes on!

    General Terms & Registration

    This particular competition will run from noon (12:00) CET Monday 17th July 2017 until noon (12:00) CET Friday 21st July 2017.

    • The competition itself will run on an early version (v0.2.0-alpha.3) of the Melon protocol which lives on top of the Ethereum Kovan test net.
    • Participants will need to request Kovan Ether on Melonport’s Gitter if not provided with it automatically — https://gitter.im/melonproject/general
    • The participation in the competition is free and open to everyone!
    • Participants will need to provide an e-mail address for the first competition which will help us communicate with winners at the end of the competition.
    • The email addresses will be linked to participants’ public address and fund names on the Kovan testnet but any record of these email addresses will be deleted at the end of the competition.
    • Competing funds will be visible on the blockchain at all times as well as on the ranking board of the portal.
    • For the first competition, prizes will be sent to the top three performing funds based on share price. The prizes will be Melonport t-shirts! There will be more competitions in the future, and as the underlying software continues to be developed, prizes will become more valuable and attractive.
    • The purpose of the first competition is mainly testing for what is to come…

    Terms for trading and where to begin

    • Install Parity or Metamask and set up a fund. Instructions on how to do so can be found here.
    • After having signed up, participants will receive Kovan test net Ether to compete in the competition. The Kovan test net Ether will be allocated to each participant. This will be considered the fund’s AUM (AUM = Assets Under Management).
    • No trading can commence before the official start time of the competition (12:00 CET Monday 17th July 2017). Anyone who starts trading before, will not be included in the competition.
    • Once the competition starts, the Melon managers can start trading!
    • For the purpose of this competition it is only possible to “take” orders on the order book. It is not possible to place or make an order on the order book. This is for security reasons.
    • In order to be eligible for prizes, Melon Manager need to have setup a Melon fund linked to the Version contract deployed on Kovan at address to be announced on Monday.
    • Winning Melon Managers are determined by their “sharePrice” (our chosen fund performance metric). Share price is determined by calling the function “performCalculations” on the deployed Melon fund of the Melon Manager on the Kovan network.
    • The competition will end on Friday at noon (12:00) CET. At that point, Melonport will look up all Melon fund performances as per CryptoCompare price feed and evaluate the top 3 performers
    • In the event that there are more than three winners, more t-shirt prizes will be awarded.

    Disagreements and Complaints

    Any complaints or queries have to be sent via e-mail to [email protected] with the subject line “Melon Competition”. It is only through this avenue that the complaints will be accepted and resolved.

    Complaints concerning the failure to conduct a trading operation in a contest account because of low internet connection quality (either on the side of the participant or on the side of Melonport’s hosting provider) are not accepted.

    Complaints concerning disappeared or incorrect transactions due to failure of the system or similar are not accepted. This is early, early code!

    Miscellaneous Legal Stuff

    ● It should be clear that all competitions are taking place on the Kovan Test Net with Kovan test Ether. No real money is at stake. Whilst the track records may be real, they are being monitored as “paper” portfolios.

    Do not send real Ether to the test contract!!! Melonport does not take responsibility for anyone sending real Ether to a test contract and claiming loss over it.

    ● Melonport retains the right to close or cancel the competition at any time because of unexpected or unusual circumstances.

    ● It is in the responsibility of any participant to make sure that their participation in the competition is in accordance with the respective laws of their country/region.

    ● It is the responsibility of any participant who has won any prize money to pay taxes on their winnings in accordance with the respective laws of their country/region (though for this competition, we don’t think you will need to pay tax on the t-shirt!).

    ● If for any reason the competition is terminated due to unforeseen circumstances before the official end date, the ranking of participants at the moment of termination of the competition will not be considered as the basis for establishing winners.

    ● In exceptional cases, where an appreciable error has occurred, the criteria for determining the winners of each round can be changed by Melonport.

    ● Melonport retains the right to change the competition rules if unforeseen circumstances should arise or if an obvious error has been found.

    ● The final results of completed rounds cannot be revised by Melonport.

    ● Melonport AG is not responsible for any loss or failure caused by taking part in this competition. Those taking part in the competition must realise that the assets, while tracking real asset prices, are not themselves real, or tied to any assets of real value.

    ● Any kind of partnership or cooperation between two or more participants is prohibited.

    ● Any kind of undue influence taking by any of the Kovan network authorities is prohibited.

    ● Participants are responsible to keep their login data secret.

    ● Melonport is entitled to exclude and/or disqualify participants from the competition particularly under the following circumstances:

    →Participant breaches terms and conditions of Melonport set forth herein:

    →Participant advertises one of Melonports competitors;

    →Participant violates the principle of good faith.

    ● No cash disbursement and/or any replacement of the prizes is possible.

    ● By taking part in this competition the participant agrees to the terms and conditions of Melonport set forth herein.

    ● All disputes arising out of this agreement shall be resolved by Melonport in consideration of the “Terms of Business” and/or “Terms and Conditions” and common market practices.

