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Chryshub Newsletter: Updates from Chrysalis and Earth Exchange - Oct 20, 2024
Hello Chryshub Community,
We are thrilled to bring you the latest and most comprehensive updates from the Chrysalis and Earth Exchange (EEX) projects. In our recent AMA session, our team members Nishant (CMO), Chris (CTO), and Alex (CISO) shared a wealth of information about the ongoing developments, technical progress, challenges overcome, and future plans. This newsletter aims to provide you with an in-depth overview, leaving no key update unmentioned.
Table of Contents

1

Introduction
  • In our continuous effort to keep the community informed, this newsletter delves into every significant aspect discussed during the AMA.
  • From technical advancements to strategic partnerships, we cover everything you need to know about where we stand and where we're headed.
Launch of Earth Exchange (EEX) DApp
Chris, our CTO, announced the successful launch of the Earth Exchange (EEX) decentralized application (DApp). This marks a significant milestone after weeks of intensive development and testing.
Collaboration with Prolific: Chris worked closely with Paul from Prolific over the past few weeks to conduct last-mile testing on the EEX DApp. Their partnership has been instrumental in ensuring a smooth launch.
Platform Functionality
Exchange EEX Tokens
Users can exchange their EEX tokens for LCDs (Lowest Carbon Denominators).
Sell for USDT
LCDs can be sold for USDT (Tether), providing liquidity and real-world value.
User Limits and Inaugural Fund
Technical Challenges Overcome
Chris shared some technical hurdles faced during the launch:
  • A minor issue where he forgot to assign himself a role on one of the contracts, causing temporary chaos.
  • The team had to wait for the blockchain to process and forget certain transactions, highlighting the complexities of smart contract deployment.
Chris expressed his relief and satisfaction with the launch, despite the sleepless nights and technical hiccups.
Smart Contract Developments
Significant progress has been made in the development of new smart contracts for the Chrysalis platform:
  • Harsh Patel's Contribution: Harsh Patel, our long-term partner and smart contract expert, has built the foundational framework for all the new Chrysalis tokens and NFTs.
  • Improved Contract Structure:
  • Tidier Contracts: The new contracts are cleaner and more streamlined, making them easier to manage and audit.
  • Simplified Tracking: The improved structure allows for better tracking of tokens and NFTs, enhancing transparency and efficiency.
Development Milestones and Migration Plans
Development Milestones
  • Harsh is pushing out the next phase of development, which includes the rewards calculator, a crucial component for accurate rewards distribution.
  • The contracts are approximately two-thirds complete, with the remaining components expected to be finalized shortly.
Migration Plans
  • The team plans to migrate existing NFTs and rewards to the new system.
  • This process will involve minting new NFTs and staking them on behalf of users, with rewards backdated to ensure no loss of accrued benefits.
  • The migration will occur project by project, auditing each one's NFTs, rewards, and overall structure.
In-House Tooling
  • The team has developed proprietary in-house tools specific to our needs.
  • These tools will reduce friction and streamline the rollout of Chrysalis, making deployments more efficient compared to the EEX rollout.
Chris emphasized that the technical foundation is solid, and the team is confident in meeting the upcoming deadlines.
Chrysalis Platform Launch Timeline
The team is focused on launching the first version of the Chrysalis platform with a hard deadline at the beginning of November.
Contracts Deployment:
Smart contracts will be developed live and deployed in the coming weeks.
The team is utilizing a structured approach to ensure robustness and security.
Data Migration:
The migration of NFTs and rewards will be conducted meticulously.
The process involves transferring data from old contracts to new ones, ensuring continuity.
Reward Continuity:
All existing rewards will be honored and backdated to the point where the previous system paused.
Users will not miss out on any rewards that would have been accumulated during the transition period.
Testing and Auditing:
Before the official launch, the platform will undergo rigorous testing and auditing to ensure security and functionality.
Harsh Patel is leading the charge on finalizing the reward calculation mechanisms within the contracts.
Community Rollout Plan:
The first project migration may take some time, but subsequent ones will proceed more rapidly as the process becomes streamlined.
The goal is to have all projects migrated and fully operational within November.
Chris reassured the community that the team is committed to the timeline and is working diligently to meet all milestones.
Tokenomics and Real-World Asset Integration
  • Long-Term Stable Growth:
  • The primary objective is to create a movement that ensures long-term, stable growth in the reward token's value.
  • The structure is designed to benefit both the asset-holding countries and the community.
  • Royalties and Burn Mechanism:
  • Part of the profits from associated businesses will be used to buy back and burn tokens, contributing to the appreciation of the token's value.
  • This mechanism promotes scarcity and incentivizes holding.
Community Involvement and Security Token Clarification
Community Involvement
While the projects are not directly community-owned, there are plans to increase community engagement. The team is considering introducing voting mechanisms and other forms of community participation.
Security Token Clarification
