AElf.LatchBox

LatchBox is a fully decentralized token creation, vesting, locking, and launchpad platform. It aims to provides new cryptocurrency projects a faster way to launch their token on aelf blockchain.

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1 Problem

  • Most people have a great cryptocurrency project idea but don't know how to create and launch their token correctly. They are putting so much effort on the token sale and having a hard time later on to follow their tokenomics.

  • Also, on the other hand, anyone wants to invest on a cryptocurrency project but most of us don't want to be a victim of rug pulls. Based on chainalysis.com, Rug pulls have emerged as the go-to scam of the DeFi ecosystem, accounting for 37% of all cryptocurrency scam revenue in 2021, versus just 1% in 2020. Rug pulls took in more than $2.8 billion worth of cryptocurrency from victims in 2021. As is the case with much of the emerging terminology in cryptocurrency, the definition of “rug pull” isn’t set in stone, but we generally use it to refer to cases in which developers build out what appear to be legitimate cryptocurrency projects — meaning they do more than simply set up wallets to receive cryptocurrency for, say, fraudulent investing opportunities — before taking investors’ money and disappearing.

2 Solution and What it does

For project creator, what if there is a platform that can help them to create their own token, manage their token locks and vestings, and have an option to launch a token sale (launchpad)? What if there is a platform that can perform token locks, token vestings, and token sales that the cryptocurrency community can trust? LatchBox was created and aims to be that platform. LatchBox is a fully decentralized token creation, vesting, locking, and launchpad platform on aelf blockchain. LatchBox aims to provides new cryptocurrency projects a faster way to launch their token on aelf blockchain. Also, LatchBox aims to protect every cryptocurrency communities and investors from rug pulls and traitorous advisors.

LatchBox Platform

3 Features

Token Creation

Token creation on aelf is not a new feature, but LatchBox made it much easier. Anyone can create a token both on main chain and perform a cross chain token creation on side chain.

Anyone can:

  • Create New Token, when someone created a token, LatchBox will create it on main chain but the issued chain id value will be the side tDVV chain id.
  • Add Existing Token, when someone knows the token symbol of their token, they can add it on the portal to see the balances. If you're the token issuer and your token exists Main AELF chain and not on Side tDVV chain, LatchBox will send a transaction to token contract CrossChainCreateToken method on side tDVV chain.
  • Issue Token, if you're the token issuer of a specific token, you can able to issue/mint new tokens.

Token Lock

Token Lock provides locking of tokens in a smart contract for certain period of time. This is designed for those people who loves to hold their tokens for a long time and have no intention selling it for a cheap price.

The initiator of the lock can:

  • Add Lock, the initiator can choose the token to be locked, define the unlock date, option to make it revocable anytime, and the token amount and address of each receiver of the lock.
  • Revoke Lock, the initiator can revoke the lock anytime only if it is defined on Add Lock that the lock was revocable and all receiver doesn't claim it yet.
  • Claim Refund, after revoking the lock, only unclaimed token can be refunded.

The receiver of the lock can:

  • Claim Lock, the receiver of a lock can claim their token when the unlock date has passed and given that the initiator of the lock doesn't revoke it.

And anyone can view:

  • Lock Previewer, it contains the lock details including the receivers' details (amount and address) and it has a link that is shareable and publicly viewable.

Token Vesting

Token Vesting is similar with token lock but it supports multiple unlock periods. This is designed for newly launched/upcoming cryptocurrency projects on aelf blockchain that underwent/will undergo presale/ICO and have vesting period for the releases of their token for their investors without manually releasing it to them. Also, this could be use to lock team allocated tokens and only unlock on the promised period and to gain and keep the trust of their community to them.

The initiator of the vesting can:

  • Add Vesting, the initiator can choose the token to be vested, define the periods and option to make it revocable anytime. For every period, the initiator can define unlock date and the token amount and address of each receivers of that period.
  • Revoke Vesting, the initiator can revoke the vesting anytime only if it is defined on Add Vesting that the vesting was revocable and all receiver doesn't claim it yet.
  • Claim Refund, after revoking the vesting, only unclaimed token can be refunded.

