PARSIQ Partners with PAID Network
PARSIQ is proud to announce that we are joining PAID Network in a strategic partnership going forward. PAID Network will be utilizing PARSIQ’s data mining and aggregation experience to further streamline backend operations for the PAID ecosystem. Furthermore PARSIQ joins PAID Networks team of crisis management and response team
Summary of PAID Network exploit event
When the PAID Network was exploited on March 5th (read their full summary here), The PAID Team quickly reached out to us, in order to acquire our assistance in creating an accurate snapshot and reissue a new contract along with a token distribution and different bonus schemes.
First steps were coordinating with the PAID Team about how they wanted to handle the situation, how a reissuance would look like and if there were any special considerations that needed to be made for people trading on Uniswap in good faith post dump. A lot of preparation goes into this, like what happens to the tokens people bought on the first sell off from the person exploiting the contract? How long after the first sell off is fair to make a cutoff? How to handle contract addresses holding PAID Token — not all of which supports direct deposits. Remembering the Uniswap Liquidity Providers that were active at the time of the dump etc. A massive amount of testing, data transformation and logic is applied to instances such as this.
Luckily PARSIQ has done this several times before and we can utilize our hosted blockchain nodes + API to collect all the necessary data.
Once all that was cleared, the next job was creating a complete snapshot of all holders at the block where the first major sell off happened. Next we needed a snapshot of the post exploit holders, as PAID wanted to distribute tokens to people buying on DEXs 4 hours after the sell off, an incredibly generous offer to accommodate the people trying to buy what they thought was a dip.
Snapshots were created and approved to move forward with from the PAID Team, this is crucial in making sure that all expectations on the upcoming airdrop is met.
The new smart contract would also have to have a “transferMany” feature and a script to read the balance snapshot and redistribute tokens from the new contract to all the holders — this new feature was audited from both sides to make sure there was agreement on function.
Before deployment commenced scripts were tested on the Ethereum testnet from both teams to make sure everything worked as expected and the reporting worked as well. And after that, a good night’s sleep was needed, as the teams had worked tirelessly since the exploit happened.
At 13:10 UTC on March 10th the first airdrop of the PAID v2 commenced after extensive testing, checking and re-checking, remedying the changes the exploit had caused and with the exploiters tokens were out of the redistribution.
As part of PAID’s plan to reissue, several airdrops are scheduled to handle different holders’ scenarios. Read their entire plan and FAQ here.
This required many man hours and hands from both teams, combined with the experience from earlier events PARSIQ’s team has been involved in, along with rigorous testing to finalize such a complex task in merely a few days.
“I have known and collaborated with some of PARSIQ’s team members for years, collaborating with them on various projects in the blockchain space, but it was after seeing how they swept in so swiftly with their data-mining skills and support I was compelled to bring them on board as data strategic partners. Having them on our side will help ensure PAID’s ongoing development and success.” said Kyle Chasse, CEO & Founder of PAID Network
We at PARSIQ are happy to be in a situation to help the PAID Team and community with this, most unfortunate incident.
PAID Network seeks to redefine the current business contract, litigation, and settlement processes by providing a simple, attorney-free, and cost-friendly DApp for users and businesses to ensure they #GetPAID wherever they are in the world.
PAID technology leverages Plasm to operate on both Ethereum and Polkadot ecosystems. PAID makes businesses exponentially more efficient by building SMART Agreements through smart contracts in order to execute DeFi transactions and business agreements seamlessly.
PAID streamlines backend legal operations with SMART Agreements, so that projects can focus on making their brand bigger and better.
PARSIQ is a blockchain monitoring and workflow automation platform that serves as a multi-level bridge between blockchains and off-chain applications. PARSIQ technology is a proprietary ParsiQL programming language that allows users to monitor and interpret an endless stream of data on the blockchain; thus, it’s possible to monitor traders and ordinary users’ wallets.