Alex clarified that the tokens are not considered securities. They are non-fungible tokens (NFTs) that users stake to generate rewards. The business operates under a license in the UAE, focusing on software sales and NFT marketplace activities.
Token Migration
Existing tokens will be swapped to the new Chrysalis tokens. Users' current holdings will maintain their connection to RWAs. The migration process will be seamless, with no action required from the users in most cases.
Usage of Debt Tokens and Licenses
Debt tokens and licenses will be swapped into the new Chrysalis system. They will continue to generate rewards as before, but under the new token system.
The team emphasized that the fundamental tokenomics remain unchanged, focusing on stable growth and community benefits.
Project Updates and Challenges
The team shared insights into ongoing projects and the challenges faced:
Impact of TRO (Temporary Restraining Order)
  • Operational Halt:
  • The TRO had a significant impact, causing some projects to halt due to funding constraints.
  • Employees could not be paid, leading to a temporary cessation of activities.
  • Restart Efforts:
  • Roy is actively working on the ground to restart projects, including moving an actual oil well in Utah.
  • Reinitiating these projects requires substantial effort due to the complexities of restarting halted operations.
Ghana Projects
GROW Project (Soybeans)
The GROW project is focused on soybean farming.
Cocoa Production
Plans are underway to expand into cocoa farming under the GROW project.
Gold Mining
Active operations in gold extraction.
Onshore Oil Exploration
The company has been granted the first onshore exploration and export license in Ghana.
Shad's Involvement
Shad has arrived back in Dubai after spending time in Ghana, focusing on driving these projects forward. His return allows for more direct oversight and strategic planning.
Roy's On-Site Work
Oil Wells in Oklahoma:
Roy is currently on the ground in Oklahoma, working on reactivating oil wells.
This hands-on approach ensures that projects are being advanced efficiently.
Video Updates:
The team has received videos from Roy showcasing the progress, which will be shared with the community in due course.
Community Concerns Addressed
  • Token and Reward Migration:
  • All existing tokens and rewards will be honored and migrated to the new system.
  • The process aims to ensure users experience no loss in value or rewards.
  • Royalties and Buy-Back Mechanism:
  • The royalty structure and token burn mechanism will continue to function as before in the new system.
The team acknowledged the challenges but expressed optimism about overcoming them and moving forward successfully.
New Partnerships and Projects
  • Exciting developments are on the horizon with new partnerships and projects:
  • More details coming soon.
Guinea-Bissau Collaboration
Carbon Offset Initiatives:
  • Guinea-Bissau has verbally agreed to donate land for carbon offsets.
  • A Carbon Rights Agreement is being drawn up, marking the fourth country to join our carbon offset program.
Carbon Rights Allocation:
  • The company takes only 10% of the carbon rights, leaving 90% for future projects and proper auditing.
  • This approach ensures integrity and accuracy in carbon credit calculations.
UNFCCC Guidelines:
  • The team applies the United Nations Framework for Climate Change (UNFCCC) categories (C1 through C10) to determine carbon sequestration levels.
New African Project
ProMax United Partnership:
- A potential new project is in the pipeline, introduced by ProMax United, our strategic partner.
- The project is based in Africa and is currently undergoing analysis and auditing.
Confidential Details:
- While specifics are under wraps, the project is described as innovative and potentially highly valuable.
- The project may have different tokenomics due to its unique nature.
Focus on Carbon Credits
  • Expansion of Carbon Offset Initiatives:
  • The team continues to expand its carbon offset programs, aligning with global environmental goals.
  • The EEX platform plays a crucial role in facilitating these initiatives.
Alex and Chris are enthusiastic about these new opportunities, which promise to enhance the value and impact of our projects.
Community Engagement and Upcoming AMAs
The team is committed to enhancing community engagement:
  • Project-Focused AMAs:
  • Starting next week, AMAs will focus on individual projects.
  • The first project spotlight will be on BGLD (Blockchain Gold), with Roy providing updates from the ground.
  • Interactive Sessions:
  • Plans are underway to include more community members in interactive sessions.
  • The team aims to address questions and suggestions directly from the community.
Feedback Mechanisms
Feedback Mechanisms
The team encourages community input on various matters, including:
  • Staking Preferences: Whether users prefer automatic staking or managing it themselves.
  • Token Migration Processes: How users would like to handle the transition to new tokens.
Community-Owned Projects
Discussions are ongoing about increasing community involvement in projects.
While legal and logistical complexities exist, the team is exploring ways to empower the community.
Chris and Alex highlighted the importance of community feedback in shaping the future of Chrysalis.
Video Content and Educational Initiatives
To improve transparency and provide valuable resources, the team is introducing new content initiatives:
Video Content Production:
  • The team plans to produce more video content, including:
  • Project Updates: Visual updates from project sites.
  • Industry Interviews: Discussions with industry leaders and experts.
  • Educational Material: Learning bites covering blockchain, smart contracts, wallet security, and more.
Educational and Strategic Partnerships

