Celes Chain

Celes Chain

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Created using Figma

Last Update

Sep 20, 2018

Celes Chain is the first DPOW public chain for financial institutions in the world. It is based on consensus algorithm 3.0, embraces regulation via fundamental design, supports cross-chain communications and side-chain certification, and provides services for financial institutions to develop on-chain financial applications.
Pre-ICO
Jul 1, 2018
Jul 31, 2018
100% completed
$10 000 000
6.6 K
cap
goal
83% cap completed
Goal 10 000 000.00 USD
Cap 12 000 000.00 USD
past
  • 1 CCHN
    =
    0.05 USD
Token Details
Ticker
CCHN
Total supply
2100000000
Accepted Currencies
ETH
Min Contribution
1000
ETH
Additional Details
MVP/Prototype
Yes
Platform
building a new one
Whitelist
Yes , from Aug 1, 2018 till Oct 31, 2018
KYC
Yes
Categories
Platform

About Celes Chain

Celes Chain is an innovative public chain driven by financial services/applications and providing access for regulators and policy makers. Regulators are "super administrators" on the chain and regulate Celes Chain and their applications in all dimensions. In addition, Celes Chain reduce the cost and improve the efficiency of regulations. Therefore, it rebuilds the competition of market and the confidence of institutions.

Celes Chain smart script language, CSSL, is used to develop the business logic of CC,  including services such as code, applications, smart contracts, and settlements.  The features - including Turing complete, assessment of consumption, automatic execution, compatible with legal compliance, easy-to-use and privacy protection and so on – supports our ultimate goal: “Code is law”.  Celes Chain has the compiler specifically designed for translating business logics to legal documents. We set regulators as the special users with maximum access to all levels, all data, and user inf rmation throughout the Celes Chain.

Features

1.3.2 Regulators Uses Celes Chain: Less Cost and be More

Effective to Prevent the next Potential Financial Crises

In order to prevent the next financial crisis, the regulators, including the central banks, securities agencies or other financial regulators, are using a remedialmeasure: first of all, they try to repair the existing compliance systems and thenupgrade the IT technology. Finally they try to improve the whole system. Althoughthis approach is easy to get started, there are also huge drawbacks:

(1) Huge amount of data to be processed: This includes the amount and timing which the industry needs to submit through their old systems. Also regulators need to have a new system ready to process such big amount of the data. It would be a huge challenge to the bank's IT system.

(2) Legal Documents and Regulatory Costs: Every single bill has a vast of documents with high enforcement costs.

(3) Social costs can be as high as hundreds of billions of dollars and tens of millions of working hours. In addition to the social costs, it can also cost the government billions of dollars. And such project usually is a progressive development, and it is difficult to predict the total cost.

(4) It could take years for the implementations even if the financial institutions are

willing to cooperate.

First of all, our Celes Chain is a public-chain blockchain system that uses innovative consensus. The data generated by those financial applications built on our system, are not able to be falsified. They are also transparent and visible to regulatory compliance and analysis. It easily solves the first problem above.

Second, all the laws, regulations, and smart contracts are stored in Celes Chain in the form of codes and executed automatically by the Celes Virtual Machine (CVM), effectively solving the second problem above.

Like the other financial institutions, government regulators conduct their financial activities by participating in regulation activities on Celes Chain and pay a certain amount of token to miners. Since the miner operations are fully decentralized and competitive, the regulatory costs will be significantly lower than the regulatory costs currently required.

In theory, any regulation implemented on Celes Chain is considered to be "real-time". Regulators can also do a variety of "stress tests" if needed. By using a common platform, financial institutions will be much faster than traditional way when they try to adopt to new regulations. Although regulation at Celes Chain can save hundreds of billions of dollars in costs and is highly efficient, regulators do not need to force financial institutions to use the platform through additional laws and regulations. The only thing the regulators need is to be compatible with this Celes Chain, and financial institutions will voluntarily choose to use Celes Chain because of cost and efficiency considerations. In addition, because Celes Chain is a public chain, this reduces the doubts of financial institutions when considering to participate the chain.

1.3.3 Financial Institutions Uses Celes Chain: Cost Saving and Return Increasing

There are many reasons why financial institutions should choose Celes Chain, but only this one is the most important: to increase shareholder return. Financial institutions can increase shareholder return in the following ways.

(1) Reduce the costs of regulation, compliance and arbitration: The theoretical costs for financial institutions to respond to various types of regulation at Celes10

Chain can be almost zero. In the most extreme circumstances, some financial institutions might have their profit before tax increased by 30% [32]. Moreover, as regulatory compliance becomes more transparent and contracts are written and stored on Celes Chain, this will significantly reduce the costs of arbitration due to disagreement.

(2) Reduce the operation cost from the back office : the use of smart contracts can greatly reduce operational risk. Because smart contracts are automatically executed by virtual machines and settled.

