CodeTract Token (CTT) Building on Ethereum for mainstream transaction of value



  • CodeTract aims to bring users the ease of on-boarding to the Ethereum network, with the goal of mainstream adoption. We streamline the user experience of transacting and trading on the Ethereum network by doing away with the hassle of on/off-boarding through many centralised exchanges and dealing with unfamiliar currencies units.


    Current on/off-boarding process

    We believe the fundamental step to promote transactions through Ethereum is for individuals to receive their salaries through an Ethereum transaction and in the same way, expense to organizations through Ethereum transactions.


    Ideal on/off-boarding process

    As a start, we have created 2 standard Ethereum tokens fully backed by the currencies of US dollars and gold, which users are familiar with. These tokens can be exchanged through our easy-to-use on-chain Token Auction. The recurring demand for these services will be created through our upcoming work on allowing individuals to receive their salary in Ethereum tokens.

    With that goal, our team have been working on the following list of projects: 1. US dollar backed token (Beta to be on main net in March 2017) 2. Physical Gold backed token (Beta to be on main net in February 2017) 3. Token Auction (Beta to be on main net in February/March 2017) 4. Receive salary in fiat backed token (Beta at end of 2017) 5. CodeTract Token (Token launch in March 2017)




    USD Token (USDCT)

    USDCT is an Ethereum standard token, fully backed by US dollars. Transfers are done on the Ethereum network and take about 1 minute to settle and can be publicly verified. It cost a flat fee of about $0.02 per transfer. USDCT is programmable and unlocks access to Ethereum’s services.


    Gold Token (GCT)

    GCT is an Ethereum standard token, fully backed by physical gold. This means it is a good store of value like gold but also can be transferred quickly, cheaply and securely. Transfers take about 1 minute to settle and can be publicly verified. It cost a flat fee of about $0.02 per transfer. Annual storage costs are 0.09%. GCT is programmable and unlocks access to Ethereum’s services.


    For More Token Details:









    GCT FAQ:

    • What is GCT? 

    GCT is a physical gold backed standard Ethereum token. It can be transferred around and integrated into other dapps like other tokens. Please refer to our whitepaperfor more information regarding how this fits into our vision and Ethereum's landscape.

    • What does Beta mean? 

    Beta is a stage of product development. In this stage, the core functionalities are in place but bugs and changes can be expected. This is a good opportunity for partners, integrators, Ethereum users and us to familiarise with the platform and report any bugs for fixing before going to the next stage and scaling up. Real value is used in this Beta and could be lost. There will also be a cap on total GCT to limit potential losses.

    • Where is the GCT smart contract located? 

     It is on the Ethereum mainnet, at address 0x560c5528ff9886d83Ae117845B180E6DCF6B5175.

    • Where is the gold stored?

    Physical gold is stored at BullionStar, Singapore’s premier bullion dealer, under their Bullion Savings Program. Their vault is located in Singapore. Gold are allocated and for multiples of 100 grams, they can be converted to 100 grams PAMP .9999 gold cast bar.


    • What can cause the gold backing each GCT to change?

    The gold backing each GCT is the ratio of total physical gold over total GCT. This ratio is initially set at 1 so 1 GCT represents 1 gram of gold. As storage fees accrue, the physical gold will be reduced while total GCT remains the same, reducing this ratio. Creating or redeeming GCT does not change this ratio.


    • Where can I buy and sell GCT?

    GCT can be exchanged for ether primarily at our Token Auction.


    • How can I transfer GCT to someone else?

    Like any standard Ethereum token, they can be transferred by most clients by adding GCT address 0x560c5528ff9886d83Ae117845B180E6DCF6B5175 as a token.


    • Where can I see my past transactions?

    You can use EtherScan.io and filter by your address to view your transaction history.


    • Who controls the GCT smart contract?

    Although GCT is a smart contract, it is not fully autonomous. CodeTract have access to GCT's admin controls.


    • What are the fees?

    There are no additional fees other than gas for miners and physical gold storage fee of 0.09% per year charged by BullionStar.


    • I made a mistake, what can I do?

    Due to the nature of public blockchains, transactions are not reversible. Check every transaction carefully before signing.


    • I found some bugs, where do I report them?

    Please open an issue at our Github and we will look into fixing them.


