By Essentia

Posted June 27, 2018

  • TLDR: The new smart contract address has been added inside the member area; there are no longer any limitations on single transactions (beside the KYC/AML contribution range), all whitelisted address contributing in the Essentia public engagement will receive an airdrop of ESS tokens and new registrations are live and open at https://profile.essentia.one
  • Dear Essentia community,
  • We wanted to share today with you all the latest developments of the Essentia public engagement. It has definitely been a busy 24 hours - with over 10,000 transactions from 1000 contributors in the first hour alone.
  • In that massive inflow of contributions, we noticed that there were a significant proportion of transactions that failed.
  • We immediately looked into the root cause of the high failure rate and discovered a small bug on line 193 of the smart contract that didn’t allow for most of the transactions to pass, resulting in, an initially high rate of failed transactions wherein the ETH was returned to the contributor.
  • The clause in the contract's public sale function stated: Line 193 - require(msg.value <= msg.sender.balance);
  • This was done in an attempt to check for a byzantine-anonymous kind of attack. A potential bad actor could play with the math of the network allowing this. But in reality what this is checking is that the contributor still has the same amount or more ethereum still left in their wallet.
  • “msg.sender.balance” is checked dynamically and return the wallet's current balance AFTER contribution. So if you had less than half the contribution amount of ETH left in the wallet, that clause will always fail the transaction.
  • We took every precaution imaginable prior to the public release of these contracts and had our smart contracts audited by Hacken (who reviewed our Genesis Contract + Public Engagement contract) and Hosho (who reviewed our Genesis Contract + Public Engagement contract) - both industry leaders in smart contract auditing, beside internal testing.
  • “Our smart contracts passed their audits with no critical bugs and we can safely state that it has not been the subject of a hack. Rather, the issue lies with just one specific line of code within the contract.
  • As with any large scale technological innovation, and in particular blockchain token generation events, minor bugs are can be encountered which can affect the system. Thankfully, our developers behind Essentia ensured the token generation event carried on as normal, spotting the error and communicating the right way to contribute, but avoiding a redeployment to not lose momentum.
  • We’ve now come out with a new smart contract, currently deployed inside the member area, where now you can contribute normally - without having the limitation of sending less than half your balance each time.
  • In this, we would also have to thank AmaZix that did a great job at keeping our community up-to-date.
  • We also observed one positive side-effect of this line of code. As a result of having to send contributions gradually, larger contributions (i.e. whales) were more negatively affected - thereby offering greater opportunities for smaller scale investors to participate in the ICO. Judging by the massive response in the first minutes of the ICO, large contributions would have easily acquired all of the allocation in mere minutes. We believe Essentia is a project by and for the community and we want as many people as possible to join us in changing the world.
  • Yesterday, we stood in solidarity with our community and stated our commitment to run an airdrop for contributors who had more than 10 failed transactions. Today, we want to take it one step further and add weight to our words. We will run an airdrop of ESS to all whitelisted addresses that will contribute to the Essentia crowdsale. Stay tuned for more information!
  • Additionally, we've been receiving a large amount of messages from active community members expressing their strong desire to participate in the TGE (since they unfortunately were unable to register for the whitelist). In recognition of our active community and their amazing show of support we've witnessed in the last few days, we would like to announce that we have temporarily re-opened registration and KYC via profile.essentia.one
  • In summary, we are absolutely humbled by our community's vote of confidence and their valued contributions during the TGE, in spite of the bug in the smart contract. We have a brand new smart contract that doesn't suffer from the same limitation and is currently available in the Members Area. We will organize an airdrop of ESS tokens to all whitelisted addresses that contribute to the public engagement. Last but not least, we will temporarily re-open registration and KYC via https://profile.essentia.one.
  • Thank you all once again for your continued support and we can't wait to bring our technological revolution to the world, together.
  • Our Best Regards, The Essentia Team
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