    ● The courts of Zug, Switzerland, have exclusive jurisdiction on any disputes arising in relation to the competition. Applicable law is Swiss law.

    No Data Collection

    • Melonport may process participants’ data only with their consent. By signing up for the Melon Manager Competition, participants give their consent to Melonport to process their data in accordance with this policy.
    • Melonport processes only the following data of participants: e-mail address. Participants’ data is processed for the sole purpose of being able to contact those participants who won a price.
    • Melonport will not share participants’ data with any third parties and will delete the data after the competition.

    If you have questions or want to receive further information, please contact us by e-mail at [email protected], or write to us at Melonport, Lotenbach 7, 6318 Walchwil.



  • Melon (MLN) Pre Release v0.1.5-alpha.1

    Download:



  • Melon (MLN) Introducing Blocks — A UI Pattern Library For Melon







    Looking good!

    At Melon, we believe that a good product is a one that follows a formulated pattern that a user can easily get used to. With open source software development, the pattern itself can be shared as a library that contains elements, visual design queues as well as rules made to ensure consistent design throughout applications and collaterals. We’ve been exploring this at Melonport and have come up with Blocks — a UI pattern library for Melon.

    Why build Blocks?

    As the Melon project continues to grow, it’s become clear that we must agree on some systematic design rules that are agreed upon by the whole team. The idea here is to create a modular and flexible UI pattern library that not only looks awesome, but also makes it exceptionally easy to re-use said library in different places: The Melon Portal, the Melonport website, future Melon projects ;), presentation decks, etc.

    Furthermore, this design system will allow us to reduce misconceptions and differing interpretations among team members. Future development speed will be increased thanks to the availability of ready-to-use elements within the design library.

    Components for Blocks

    The Principles

    We built the Blocks design system with the following principles in mind:

    • Strong mobile capability
    • Based upon Material-UI
    • Maximize value of information presented per pixel
    • Reduce noise
    • Generally keep things clean, lean and professional

    Before building something, it of course makes sense to do some research: What do we want to build? What is the functionality that we want to have? How can we create this functionality in the simplest way possible?

    We defined all possible elements required. We described how a product will work entirely from the user’s perspective. We formulated our UI pattern library based on form elements, colour palette, typography, buttons, tables and a set of other necessary elements such as pagination, slider, popovers, lists, etc.

    Ready to go assets

    Tooling for Blocks

    1. Sketch App
    2. React
    3. Git

    There is one central Github repository which contains all assets:

    • Sketch Files
    • React Components
    • Styling
    • Documentation

    Moving forward

    Thus, an early version of our design system is born! We’re going to keep adding to it over time. Of course, software that’s finished is software that’s dead. By continuing to iterate upon this early version we can grow Blocks into a efficient, simple to use design tool for the whole team (and hopefully the broader Melon community) to use.

    Ahmad S. Afandi

    Ahmad is a passionate UI / UX Designer with a background in Computer Science at UIN Yogyakarta, Indonesia. With more than half a decade of experience in web and mobile design, Ahmad has a strong focus on unique compositions and user experience. In 2012, he built a non-profit sharing platform for book lovers in Indonesia called Lendabook. Lendabook’s aim was to make it simple to share books with like-minded individuals. It eventually went on to win the World Summit Youth Award 2013 organized by ICTA.

    Twitter — https://twitter.com/peterdraw

    Github — https://github.com/peterdraw



  • First Melon Manager Competition in Retrospect

    Following the completion of the competition, we thought it would be fruitful to put together a quick write-up detailing how we felt the competition went and what could be improved for future competitions. Before we get dive into this, we at Melonport would like to extend a massive thank you to all the people who participated in the First Melon Manager Competition! We were so impressed with your feedback and general desire to learn about what we’d built and how it works. It’s been incredibly useful to us and we fully intend to work that feedback into our development process moving forward — more on that later though.

    The Competition

    The competition aimed to enable users to test the Melon protocol in a safe environment with play money/assets on the Kovan Ethereum testnet. The prizes for the top 3 participants were Melonport t-shirts this time round, though we will increase the prize pool significantly as we move forward.

    The event ran from noon (12:00) CET Monday 24th July 2017 until noon (12:00) CET Friday 28th July 2017. We had a total of 104 participating accounts in the competition, though as we had no intention of keeping any identifying information on the participants, there’s no way to know if some users created multiple accounts or not. We take the fantastic level of interaction between the competitions participants and our developer team in the Melon project Gitter channel as a better metric to show success of the event. It really was quite phenomenal!

    The only identifying information we collected from users was email addresses (which have also since been deleted) so that we may contact the winners of the event for an address to send their prizes to. This is a theme we’d like to continue moving forward — we will never ask for more information than is required from Melon users, and anyone who wishes to engage with us shall be able to do so in an entirely voluntary manner. No recycling of email addresses into our newsletter list!

    That said, if you’d like to receive our monthly newsletter you’re welcome to sign up here!

    Congratulations to the winners of the competition: Goat, Passive Gains LTD & Fake Internet Money! Prizes are in the post!