    • Where can I get support?

    Please open an issue at our [email protected] if you have any questions.


    • Which data source are you using to display GCT stats?

    They are powered by Infura.



    Token Auction

    Token Auction is an Ethereum smart
    contract that enables exchange of tokens. Settles daily, low
    counterparty risk, high price efficiency, transact in huge volumes, low
    fees, high availability, concentrated liquidity,
    high transparency and no high frequency bots. Enter an amount and click
    buy or sell, Token Auction is the simplest way to exchange Ethereum tokens.

    Disvocer GCT :


    Links:

    Website:

    Github:

    Blog:

    Twitter:

    Reddit:



  • What goes on in our Token Auction?


    Overview of the Token Auction Stages

    In this post, we would like to bring you through one auction cycle to help in understanding how the token auction mechanics work. The diagram above gives an overview of the 3 different auction stages.

    In session n, consider the following submitted orders in order.

    List of Submitted Orders

    From the table, the aggregated demand is 6000 units and supply is 7000 units. When sorted by ascending order for price and cumulative demand and supply, the table will be as follows.

    Submitted Orders Sorted by Price.

    These sorted orders can also be plotted into a discrete graph to depict the overall demand and supply.

    Demand and Supply Chart

    Assume the externally obtained settlement price is 0.45. From the chart, all bid orders that are equal or above this settlement price will be matched with ask orders that are equal or below this closing price. However, given that the settlement price may not be the equilibrium price of the bid/ask orders, this may not result in maximum executed quantity. In this case, the bid orders that should be filled are C and D which make up a total quantity of 2500. The ask orders to be filled, on the other hand, would be E, G, H, I and K which make up a total quantity of 6000. Supply is evidently higher than demand at this settlement price. Hence, bid orders C and D would be filled by ask orders E, H, I with E having a partial fill of 1000 units at the price of 0.45 while ask orders G and K would remain unfilled. Note that price priority have precedence then time priority is taken into account if the price are the same. The rest of the orders will remain unfilled. All matched quantities will be executed at the settlement price.

    The table above shows a summary of the order settlements.

    Summary of settlements

    We hope this gives you a better understanding of our Token Auction mechanics!

    Read our whitepaper to see how we are building on Ethereum for mainstream transaction of value.

    Continue to support us for our upcoming Token Launch!



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  • Synergy in Ethereum


    Ethereum, this is just the Beginning

    In recent days, we saw Ether, the native token of the Ethereum network hittingnew highs in volume, price and market capitalization, closing the gap between Bitcoin and driving speculation to what some call a “flippening” — a shift in attitude from Bitcoin to Ethereum. Here we take a look at the synergy Ethereum provides and attempt to convince you to explore Ethereum further.

    Ethereum went live in July 2014, a mere 2.6 years since its genesis, led by founder Vitalik Buterin with the goal of building decentralized applications. Starting from an online public crowdsale, Ethereum had since grown to a market capitalization of $3.6b. Ether, the native token of the Ethereum network is used to pay for state changes on the blockchain. Ethereum enables smart contracts to exist on the blockchain, akin to an open Application Programming Interface (API) of sorts, allowing public interactions with smart contracts. This brings unprecedented flexibility and potential beyond just mere payments and value transactions. In fact, Ethereum is so much more complex that even the New York Times quoted it to be “complicated enough that even people who know it well have trouble describing it in plain English”.

    To those who are new to Ethereum, the underlying technology running this system is the blockchain. The blockchain is like a permanent ledger that stores all the records of transactions that took place since the genesis. To interact with this, users can run a node by downloading all the blocks in this ledger. There is a group of miners performing proof of work to verify transactions and add them to the blockchain. Users performing transactions will need to pay a small fee in gas costs (ether) to the miners in order for their transactions to be verified and confirmed. People who are interested in more details can refer to the Ethereum whitepaper.

    The Potential of Ethereum

    Traders may be really happy to delve into another crypto-token (ether) and take more profits. And indeed this is one good opportunity as with all other currencies. But lets not lose ourselves just yet. Beyond just another trading instrument, ether is a means to run many services on the Ethereum blockchain, like fuel for energy. Smart contracts when deployed can provide many different use cases. Even as we write, we are already seeing many decentralized applications making use of smart contracts to provide a myriad of services on Ethereum. Below is just a small non exhaustive list of examples.