(3) Reduce possible losses: The use of blockchain / public chain can be more effective in managing counterparty risk.

(4) Generates more profits: financial institutions can access a larger market more easily and quickly to develop valuable products.

1.3.4 Final Users of Celes Chain Could Have a Safe and Effective Service

Users use financial services through Celes Chain for better pricing and security. As financial institutions can produce financial products with lower costs. At the same time, the users can enjoy lower prices and higher quality of service.End-users can easily identify whether the purchased product is in compliance with regulation; with a proper risk disclosure and safe.

Technical Info

An innovative consensus algorithm DPoW(Delegated Proof of Works)

DPoW Combines PoW(Proof of Work) and PoB(Proof of Burn):

PoW, a slower proof of work, is used to generate wood for burn. Then, PoB was used to speed up incineration and were excavated by burning the wood as a bonus as well as producing the blocks.

If Celes Chain becomes valuable, external hash power can be indirectly rewarded via PoW, which demonstrates the true decentralization. PoB can be used to produce tokens and generate blocks at higher speed which are more efficient for large-scale applications.

Celes Chain Roadmap

  • 2017 Q3: Feasibility study

  • Blockchain Scalability Problem Research
  • 2018 Q1: White Paper Draft

  • Determining Celes as a Regulatory Financial Chain
  • 2018.5: White Paper Release

  • Proposed the DPOW consensus and the Time Division Multiple Proof Consensus Protocol
  • 2018.5: Identify the development framework

  • Operating speeds up to one millions of TPS
  • Read More
  • 2018.8: Complete DPOW consensus

  • Complete burning certificate and achieve high efficiency and decentralization
  • 2018.9: Smart Contract 1.0 online

  • Contract authority configuration an regulatory online
  • 2018 Q4: Test network online

  • Build a test network to meet global developers
  • 2019 Q1: Main network boot

  • ABP starts the main network

Activity

Followers:
516
LOW
Tweets:
419
HIGH
30 Days Growth:
-1
Members:
11 571
VERY HIGH
30 Days Growth:
-1719

Celes Chain Team

Verified 9%

Attention. There is a risk that unverified members are not actually members of the team

5 ICO

$69 974 423

Shen Bo
Founding Partner of FenBuShi Capital
unverified

2 ICO

$13 800 000

Wang Lijie
Founding Partner of PreAngel Fund
unverified
Zhou Yahui
CEO at Kalends Inc
unverified
James Chou
CEO, Microsoft Accelerator Shanghai
unverified
Frank Sui
Founding Partner of Roaming Capital
unverified
Gao Han
Co-founder&CEO
unverified
Michael Yeung
Co-founder&Chief scientist
unverified
Wang Dong
Partner
unverified
Wang Shen
Partner&Legal Counsel
unverified
Liu Yilan
CTO
unverified
Hongjun Chen
Project Administrator
verified

Former members

Shane Jing
Partner
Zuo tao
Partner
Liu zhijian
Co-founder

Celes Chain Interviews

Hongjun Chen
As a team member, сan you tell us about your role in the ICO project? What do you think about idea?
I am the operations manager. I think Celes Chain is a great project that will subvert traditional finance, greatly improve financial efficiency and reduce costs.

Celes Chain Last News

N/A
5.0 1
ICO Profile Vision Activity Potential Product Team

Celes Chain Reviews

primei.co
review

Strength and Opportunities:
Among the investors of Celes Chain are recognized venture capital firms in the cryptocurrency space. Fenbushi Capital, who is an investor and partner of NEO is one of them. Other investors are Starwin Capital, Block VC, Northern Light, and PreAngel.
Weaknesses and Threats:
The consensus mechanism used by Celes has so far not been sufficiently tested. As long as a new consensus mechanism has not been extensively analyzed by academic professionals, tested under real world circumstances and been functional without any complications for several months a new consensus mechanism should be considered as risky. These uncertainties around the design of the blockchain will make it hard to gain adoption by users, investors and enterprises. It will be very difficult for a relatively new blockchain like Celes to obtain the interest of regulatory agencies. Why should regulatory agencies work together with the Celes Chain, when they have not yet reached final conclusions about the validity of significantly larger public blockchains such as Ethereum?
Verdict:
The Celes Chain white paper is not clear why the global financial regulatory institutions should use the Celes Chain for conducting their financial supervisory activities. Realistically the contrarian scenario which implies that this adoption by regulatory agency will not happen, must be considered as the much likelier one. The public sector and in particular regulatory agencies will be among the last adopters of blockchain technology. Private enterprises and consumers will most likely adopt this technology much earlier. Without this adoption the potential use cases of the Celes Chain are very restricted. Celes Chain has influential private investors, but ICO participants need to ask themself if this is enough for a successful ICO and later on a positive development of the token.

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