project

PROJECT

Introduction

Commercio.network is “The Documents Blockchain”  that GIVES THE FREDOM to  all companies in the world to exchange and sign encrypted and anonymous business documents among its participants .

Creating a decentralized network is very complex because there are no obvious initial benefits to building it.  It is the classic chicken and egg problem. We thought of a Solution: A Blockchain of decentralized nodes incentivised through a cryptocurrency, which can grow in value as the network grows.

Commercio.network is a sovereign network that has its own native crypto currency called Commercio Token which will serve for:

  1. Encourage members to manage this network
  2. Encourage members to grow this network by bringing in other members.

Through this cryptocurrency all active participants can benefit from the growth of the network.   This cryptocurrency aligns the interest of all participants, who can also be competitors, to actively collaborate to create and foster the growth of the network itself.

Commercio.network in detail

What is Commercio.network

The Tagline “The Documents Blockchain” refers to the main purpose of Commercio.network which is to act as a network to facilitate the exchange of business documents between companies using the technology of the blockchain which is decentralized, immutable and distributed.

Commercio.network will allow all companies in the world to encrypt, exchange and sign business documents between the participants of the network to ensure the:

  • paternity the document was created by a declared sender
  • non-repudiation the sender can not deny having digitally signed the document
  • integrity of the document has not been altered during transport

Every company in the world will be able to exchange its documents securely provided that it is invited into the network by another company that is already an active member and adopts the protocol of Commercio.network.

Commercio.network is organized on an open-source software project entirely based on Blockchain technology focused on the needs of companies.  The application component and API were developed by Commerc.io srl and published on the public account of GitHub, while the core component that manages the consent algorithm of the blockchain was developed by Tendermint inc.

Commercio.network is characterized by using a Proof-of-Stake algorithm, relying on Tendermint, a variant of a new family of consensus algorithms inspired by decades of research in distributed systems. Until the advent of Tendermint, most Blockchain networks relied on the Nakamoto (Proof-of-Work) consent protocol, which consumes a great deal of electricity.

Commercio.network will be a federated Blockchain, open to 250 million companies, where each company can manage its own node, and a group of companies can manage a validator node to reach a consensus to decide which transactions are to include each block of the Blockchain.

Commercio.network will significantly reduce the amount of companies’ current investments in IT infrastructure and security

Commercio.network with its own Sovereign network will be halfway between the Public Blockchain and the Private Blockchain, with a hybrid solution that takes the best of both worlds.

On Commercio.network companies will keep private transactions, but will work together to build shared, secure and future-proof IT infrastructures, rather than continue to duplicate the infrastructure for their own use cases. The shared infrastructure Commerce. network will unlock innovation and unlock resources that were previously frozen between non-communicating organizations.

Commercio.network is designed to be a system:

  • economic
  • open
  • resilient
  • suitable for cooperation between several companies

In terms of data coordination, Commercio.network will function as a distributed ledger, but its architecture has innovative and unique features that strengthen and create new possibilities for companies. For those who want to fully understand the different technical features, on the site Commercio.network there is a detailed guide for developers of all modules available at the launch of version 2.0  planned no earlier than 1-1-2020 and a list of those that will be developed in the future.

Main features

Decentralization 

Commercio.network will allocate governance so that network participants do not have to rely on a central entity to manage their transactions.

Immediate access

Companies will be able to leverage the Blockchain right away instead of developing a Blockchain implementation from scratch.

Authorized subnets

Commercio.network will allow companies to form sub-networks through private connections where only members of these networks can access the shared information.

Private Transactions between companies

Businesses can achieve the highest level of privacy in Commercio.network by forming private links that allow private transactions.

Scalability and performance

thanks to the   Proof of Stake (PoS) consent protocol and the block time limit is 5 seconds, the federated network Commercio.network can  scale up to thousands of transactions per second.

Instant Finality

The consent mechanism called Tendermint guarantees the immediate purpose of the transactions.

Crypto-Economic Incentives

The crypto-economic component of Commercio.network will allow companies to develop mechanisms that discourage unwelcome activities and create rewards for the activities they like.

Tokenization

companies will be able to notarize on Commercio.network any credit or debit document that has been exchanged in digital format.

Standards

Commercio.network will be based on ISO standards and is planning to achieve European compliance with eIDAS.

