DvisionNetwork
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DvisionNetwork

Dvision Network: Redeployment of Ethereum Smart Contract

Upgrading and adding new functionalities

The Dvision Network is an ultimate blockchain-based NFT metaverse platform. Dvision Network establishes a cutting-edge metaverse ecosystem, by utilizing its own VR technology, that helps to lower the entry barriers for all types of users across the globe. Therefore, it allows designers, enterprises and general users to dive into the most advanced metaverse experience.

Dear Dvision Network Holders and Followers,

The Dvision Network is planning to redeploy its Ethereum Smart Contract in order to upgrade it and add new functionalities. The redeployment is going to be carried out in order to provide the most appealing UI and UX for end-users. The cross-chain bridging initiative that’s being prioritized in Dvision requires this migration. It’s also needed due to the absence of a mint/burn functionality in the token contract. Last but not least, there’s been a minor token bug issue, which does not affect our users, but shows the necessity for token contract redeployment in order to further provide convenient facilities to our end-users. This will validate the future of the Dvision Network as a multichain project. Further details will be shared before the actual redeployment occurs. You may consider this content to be a mere announcement of the upcoming redeployment.

Multichain Initiative

First and foremost, the Dvision Network has previously mentioned its willingness to go multichain by enabling cross-chain functionality in cooperation with Curvegrid. This initiative is required to further enlarge its ecosystem and make sure that it has the most robust platform.

However, full multichain support of Dvision is somewhat limited by its Ethereum smart contract. It deployed as a standard smart contract rather than a proxy contract, so a token redeployment on the Ethereum Mainnet would require a full migration.

On the other hand, the primary purpose behind the Dvision Network’s willingness to go multichain is correlated to its ambition to further power the interoperability between different blockchains (the list of the target chains will be announced later). In fact, being live on a different chain allows Dvision to provide the best UX and UI for its potential users, enabling them to take advantage of fast and low-cost transactions.

In order for Dvision to further pursue its multichain bridging endeavors, it should comply with the latest standards of other blockchains. Unfortunately, Dvision’s current smart contract is built on obsolete standards, with some functionalities even being incompatible with other chains.

Last but not least, it should be noted that recent gas fees for NFTs on the Ethereum Mainnet became insanely expensive for general users. In order to avoid a situation where NFTs become unjustifiably expensive, Dvision is obliged to take advantage of the less expensive chains from both mid-and long-term perspectives.

Adding a Burn / Mint Function

Another primary reason to redeploy our smart contract is that we’d like to add a Mint/Burn functionality as a part of the upgrade initiative. This is intended to improve compatibility with blockchains other than the Ethereum Mainnet. This will give us the option of keeping the overall total supply across all chains the same, which simplifies integration with block explorers and token data sites. It also provides a more accurate view of token parameters for the convenience of all stakeholders.

It should be noted that the Mint/Burn function is being added in order to smoothly control the total supply across different chains. The actual, total supply across all chains will be fixed at the original value of 1,000,000,000 with no additional minting occurring. Thus, no dilution or additional minting is going to occur to harm the holdings of the users.

Minor Bug Issue

Last but not least, the Dvision Network team faced an issue with an “overstated total supply,” which was noticed on Etherscan. The block explorer showed 1,007,500,000 DVI tokens as the max total supply, whereas the real max total supply is fixed at 1,000,000,000. Although the actual supply has never been compromised, an abundant code line in the smart contract resulted in a minor bug that falsely overstated the supply in the aggregator websites and block explorers. Here’s the explanation of the issue from the expert’s perspective:

SlowMist’s (Audit Provider) Feedback

SlowMist team, which has previously conducted an audit of the Dvision Network’s smart contract, has reviewed the issue and provided their own feedback regarding this issue. First, it was regarded as being non-critical, as it did not affect nor dilute the users’ holdings in any manner. It was a simple recording error on the explorer. This is not a serious security risk!

Link to the document: About the total supply of DVI tokens.pdf

SlowMist’s comprehensive feedback of the DVI Token

However, the Dvision Network burned 7,500,000 DVIs (worth about USD 4 million at the current price) to stabilize the situation. It should be noted that this loss occurred at the expense of the Dvision team, none of the actual token holders were affected by this issue. Therefore, the current actual maximum supply is 992,500,000 DVIs, not 1,000,000,000 as is illustrated in the block explorers.

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