SpankChain
Nov 21, 2017 · 4 min read

The SpankChain global token sale event is now complete! We were overwhelmed by the show of support and interest from the community and are happy to announce that we have now distributed 300,043,386 SPANK tokens.

This puts our initial valuation at $23.75MM (with a price per token of approximately 7.9*10e-6 ETH[0] or $0.02375), selling ~30% of the total tokens (300M), raising 19,480 ETH.

Buyers that bid above the market cap:

  1. If you have any remaining ETH, go to auction.spankchain.com to withdraw.
  2. Next, go to Metamask and copy the new Token Contract Address from Etherscan here.
  3. Add that address to your Metamask wallet.
  4. Profit. The correct tokens have already been transferred to your account

Buyers that bid below the market cap:

  1. Go to auction.spankchain.com to withdraw your deposit.
  2. Enjoy.

This token contract address is NOT the same as the auction contract address. True SPANK can be found here on Etherscan.

Displaying SPANK in MetaMask

  1. Confirm that your wallet address has SPANK — head over the the Spankchin token contract on Etherscan.

2. In MetaMask, paste the SPANK token contract address 0x42d6622deCe394b54999Fbd73D108123806f6a18 in the “Tokens” tab in the “Token Contract Address” textfield (other textfields should automatically populate correctly).

Depending on the state of the nodes that MetaMask uses to connect, the token tab may not populate with your SPANK amount. If all else fails, refresh!


Biting Decimals:

The SpankChain team is committed to advancing blockchain technology, businesses, and relationships in any way that we can. Unfortunately, sometimes we make mistakes. When that happens, we rely on the support and diligence of our loving community to help us identify problems, solve them, and then learn from those experiences.

With the help of the SpankChain community, we discovered a bug in the withdrawal function. This led to some of you viewing your tokens as several million times less then your expected value. While frustrating, this turned out to be a fairly minor bug. 99% silly, 1% annoying. All funds/tokens are safe and have now been distributed!

The Mistake

The mistake is a unit conversion error. The auction contract treated SPANK as a unit of measurement equivalent to a large denomination (similar to a unit of measurement like ETH). However, the display property of the token contract treated SPANK as a unit of measurement equivalent to a small denomination (similar to a unit of measurement like WEI).

The Remedy

The fix is to keep the unit of measurement defined by the token contract (18 decimal places) and deploy a new token contract. This means for 1,000,000,000 total tokens, we have to mint 1,000,000,000 multiplied by 100,000,000,000,000,000 = 1,000,000,000,000,000,000,000,000,000 (10²⁷) tokens.

Preventing future errors

Maintaining vigilance in testing will always be a priority for the SpankChain team. More than anything, this experience has taught us that regardless of how minor, every potential bug must be accounted for. On occasions such as this when we miss something, we rely on the SpankChain community to catch the errors. With that being said, we would like to extend a huge thank you to our community for responding to this situation with such grace.

What’s Next

Now that the auction is complete we will begin building the SpankChain Cam Site. We will be releasing a continuous stream of content over the coming months keeping our community appraised on development updates, strategic alliances/partnerships, and of course, client announcements.

Connect with SpankChain

To learn more about SpankChain please visit our website, follow us on Twitter, and join our growing Discord community.

SpankChain

The only blockchain based payment service solution for the adult industry.

SpankChain

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A cryptoeconomic powered adult entertainment ecosystem built on the Ethereum network.

SpankChain

The only blockchain based payment service solution for the adult industry.

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