Freedom and Interoperability

companies that will use Commercio.network are not locked into a single vendor’s IT environment. Commercio.network through the IBC protocol of Cosmos.network and can be connected to any other Blockchain present and future.

Open source

The technology and sources of Commercio.network are totally open source and can be inspected by anyone who wants it on GitHub.

Designed for developers 

Commercio.network is a middle ground between Bitcoin’s Blockchain that does a single thing, (transferring currency) and Ethereum that is a fully programmable Blockchain (it can do everything but at the expense of simplicity and security). We think that the current blockchain technology has a learning curve and a too high attack surface, so we want to lower the entry barrier by transforming it into a group of 9 hyper-specialized NATIVE Smart contracts that can be invoked through an easy to understand API.

 

The  crypto-economic incentives system

A new type of Token

We have developed a new type of token that encourages network growth and discourages low participation, called Commercio Token.

The Token will allow access to  the Blockchain Commercio.network subject to the active use of the token itself and discourages its hoarding for speculative purposes.

Token trading if left unused will have an opportunity cost. because users renounce the economic opportunities arising from staging.

The two Problems to be solved

1. Managing the network 

How to encourage companies to manage and maintain network nodes?

On Commercio.network the network security will be entrusted to a special type of node called Validator Node. A Validator Node stakes the token to have the right to perform the validation work of the Blockchain.

The Commercio Token, compared to a classic token utility, aims to improve the creation of value of distributed networks, as it disincentives the presence of speculators looking for a free income and encourages active participation.

2. Growing the network

How to encourage the use of the network by companies and increase the membership of the network by bringing in other participants?

The fact that to exchange documents, a company must necessarily invite another company, already has a strong level of inherent virality, but the speed of growth is organic.

Adding an additional level of incentives that can motivate all network members to bring in new participants will have even stronger growth effects.

If the act of inviting someone to join the network generates an economic opportunity, it is possible that the network will grow faster.

The consensus mechanism

The consensus mechanism is what allows Blockchain to obtain a Purpose, i.e. a definitive and irreversible writing of a transaction on the network, which obtains the Consent of the majority of the participants.

The network Commercio.network will be a third generation Blockchain that will use a consensus system called Proof of Stake (POS).

In a POS Blockchain, Validator Nodes are nodes that include all the transactions written on it and certify that they have not been tampered with with with a double signature. They are the guarantors of honesty.  Validators receive transaction commissions shared between the active validator nodes that validate them.

On Commercio.network these Validator Nodes are not anonymous entities as in the public Blockchain but must be known and authorized companies.

To be sure that these honesty guarantors are themselves honest, we use the POS mechanism, so each Validator Node must stake 50,000 tokens that are automatically burned by the protocol, if the Validator does not adhere to the rules established by the protocol of the network of Commercio.network.

POS networks are secure in proportion to the value of all collateral items (Total Stakes).

There will be three types of nodes:

Validator Node

there will be a minimum of 4 nodes that will carry out the work of Validator Node using a software developed by Commerc.io srl based on Cosmos SDK and Tendermint that runs on a public server with HSM devices, connected to the Internet and protected by firewalls added

Full Node

a maximum number of 250 million companies are expected to interact with Full Nodes placed on their own server or managed by others to exchange commercial documents.

Light Node

a maximum number of 3.4 billion people can be employees, managers or owners of these companies that interact with Light Nodes placed on a mobile or desktop client app to digitally sign these business documents.

The accreditation mechanism

Commercio.network is a “public network”,  open to all companies (green membership)

To reduce the fake profile problem we have created a paid membership mechainsm open only to companies that already have established business relationships with the current members of the network.

No one can buy a paid  Commercio.network membership unless invited and accredited by another member!

The accreditation mechanism will control network entry and hopefully limit fake profiles .

An accredited member is a person or company that has been invited by another company. who is a member of Commercio.network and has purchased a paid membership.

On Commercio.network there are 4 levels of Paid Membership that give proportional right to token awards and 1 level of Free Membership that gives no right of accreditation.

All accredited members can bring other companies into the network.

  1. The protocol proportionally rewards those who make a greater investment of money by purchasing a Membership on Commercio.network to be certified.
  2. The protocol also rewards proportionally those who make a greater investment of time by inviting and accrediting other members

In order to obtain token awards, both of the above conditions must be met.