    AKASHA is a next-generation social media network creating a planetary-scale information network immune to censorship by design, where your thoughts and ideas will echo throughout humanity’s existence.

    Attores is a Smart Contracts as a Service platform. We make it easy for you to write, submit and execute Smart Contracts on the blockchain.

    Augur combines the magic of prediction markets with the power of a decentralized network to create a stunningly accurate forecasting tool — and the chance for real money trading profits.

    Balanc3 is a smart contract powered Triple-Entry Accounting system. Balanc3 uses the non-repudiability and comprehensive audibility of the blockchain to guarantee the integrity of accounting records.

    BoardRoom is a next-generation organization governance apparatus that enables distributed decision-making on the blockchain. The platform has systems associated with the stages and organization of decision-making.

    CodeTract provides a service for employees to receive their salary in Ethereum fiat money tokens and providing a seamless on-boarding experience onto Ethereum.

    Decentralized Capital provides users with a secure, convenient way to bring Dollars, Euros, and other government backed currencies onto and off of the Ethereum network.

    Digix is an asset-tokenisation platform built on Ethereum. They leverage the blockchain’s immutability, transparency and auditability by applying it to precious physical assets.

    Edgeless is a Ethereum smart contract-based casino that offers a 0% house edge and solves the casino transparency question once and for all.

    Ethereum Name Service offers a secure and decentralised way to address resources both on and off the blockchain using simple, human-readable names.

    Etherisc is building decentralized insurance applications, making the purchase and sale of insurance more efficient, enable lower operational costs, provide greater transparency into the industry of insurance compared to traditional operations, and democratize access to reinsurance investments.

    EtherLoan is a decentralized crowd-lending platform that enables financing transactions without middle-men, at very low cost and with a high security level, thus facilitating access to loans for developing economies and small loaners.

    Etheroll is an Ethereum smart contract for placing bets on provably-fair dice game using Ether with no deposits or sign-ups.

    FirstBlood is a decentralized eSports gaming app that will allow individuals to test their skills and compete in 1v1 and team vs team matches for popular online games such as League of Legends, Dota 2 and Counter-Strike: Global Offensive.

    Gnosis is enabling complex predictions with an easy to use prediction market.

    Golem is a global, open sourced, decentralized supercomputer that anyone can access. It’s made up of the combined power of user’s machines, from personal laptops to entire data centers.

    hack.ether.camp is creating the ideal innovation environment for startups by utilizing blockchain technology for the release of a Virtual Accelerator.

    Humaniq is developing a completely new banking experience by dissolving all the barriers of archaic banks such as the need to come to a branch, doing endless paperwork, dealing with hard-to-use, buggy mobile apps, and protecting data with hard-to-remember, complex passwords.

    Iconomi enables the creation of your own Digital Asset Arrays™ (DAA) from a wide variety of digital assets. Manage them and compare your performance with others. Attract supporters and make your mark in the new distributed economy.

    iEx aims to provide distributed applications running on the blockchain a scalable, secure and easy access to the services, the data-sets and the computing resources they need. This technology relies on the Ethereum smart contracts and allows building a virtual Cloud infrastructure that provides high-performance computing services on demand.

    JAAK connects songs, films, and TV shows directly to the artists, producers, writers, and organisations that create, own and distribute them.

    Lunyr is an Ethereum-based decentralized crowdsourced encyclopedia which rewards users with app tokens for peer-reviewing and contributing information. We aim to be the starting point of the internet for finding reliable, accurate information.

    Maker is a decentralized autonomous organization on the Ethereum blockchain seeking to minimize the price volatility of its own stable token — the Dai — against the IMF’s international currency basket SDR.

    Matchpool will allow individuals to create “pools” based on particular interests. These pools aim to facilitate connections among friends and niche communities and will come with a number of features including messaging and a digital currency wallet.

    Melonport enables participants to set up, manage and invest in digital asset management strategies in an open, competitive and decentralized manner.

    Monolith brings the Visa payments network to Ethereum. It represents a generational leap from traditional debit cards by putting the user back in control, offering an entire platform of features and setting the bar for security.