Educational Partnerships
Discussions are underway with an education network to offer discounted courses to community members. The courses cover a range of topics relevant to blockchain and cryptocurrency.

Strategic Partnerships
The team aims to form alliances within the Web3 space to expand the community and share knowledge. These partnerships will facilitate tapping into each other's communities and resources.

Marketing Efforts
Nishant and the marketing team will be instrumental in rolling out these initiatives. The goal is to increase visibility and attract new members to the community.
Alex expressed excitement about these initiatives, believing they will add significant value to the community.
Conclusion
The AMA session was rich with significant updates, reflecting the team's dedication to advancing Chrysalis and Earth Exchange projects. Here are the key takeaways:
  • Successful Launch of EEX DApp:
  • The platform is live, enabling carbon credit trading and contributing to environmental sustainability.
  • Advancements in Smart Contracts:
  • Significant progress has been made, with the new contracts enhancing efficiency and transparency.
  • Chrysalis Platform on Track:
  • Aiming for a launch at the beginning of November, with a detailed plan for migration and testing.
  • Tokenomics Remain Robust:
  • The burn mechanism and royalty structures continue to support token value appreciation.
  • Project Revivals and New Ventures:
  • Efforts are underway to restart halted projects, with new ones in the pipeline promising significant value.
  • Enhanced Community Engagement:
  • Plans for focused AMAs, interactive sessions, and educational content aim to foster a more engaged community.
  • Future Outlook Positive:
  • With challenges being addressed and new partnerships forming, the future looks bright for Chrysalis and EEX.
We deeply appreciate your continued support and patience. Your engagement is vital to our success, and we are committed to keeping you informed every step of the way.
Stay Connected
  • Telegram Share Link: @ChrysalisOfficial
For any questions or feedback, please reach out through the official channels.
Best Regards,
The ChrysHub - Not Affiliated with Promax Digital or its Subsidiaries