Emergency Smart Contract Migration
It’s been a while since we write an update. It’s because we only do article update when we have an announcement to make about activities and substantial progress in the development. Last few months were hard, we spend most of the time looking for additional volunteer developers for this project. We spent most of the time discussing to them the visions, design and overall insight of the project. Most of them are interested in contributing, but not free. They don’t quite agree with the volunteering part where developers only get paid once the project is successfully launched. We understand them, they have families to feed. Spending and pouring time in a project like this won’t make a living for them. They will rather spend their time and skill elsewhere than volunteering even if they liked and admired the concept. So we settle on what we have, do what we can on time and money we voluntarily invested in this project. Note that, our development fund didn’t come from the community. Community contribution goes to listing the token in exchanges as per the community’s request. Most of the ETH contribution from ZLT-U distribution campaign will be used for building the liquidity pool for Ethereum, only a small portion of that will proceed to the development fund. Unfortunately, no one or should I say only a few are interested in this campaign. We still go with the development anyway, with or without the community financial support in the development. If we have community support, we could speed up the development anyway.
Let’s go about the smart contract migration. The first week of February, all of us volunteers went on a week-off, (similar to day-off) to celebrate Chinese New Year. During these days, we are away from computers, several attempts were made to infiltrate the website and they we unsuccessful. But they managed to infiltrate one of our cloud accounts from cloud providing service company. This cloud account contains backup for almost all materials we used in the project including backup of the private keys of reserve token wallets. Reserve tokens are Team, Foundation, Marketing, and Development tokens. Although it is compressed and password protected, they managed to access the password protected compressed file containing the private keys for these wallets. The cloud service provider also failed to notify us about the infiltration incident. The result, when we get back the second week, we noticed that the reserved token where moved to other wallets that we don’t control or manage. Due to the secured nature of blockchain, we can’t reverse this and since the token design is also independent, we can’t freeze the token in a particular address. We didn’t inform the community first of the incident to avoid notifying the token thief on liquidating the stolen tokens immediately. We contacted the exchanges immediately to suspend deposit and withdrawal temporarily to avoid affecting the community and discuss migration plan and procedures. The stolen tokens were not moved and unable to liquidate, therefore no community was affected by the potential loss or damage. We decided to conduct a smart contract migration to mitigate the potential consequences of having a large number of tokens in circulation. The community has nothing to do except don’t move the tokens at all during the snapshot. Users with ZNT tokens inside the exchanges like Hotbit and Mercatox has nothing to do, we already cooperated with those exchanges with the replacement of old ZNT to new ZNT tokens. Users with ZNT tokens inside IDEX smart contract can still withdraw the tokens but we suggest not to withdraw during the snapshot. We already requested IDEX for a copy of old ZNT token holders inside the IDEX smart contract. You can choose to leave it in there to avoid potentially losing your balance for the new ZNT tokens to be distributed.
The snapshot for the upcoming smart contract migration will happen on February 27, 2019, a day before the Ethereum Constantinople and St. Petersburg network upgrade. The distribution of the new ZNT tokens will happen after the fork is done, or estimated March 1, 2019. The new ZNT tokens will be distributed by batches from big token holders to the smallest 1000 ZNT. Since most of 1000 ZNT and below token holders are subject from marketing campaign we did last year. Once the new ZNT tokens distribution has concluded, we will request for exchanges to reopen the deposit and withdrawal again. We already discussed in the team the security upgrade of all personal accounts on our social media and website accounts, mobile and laptop, as this could be the source of the successful infiltration on work we are associated.
We hope that the community understands these hard times. Sometimes things just happened unavoidable and by accident. We are hoping for the community’s cooperation with this matter. For more questions, leave a message on the Telegram community chat channel, please don’t send PM unless information sensitive details. Better leave questions on main chat so that everyone could see and refrain from asking the same questions.
Have a nice day everyone. Thank you for your continuous support.
P.S. The new smart contract for ZNT token is 0x4fa000dF40C06FC8c7D9179661535846B7Cd4f87
Website: http://www.zenswapnetwork.info
WhitePaper: https://drive.google.com/file/d/1sNaiMxa87ra4-QQv5uFBo0etDnSDj6Y6/view?usp=sharing
Telegram Chat: https://t.me/ZenswapNetworkChat
Telegram Channel: https://t.me/ZenswapNetwork
Twitter: https://twitter.com/ZenswapNetwork
Facebook: https://www.facebook.com/ZenswapNetwork
Medium: https://medium.com/@zenswapnetwork
Minds: https://www.minds.com/zenswapnetwork
Reddit: https://www.reddit.com/r/ZenswapNetwork
BitcoinTalk: https://bitcointalk.org/index.php?topic=4688090
Github: https://github.com/zenswapnetwork/ZenswapNetwork
Instagram: https://www.instagram.com/zenswapnetwork/