    Project Oaken makes ‘ACORNs’, for each physical application within the real world. Our IoT blockchain platform design uses Nodejs to interact with the gpio of the machine where hardware can be monitored and controlled. Our secure hardware environment utilizes Secure Elements in each acorn to protect against external threats. Acorns each have a special purpose, but can be easily scaled and replicated for multiple applications.

    raidEX is a decentralized exchange built on Ethereum and Raiden off-chain state channel technology that fixes the custodian issue but preserving high throughput and low latency.

    Singulardtv is a blockchain entertainment studio, smart contract rights management platform and video on-demand portal.

    Slock.it makes Airbnb apartments become fully automated. Smart objects can be rented on demand and unused vehicles get a new lease on life. We’re developing the future infrastructure of the sharing economy.

    Status is a mobile Ethereum OS. Seamlessly interact with the emerging ecosystem of DApps, wave goodbye to central intermediaries, and take control of your data.

    Ujo is a new shared infrastructure for the creative industries that returns more value to content creators and their customers. Their open platform uses blockchain technology to create a transparent and decentralised database of rights and rights owners and automates royalty payments using smart contracts and cryptocurrency.

    Weifund is making crowdfunding user-friendly, thoroughly-tested, and interoperable. It is an open platform for crowdfunding campaigns.

    WeTrust is a collaborative savings, lending and insurance platform that is autonomous, agnostic, frictionless, and decentralized.

    Since they all live on Ethereum, they are able to interact with each other easily, creating synergy and building an ecosystem of applications.

    Evidently, Ethereum has the vast potential to reach many parts of society and not just the technically inclined and the domain experts. These mentioned Dapps are just the tip of the iceberg; many practical problems remained to be solved and Ethereum could be the answer. The advent of IoT could bring much convenience to users but also problems in the management and communication of these smart devices. There is yet to be an international standard for all devices plugged into a network to be communicating with each other, bringing about inefficiencies when owners want to build their own smart homes or even manufacturing processes. Ethereum has the potential to monitor and track all such devices and interact with others on the same network. It doesn’t stop here. Supply chain management had been a pain for many system integrators. Component and sub-component tracking is tough and companies spend millions each year to maintain a system just for database tracking. Ethereum might also just solve that.

    With the launch of Enterprise Ethereum Alliance, big corporations like British Petroleum, JP Morgan, Microsoft and Wipro have started to come on-board the Ethereum bandwagon. We can expect wider use of Ethereum in enterprises and better compliance with regulations. The list goes on.

    Further developments by the Ethereum Foundation like Casper and Shardingallows for the scaling of the platform, ensuring sufficient capacity to manage future growth in users and transactions.Swarm, on the other hand, will enable decentralized cloud storage of files.

    With this much potential in Ethereum, there is little reason why it can’t be the top platform of choice for services and applications. Why build another blockchain when we can just concentrate on building apps on Ethereum to provide services? However, a fine line stands between hype and growth. To the man in the street, there is still much uncertainty to enter into this vibrant eco-system. As with all developments, sustained growth and long term progress requires mass or mainstream adoption beyond speculation and trading. Hence, mainstream adoption of Ethereum by all, enterprises and individuals alike, should and must be the aim.

    A Push and A Pull — Steps Towards Mainstream Adoption

    It is important that Ethereum is developing as a holistic eco-system to sustain its own growth. Many initiatives and improvements in recent months to improve the user and dev experience had helped in attracting more participation in the Ethereum platform, both from other blockchains and people totally new to this industry. Many aspects are being worked on by the community, from making more stable clients, creating services distinct to Ethereum, creating payment options, creating proxies or substitutes of existing traditional services, to communicating with other chains. Yet it would be challenging to sustain this continual push without a pull to Ethereum.

    We believe Ethereum is poised for mainstream adoption. Beyond building familiar mediums of exchange like US dollars and an easy platform for exchange like our Token Auction, it is also imperative to create a stable and recurring usage of these services — a pull factor. Salary satisfies these criteria as it is stable, recurring and is the source which spur other routine transactions such as expense on products and services to occur. Therefore, if the salary transaction occurs in Ethereum, it will increase the likelihood for subsequent transactions to be executed in Ethereum, pulling more people to use the platform.