    The Feedback

    For us at Melonport, the most important part of this competition was the incredible amount of feedback we received from all the participants.

    Some of the main points were:

    • It’s not immediately clear how to use the order-book by clicking on the orders a user might want to take (buy/sell). This user experience can be refined moving forward.
    • One of the issues a user must deal with (as a consequence of the software being built on top of a blockchain) is the confirmation times between each block. This can sometimes leave them scratching their heads as to what exactly is happening on screen. Also, for some interactions with a fund, multiple transactions are required (investing, taking multiple orders at a time, creating new ERC20 tokens to be held by fund, etc). We can do more here to alert the user as to what they should expect and what is happening. At the same time, we don’t want to saturate them with too much information!
    • The servers that we used for the competition started to see very heavy load towards the end, especially on the last day leading to some disruption in user experience. We didn’t want to fully migrate at the time as that would have meant even more downtime. In the future, we will be sure to run the competition on far more powerful infrastructure to solve this issue. We also have some refactoring planned that should significantly increase the efficiency of the Melon Portal, lessening its burden on the servers that it’s hosted upon.
    • We built a negative spread into the liquidity provider which makes the markets on our testnet decentralised exchange. We did this to create an incentive for people to consider building bots/algorithms to take advantage of the arbitrage opportunities. Initially, this spread was too wide and occurred too frequently, it was fixed by the end of the competition. We’ll be careful how we implement arbitrage opportunities in the next competition, though we absolutely do want to maintain the incentive to build bots and algorithms. Of course, the next event will also have security compromise/system abuse rewards built in. If you can take advantage of the system we’ve built, at this stage that’s fine because once we know about it we can fix the underlying issue. One of the main reasons we are running the competition series is to battle test the protocol.
    • Sometimes it took a long time to get more liquidity for an asset pair; our liquidity provider was not providing liquidity fast enough when all orders were executed by users. This can be solved by changing the liquidity provider to be more reactive.
    • Users have let us know their desire to be able to see (or at least download) their trade history. We’ll make that a priority for the next release.
    • Users expressed that they’d like to have a way to retrieve the Testnet Ether Token in their MetaMask account when transactions occasionally fail when interacting with the “invest” function in a fund. We’ll endeavour to create a solution for this ASAP.
    • Users would like to be able to invest in other users funds. We hope to have this feature ready soon — there’s no doubt that “fund of funds” will be an important part of the future Melon Fund ecosystem!

    The Stats

    The portal webpage saw over 5000 individual sessions, so we’re pleased to see that many of the funds were being very actively managed for the duration of the competition. Of the 104 participating funds, 20 did not invest in any assets beyond Ether, and 10 invested nothing at all. This could have something to do with the accessibility of the order book (where users can take their invested Kovan Testnet Ether and diversify into other assets).

    We did some quick calculations on Melon’s impact on the Kovan testnet. Melon Funds themselves along with the associated user-based management activity were .incredibly light, accounting for just 0.18% of all the Kovan testnet transactions in existence. The liquidity provider and data feeds on the other hand account for 79.54% of all the txs in the week of the competition. This meant we were using around about 1–3% of the Kovan testnet’s total capacity.

    “What!? That’s a bit high!” we hear you say. It’s worth noting that of the 79.54%, 75% of the txs came from just the liquidity provider itself. In normal circumstances (Melon on the main net), there would be no need for the liquidity provider to exist as Melon would plug into various real decentralised exchanges which have actual users, not a manic and verbose bot! Also, most decentralised exchanges now keep their order books off chain for efficiency with settlement on chain. This leads to a much smaller capacity footprint.

    For future competitions we’d like to do a more sophisticated statistical breakdown of what occurred and what exactly people were buying/selling/holding.

    In conclusion then, we feel the competition was a brilliant exercise for us at Melon and we are so pleased with all the fantastic feedback we got from our growing community. It was a great step forward in the journey to version 1.0. Now, we need to focus on building this feedback back into our dev schedule, iterate upon it, and create an even better user experience for the next competition (details coming soon!) which will have prizes of real value (not that our limited edition Melon t-shirts aren’t exceptionally of course!).

    George Hallam

    Before joining Melonport as Head of Business Development, George previously worked with the Ethereum Foundation starting as Business & Partnership Director in Mid 2014. He quickly established himself as a key communicator, moving to the role of Head of External Relations where he successfully advocated the Ethereum platform to the world and coordinated the Ethereum Foundation’s yearly developer conferences in London and Shanghai. During his 2 years at the Ethereum Foundation, George grew a strong appreciation and understanding of the Ethereum community and the ecosystem it inhabits.

    Twitter: https://twitter.com/GeorgeAHallam

    LinkedIn: https://www.linkedin.com/in/george-hallam-a5002979/

    Learn more about Melonport: https://melonport.com/



  • Melonport Release Javascript v0.3.2-alpha.1

    Melon.js Logo

    0.3.2-alpha.1

    Download:



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