Token Economics

Commercio.network has two types of native tokens issued by the protocol:

  • Commercio Token (COM) is a Fungible Currency Token that can be used on Commercio.network and will be the Blockchain’s crypto currency with a value that will be determined by the market in the Exchanges (CEXs) that will join and in all DEXs.
  • Commercio Cash Credits (CCC) is a fungible StableCoin usable on Commercio.network. It is a token with a stable value of 1 € and can be used by companies to purchase services on the network and is  generated using Commercio Tokens as collateral.

CommercioMint in the future  will allow each company in the network to generate Fungible and Non-Fungible Tokens

We describe in detail the three native tokens:

Commercio Token (Available in version 1.0)

Commercio.network has its own native crypto currency called Commercio Token with an issue limited to 60 million units.

  • Commercio Token is a Crypto Currency (exactly like BTC or ETH) of a sovereign Blockchain, has as Symbol CT, has a value determined by the market.
  • The currency is divisible in millionths (6 decimals) and this fraction of currency is called uCommercio (pronounced miu Commercio) This crypto currency may be freely exchanged for fiat currency or other crypto currency on any Digital Exchange that lists it.
  • The main purpose of the Token  will be to be a unit of value that can be placed on stake to secure the network of Commercio.network.
  • A second Purpose may be to purchase any service that accepts it as an alternative currency to the fiat currency.
  • A third purpose may also be to act as a collateral for the creation of a second token called Commercio Cash Credits (CCC) a stable coin created specifically to allow companies to make a transaction on the Blockchain.
  • The Token, with a minimum quantity of 50,000 units and for a minimum period of 21 days, if put in Stake by a validator node allows to accumulate other Tokens through two mechanisms of Reward: Validation fees(FEE) and Validation Block rewards (VBR).
  • Validation Fee (FEE) are commissions that are issued by the system to those who perform the work of validating transactions during the consent process. The commissions collected during each block are distributed EQUALLY among the Validator Nodes that have validators for these transactions.
  • Validation Block rewards (VBR) is a mechanism that distributes a reserve of 12.5 million tokens that are distributed to all validator nodes for each Validated Block, regardless of the number of transactions contained in it. These rewards are PROPORTIONALLY distributed among the Validator Nodes according to the number of tokens they have staked.
  • If the variator node is not active, does not participate in the voting or does not behave honestly validating two transactions, it will suffer progressive losses of its stake assets according to the rules (Slashing Conditions) established by the consent protocol.

Commercio Credits (Available from version 2.0)

The Blockchain Commercio.network will have a second native cryptocurrency called Commercio Cash Credits (CC) which will be used to make Euro transactions on the Blockchain. The cost of a transaction is defined in EURO and initially is quantified in € 0.01 which makes it perhaps the first StableChain in history.

  • CCC Commercio Cash Credits will be generated on Commercio.network by providing Commercio Tokens as collateral.
  • The Commercio Cash Credits is a Stable Coin because it has the objective of maintaining an exchange ratio always 1 : 1 with the Euro
  • 1 Commercio Cash Credits = 1€
  • CCCs were created to make life easier for companies that do not want to face exchange rate risk or do not want to hold floating value cryptocurrencies for business reasons.
  • If a company, for example, sends a document to one of its customers, it will spend 0.01 CCC to  transfer the document
  • If a company sends the same document to 5 of its customers, it will spend 0.05 CCC to transfer the document
  • Every single transaction on the Blockchain costs € 0.01, for example: creating an identity, creating a secure connection between two companies, uploading a document, sharing a document, signing a document, etc.
  • There may be functions performed by entities outside the Blockchain, such as archiving and deleting a document. In this case the cost of the transaction may vary depending on the cost of the service offered.
  • Since the value of 1 CCC is automatically maintained at 1 €, it may be possible to buy a coffee with 1 Commercio Cash Credits or any service that accepts it as an alternative currency to the fiat currency.
  • Commercio Cash Credits can be generated ONLY through a Native Smart Contract (CommercioMINT) by invoking a specific function that will place as collateral a quantity of Token.
  • When a company uses a Commercio Cash Credits the Validating Nodes will accept them as an alternative payment to the Tokens.
    So a company may be able to use the Blockchain Commercio.network without ever having to buy Tokens but only Commercio Cash Credits by exchanging them at a ratio of 1:1 for a € in Fiat currency.
  • A company can initially buy Commercio Cash Credits by paying them in Fiat Currency from anyone who have them .
  • In the future, if Commercio Cash Credits crypto currency will be widespread and accepted, it is expected that it can also be exchanged for products and services by any member of the network (including Green members).
  • In the future, Commercio Cash Credits are expected to be generated by active members of the network (NO Green membership) who buy Token on an exchange, place them as collateral, create Commercio Cash Credits and transfer them to the buyer in exchange for products, services or €.