    Direct salary credit and expense in Ethereum

    We have set out to create a service in cooperation with employers such that employees have the option to receive their salary in USDCT, a US dollar backed Ethereum token. For existing Ethereum users, this will provide an avenue to reduce dependencies on centralized forms of exchanges. For many other users of this service, this will be their first contact with Ethereum and it is very important to leave them with a good impression consisting no less than a fully end to end mobile experience.

    The initial targeted markets will be academia, startups, venture capital firms, tech companies, companies already experimenting with Ethereum and blockchain, followed by the wider community. This has the potential to dramatically increase mainstream adoption of Ethereum.

    This indeed will be an exciting time for Ethereum. A beginning it shall be.

    Visit Ethereum main site to learn more. Read our whitepaper to see how we are enabling employees to receive part of their salary in Ethereum tokens.

    By

    CodeTract



  • Hockey Sticks in Ethereum

    Credit for hockey stick and rainbow

    Hockey stick is a common term used in startups to denote exponential growth in a metric such as users and revenue. In this article we look at some potential hockey stick charts for Ethereum.

    Ether is the native token of the Ethereum network and is used to pay fees for state changes to the blockchain including creating and interacting with smart contracts. It can be easily transferred from one account to another with no jurisdiction restrictions and is traded on many online exchanges mainly against bitcoin, USD, EUR and KRW. Ether was first created in a crowdfund to raise funds for development by exchanging for bitcoin.

    source

    Other than price, the trading volume can also be measured to show the amount of trading activity and liquidity involved in the ether market.

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    Ether is also created constantly by a process called mining where fees plus a block reward is given to anyone or anything that is able to verify valid transactions and add them to the blockchain through proof of work. This adds about 5 ether to the total supply roughly every 14 seconds. Therefore the total value is also relevant when looking at the price of each ether.

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    As more miners participate to verify blocks, blocks can be verified much faster than 14 seconds and more batches of 5 ether will be created. To counteract this, a difficulty is set for miners and can be adjusted dynamically to ensure a more constant block time of around 14 seconds and control the rate of ether creation. The difficulty of the network can be used to measure the amount of resources dedicated to mining ether.

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    Coinbase is one of the main exchanges that users can sign up, transfer in money and use it to buy ether. Their number of users can give an indication of the amount of new interest in Ethereum.

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    Google Trends gives an indication of the amount of internet search interest on Ethereum, which can include new people wanting to know more about it to developers searching for smart contracts solutions to entrepreneurs trying to build next generation applications.

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    All state changes in Ethereum such as ether transfer and interactions with smart contracts are done through transactions. Transactions are all signed cryptographically and stored. The number of transactions can give a rough indication on the amount of activity and utilization of the network.

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    The Ethereum subreddit is the main place where public discussions happen. Topics can range from new comers asking for help, project/event announcements/discussions, encouraging each other and friendly banter with developers and other Ethereum lovers/haters.

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    geth is currently the most popular Ethereum client. It is open source and implemented in golang. It is an Ethereum node and can be used to communicate with other Ethereum nodes, verify transactions, broadcast/relay transactions, interact with smart contracts etc. The Github stars can indicate the amount of interest Github users have in the more technical aspect of Ethereum.

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    MetaMask is a chrome extension that enables users to interact with applications built on Ethereum from the web browser without the hassle of running a client like geth. This allows developers to leverage on existing web development technologies to build decentralized applications. The number of active users is a good indication of Ethereum users and usage of Ethereum applications.

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    web3.js is one of the libraries built for more abstract communication with Ethereum nodes. It enables creating and signing of transactions, querying smart contracts etc. The amount of downloads is a good indication of the amount of developers building and exploring Ethereum.

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    Truffle is one of the main framework for developing Ethereum smart contracts. Written in JavaScript, developers can use it to compile, deploy, test smart contracts. The amount of downloads is a good indication of the amount of developers building smart contracts.

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    solc-js is one of the compilers for Solidity, one of the smart contract language for Ethereum. It compiles high level language into machine code for execution in the Ethereum virtual machine. The amount of downloads is a good indication of the amount of developers building smart contracts.

    Visit Ethereum main site to learn more. Visit our site to see how we are enabling employees to receive part of their salary in Ethereum tokens.

    By,

    CodeTract



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