- Why We Had To Delay The Public Sale
In light of our decision to reschedule the Narrative Public Sale, we wanted to provide some additional background on why we had to delay the sale.
As you know, we made the decision to switch to NEO for our ICO. We couldn’t have been happier with this decision for a multitude of reasons, as the NEO community has really embraced and supported Narrative from the moment we made the announcement. In addition, we have really appreciated engaging and becoming part of the community at the City of Zion, who have equally embraced us.
One of the challenges we knew we would face in making the switch to NEO included the fact that NEO is relatively new to ICOs as compared with Ethereum. Many of the past ICOs on NEO have had some rough edges, so we recognized there was potential for hiccups along the way. Nevertheless, we felt this was a great opportunity for us to jump in and help move the NEO platform forward by launching Narrative’s ICO on NEO and giving back to the NEO community in the process.
NEO’s token standard is called NEP-5, the corollary to Ethereum’s ERC20. Neon Exchange has made it easy for new ICOs to get started by publishing a NEO ICO Template in python, which we leveraged as the starting point for Narrative’s ICO smart contract. This template was relatively new when we started (about a month old), and it’s unclear if any other ICOs have formally launched with one. We are happy to be the first, if we happen to be.
The development process overall was very smooth, but there were some kinks along the way due to the relative newness of the platform, particularly on the neo-python side. We were able to work through the issues and overcome various obstacles with the neo-boa compiler to deliver our final smart contract. We performed multiple independent security audits to ensure the integrity and security of the smart contract. The great team at Red4Sec was instrumental in the process, and they gave us high praise in their final audit report.
What Went Wrong
We published our NRV smart contract to the NEO MainNet on February 8 and officially opened Narrative’s private pre-sale. As contributions started flowing in during the pre-sale, we started to hear reports of NRV balances showing up as zero in Neon wallet. In every case where the Neon wallet balance showed zero, the balance displayed properly on neotracker.io. It seemed that there was simply an issue with displaying the proper balance in Neon wallet, so we continued with the pre-sale. There had been other reports of other tokens having the same issue in Neon wallet, so our initial assessment was that it was likely a Neon wallet issue.
After receiving more reports of the zero-balance problem, we began investigating the issue more rigorously on Feb. 11, two days before the Public Sale was due to start. After troubleshooting and debugging Neon wallet and the process that it was using to pull the balances, we ultimately determined that there was a discrepancy between NEO node data (via JSON-RPC calls) and other nodes such as neotracker.io and neo-python.
At this point, we had a pretty amazing team from NEO.org and City of Zion (including the creators of NEO and neo-python) come together to help diagnose and track down the problem. It really is a tribute to the community just how quickly the team converged and gave focus to this issue.
As the public sale start time approached, we continued to hold out hope for a solution that would allow us to proceed with the public sale, but unfortunately we couldn’t come to a resolution prior to the scheduled public sale start time. As a result, we had no other choice but to postpone the sale in order to protect the integrity of the token sale and the NRV tokens.
After dozens of man-hours searching, debugging, and troubleshooting, we came up with a theory that proved to be true. The issue was caused by a discrepancy in processing behavior between NEO nodes that caused some token sale contributions to fail on main NEO nodes but succeed on other nodes (such as neo-python and neotracker.io). Once identified, a fix on the neo-python side was put into place right away. Fixes are still ongoing for neotracker.io.
The Private Pre-Sale
To be clear, there were no issues with the NRV smart contract. The blockchain node processing discrepancy is the ultimate cause of the unexpected data integrity issues that resulted in users not properly receiving the NRV tokens they had purchased.
Thankfully, we were able to identify and catch the problem before opening up our Public Sale in order to limit the scope of users affected. We had 29 different pre-sale contributors in the pre-sale, who contributed a total of 50,550 NEO. There should have been 20,220,000 NRV tokens minted, but in reality only 9,727,200 NRV tokens were minted as a result of this issue.
In order to correct the problem, we will be deploying a new smart contract onto the NEO blockchain. Since the pre-sale is over, we will update the smart contract to allow us to mint the proper amount (20,220,000) of NRV tokens to all 29 of the pre-sale contributors according to their contributions. Once that is in place, then we will be able to proceed with the public sale so the general public can buy their NRV tokens.
This change means that we are abandoning the original smart contract, and all existing NRV tokens are worthless and will not be used by Narrative going forward. We will be providing instructions to our pre-sale contributors on how to update Neon wallet to remove the abandoned token.
We are also working with the Neon wallet developers to provide another update to Neon wallet to include the new NRV tokens. We are in contact with the team at neotracker.io to get the NRV asset updated appropriately.
Once the original public sale start time had passed, some users still contributed NEO to the sale. Those users did not receive any NRV tokens since the sale is no longer active. All excess NEO contributions to date have been refunded. Please do not make any further contributions until the rescheduled Public Sale date (to be announced).
Prior to the rescheduled Public Sale, it will be critical to upgrade to the latest version of Neon wallet in order to avoid making contributions to the old smart contract.
We will be posting a further update with information on the rescheduled timing of the new public sale, as well as a bonus for our token sale participants.
Thank you to all of our supporters for sticking with us through this unexpected bump in the road. Overcoming an obstacle like this is only going to make the team, the Neo platform, and the Narrative platform stronger in the long run!
Narrative Web Site: https://www.narrative.network
Token Sale: https://tokensale.narrative.network
Telegram Group: https://t.me/narrativenetwork
Our Community: https://community.narrative.network
- Date of publication:
- Wed, 02/14/2018 - 11:52
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