TOKEN GENERATION EVENT

During the launch of Commercio.network version 1.0, a Token called Commercio Token was created.

The Blockchain Commercio.network unlike a fiat currency type € or $ that has no emission limits instead has a fixed supply of 60 million tokens and then will be minted exclusively 60 million tokens on the Blockchain Commercio.network. This number is written in the genesis Block and can never be changed, just like BITCOIN.

%  receivers Purpose # Token (type)
4,17% Commerc.io srl  Founders 2,5 Millions (locked)
4,17% Commerc.io srl  Development team 2,5 Millions (locked)
5,83% Commerc.io srl  Technical and Marketing Advisors 3,5 Millions (locked)
2,5% Commerc.io srl  External Security Team  1,5 Millions (locked)
16,66% Private pre-sale for Nodes Validators members of the commercioconsortium.org Secure transactions 10 Millions (Unlocked)
25% Public Use of Services 15 Millions (Unlocked)
20,83%  Accreditation Block Reward to be released in the first 5 years (after 2.0 launch) Invite new members 12,5 Millions (multisig)
20,83% Validation Block Reward  to be released in the first 5 years (after 2.0 launch) Block validation 12,5 Millions (multisig)
100% TOTAL (maxCoin) 60 Millions
  • During the Token Generation Event (TGE) 60 million tokens have been minted by commerc.io srl and distributed as follows:
  • 10 Million tokens reserved for commerc.io srl. These tokens will be Locked to encourage all the people in the team to contribute to the realization of the project.
  • 10 Million tokens reserved for Validating Nodes members of the consortium Commercio.network can be purchased at special conditions.
  • The 25 million tokens reserved as Validation Block Rewards and for Accreditors will be kept in a multisig wallet and will be kept blocked until the launch of the expected version 2.0 no earlier than 1-1-2020 and then released in the next 5 years.
  • The 15 Million public tokens will be eventually distributed  and will not have any lock or minimum staking period.

General Disclamer

1) This project is intended exclusively for companies interested in the technology of the Blockchain Commercio.network, which have access to it by virtue of an NDA with Commerc.io srl. This document is not intended for general public or others not specifically identified.

2) This material may not be reproduced or distributed without the prior written consent of Commerc.io srl. The method of circulation and distribution may be limited by laws or regulations in some countries.

3)Companies should consult their consultants, and analyze the presentation and other technical material with their independent specialist.

4) This page is for informational purposes only. Nothing here constitutes an offer to sell, nor a solicitation of an offer to buy, crypto currency, nor does it constitute an endorsement with respect to any area or investment vehicle.

5) Past performance of the crypto currency market (actual or hypothetical) is no guarantee of future performance and future performance may not meet expectations due to various economic, market and other risk factors.

6) This document has been prepared by Commerc.io srl on the basis of information available to the public, data processed within it and other third party sources deemed reliable. The information obtained from public sources or from third parties has not been verified by Commerc.io srl which, therefore, does not guarantee its accuracy, completeness and reliability.

7) All the information contained herein is updated to the current date at the latest and to the date on which the document is delivered by Commerc.io srl to the recipient, or to another date indicated with reference to specific information; Commerc.io srl does not assume any obligation or responsibility regarding the accuracy of the information after that date. Commerc.io srl has no obligation or responsibility to update or supplement any of the information contained in this document.

8) Any projection, estimate or market outlook of crypto currencies contained in this document is purely a forecast, based on certain assumptions, and cannot predict all possible relevant factors. There can be no assurance that such projections, prospects or estimates will materialise.

9) The opinions expressed on the industrial project and on the cryptovaluation markets, as well as the analyses contained in this document, may not reflect the general vision of Commerc.io srl. Different opinions may be formulated on the basis of different approaches, objectives, visions or business philosophies.