The receiver of the vesting can:

  • Claim Vesting, the receiver of a specific vesting period can claim their token when the unlock date has passed and given that the initiator of that vesting doesn't revoke it.

And anyone can view:

  • Vesting Previewer, it contains the vesting details including the period timeline and the receivers' details and it has a link that is shareable and publicly viewable.

Launchpad

LatchBox provides new cryptocurrency project on aelf to launch their token.

Token issuer can:

  • Create New Launchpad, the token issuer can create a launchpad to raise funds (ELF). They need to specify the token conversation, sale duration and soft/hard cap of the token sale. A smart contract will hold the total amount of new token based from ELF to token conversation.
  • Cancel Launchpad, the token issuer can anytime cancel a launchpad, LatchBox will return the raised funds (ELF) to all investors and the token to the token issuer.
  • Complete Launchpad, if the soft or hard cap has met and the sale was ended, the token issuer can complete the sale and will get the raised funds. The total token amount that will be distributed to investors will be locked using LatchBox's Token Lock feature, based on the lockup time specified on the token sale. The excess token on the sale will be refunded to the token issuer.
  • Refund Launchpad, if the soft cap has not met and the sale was ended, the token issuer can issue a refund by click only a button. LatchBox will return the raised funds to all investors and the token to the token issuer of that sale.

Anyone can be an investor and can perform the following:

  • Invest, anyone can invest their ELF. Each token sale has a limit purchase for each wallet address specified by the token issuer/launchpad creator. All the token sale details has all the information and should be helpful to anyone that wants to invest on a token sale. The smart contract will hold the raised funds made by the investors.
  • Claim Lock, after the token sale, if the sale goal has met, and token issuer completed the token sale, the investor can check their investments on the Invested Launchpad. Each successful token sale will display a Lock Id that has details about when the token can be claim. Or simply they can go to Locks/My Claims section to check their claims.

And anyone can view:

  • Launchpad Viewer, it contains the token sale details including the investments made by anyone, and it has a link that is shareable and publicly viewable.

4 Smart Contracts (Testnet)

  • Lock Token Vault Contract - 2q7NLAr6eqF4CTsnNeXnBZ9k4XcmiUeM61CLWYaym6WsUmbg1k [See Code] [See Explorer]
  • Vesting Token Vault Contract - 22tVtWLFwGxFu5Xk5rQgCdQnmsNA7PpTzZbkpGr1REgt5GEaN5 [See Code] [See Explorer]
  • Launchpad Contract - 2cGT3RZZy6UJJ3eJPZdWMmuoH2TZBihvMtAtKvLJUaBnvskK2x [See Code] [See Explorer]

5 Technology Stack & Tools

  • Cloud Service Provider: Microsoft Azure
  • Web Frontend:
    • IDE: Visual Studio 2022
    • Web Framework: Blazor Server/.NET 6
    • C# as Programming Language
    • Deployed on Azure App Service.
  • Smart Contract:
    • IDE: Visual Studio 2022
    • C# as Programming Language
    • Aelf Boilerplate
    • Deployment: aelf-command

Challenges we ran into

  • Understanding how aelf blockchain works. It takes some time to learn how to use the boilerplate and create a smart contract.

Accomplishments that we're proud of

  • The team is a huge fan of .NET technology and cannot imagine to developed and deployed a dotnet/C# based smart contract with ease.

What we learned

  • The team learned a lot regarding aelf blockchain. AElf github projects and aelf developer docs (https://docs.aelf.io/) is very helpful and full of great information.

What's next for LatchBox

The team believe that LatchBox can be more than just about Locks and Vestings, potentially, the team looking to:

  • develop a token staking feature within the platform.
  • improve test cases of each smart contract.
  • have security audit on the developed Smart Contracts
  • integrate NightElf Wallet to the LatchBox Platform.

The team is very open for any suggestions and comments to make this platform go live on mainnet.

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