SmartMesh Weekly Update (2018.04.23 – 2018.04.27)
On April 25, 2018, SmartMesh experienced the biggest challenge so far since the establishment of its project, that is, the “Ethereum Smart Contract Overflow Vulnerability”. After effective handling by the team, the situation has been fully taken under control.
Although this incident will not have too much of an impact on the progress of the project, it was a wake-up call for the team members.
After the BEC incident, SmartMesh Founder Wang Qiheng was the first to remind the technology team to pay close attention to project security. But at this time the technology team was trying to develop the Spectrum public chain and SmartRaiden. Since the public chain will be formally launched on April 30th, 2018, SMT will be converted from ERC20 Tokens to Spectrum Tokens. The team ignored the vulnerability screening.
There is no doubt that the lesson they learned from this event is profound.
Now the team knows that technical security must be the foundation of the project, especially when the project is only one step away from success. Then it should doubly important to have comprehensive controls and risk management plans in place. In the future, the technology team will monitor project safety at all times to prevent similar incidents from happening again.
The resumption of normal SMT operations is still in progress, and as mentioned in a previous announcement, the team will be using a replacement smart contract to restore normalcy in the quickest and most secure possible way. At present, the team has completed the combing of counterfeit currency addresses and is in the process of docking with major exchanges. On April 28th, it will conduct a unified currency operation.
The team always puts the interests of the community users first and asks for your continued confidence with great respect and appreciation.
Technical Developments
Spectrum
The Public Chain Team not only tested the Spectrum public chain, but also invited the Russian test team to screen Spectrum for loopholes in the future, so as to ensure the highest level of security possible for the public chain and avoid a recurrence of events similar to this week’s.
At the end of the month, the research and development of the public chain will come to an end. The Spectrum Public Chain will be secure and reliable when it goes online. We welcome you to witness this historic moment with us.
The development of Ozone has not been affected in any way by the spillover event. Everything is proceeding according to plan. This week, the public chain team has added and revised the Ozone functionality, enabling it to have many practical features. The public chain team hopes that these developments can ensure that Ozone plays an active role in the ecosystem when the public chain goes online.
The specific developments and modifications are as follows:
1) New file log function
2) New animation displays digital components
3) Modified the account store caching function
4) Added StoreManager function to the main process
5) Wallet interface now automatically refreshes the account list and balances
6) Wallet interface adds history of recent transfers
7) Added TransactionList, TransactionItem and AnimateNumber components
8) New StoreManager and ObserveManager modules have been added.
After the public chain is formally launched, you can personally experience the initial version of Ozone. The public chain team is confident in Ozone and believes that everyone will have a positive first impression of their experience with it.
SmartRaiden
Recently the “SmartRaiden” name was chosen as the appellation for the open-source mobile payment technology of SmartMesh. Here are the latest updates on its progress:
The Mobile Raiden Team determined that nodes (especially mobile nodes) are difficult to guarantee to have 100% online uptime, and so a creditworthy third-party service is required to settle payments when the nodes are offline. However, in order to realize the settlement function, the third-party services not only need the ability to receive the settlement information in a timely manner, but also must have the ability to represent the client to call the updateTransfer/ withdraw function to settle the transaction.
It sounds complicated, but the SmartRaiden Team has designed two implementation plans based on this requirement, and has begun to verify the first set of plans.
Not only that, but the SmartRaiden Team also carried out an ICE penetration test for the Windows platform, completed a data test of ICE communication under the mobile telecommunication and wireless telecommunication broadband network environment, collected and analyzed the data of the feedback received, and continuously iterated and optimized it according to the results.
This week, SMT transactions were abnormal. The SmartRaiden Team actively offered suggestions and concentrated efforts on dealing with this unexpected incident. At the same time, the team has remained vigilant and careful as they investigate and assess the potential risks of the SmartRaiden project. The investigation results show that the SmartRaiden Team has not yet found any loopholes in the program.
SmartMesh APP
We are now arriving at the last updates to the SmartMesh APP before the Spectrum public chain goes live.
The SmartMesh App function has been modified as follows:
- Adjusted wallet transaction records, and the transfer process will now be displayed
- Adjusted the buddy notes display
- Modified the private key for export/import
- Added the Spectrum wallet switching function
- Added wallet display function of RMB and US dollar
- Added backup prompt to interface when wallet receipt not backed up
Looking at Point 4 “Added the Spectrum wallet switching function”, we can really tell that the App team is ready to embrace the public chain. On April 30th, everything will get more exciting!
Meanwhile, due to the occurrence of the spillover event, the App team has carried out a full range of program testing and asks that you have full confidence in the SMT wallet protecting all of your digital assets.
Market Action
International Trends
This week, the International Marketing Team intensified its efforts. On April 23rd, SmartMesh Global Vice-President Kraken Yu was invited by RSK Rootstock CEO Diego Gutierrez to attend the RSK Blockchain Tour activities in Hongkong. Kraken introduced the SmartMesh ecosystem philosophy and technological achievements to the RSK community at the meeting.
RSK has earned first-class status within the industry, and has jointly established the UCCO organization with SmartMesh, MeshBox and other internationally renowned blockchain technology teams. Working together with RSK shows that SmartMesh’s global influence is rapidly improving.
And then…
The “Ethereum Smart Contract Overflow Leak Event” occurred.
After the incident, the International Marketing Team contacted the big exchanges immediately and asked them to suspend trading activities for SMT Tokens. Thanks to their cooperation, SMT activity was locked down. Subsequently, founder Wang Qiheng called the International Marketing Team in for an hour – long emergency meeting and it was decided that the company would buy back all the “counterfeit money” to ensure that the interests of the investors were maximally protected.
After the SMT was locked, the International Marketing Team contacted the Chinese Marketing Team to discuss a reaction plan. Event updates and progress including official countermeasures were all pushed forward in real-time on SmartMesh official social media channels and Telegram. The majority of SMT holders undersood the implications and were patient with the team’s response, while also asking many intelligent and well-deserved questions.
China Market Action
Affected by the “Ethernet Smart Contract Overflow Spillover” incident, the Chinese Marketing Team immediatly united in an urgent response. After the announcement of suspended SMT trading on major exchanges, the Chinese Marketing Team answered the questions of SMT holders regarding the incident for the first time. The questions lasted for about 200 minutes during peak hours, with more than 500 messages coming from the official micro-blog.
The positive energy present not only helped the Chinese Marketing Team to answer the questions of the SMT holders in the community, but even share the latest developments with network media. But more valuable than any currency was the selfless behavior of the people asking the questions. The Chinese Marketing Team would like to thank everyone for their support, it was a much needed boost!
Activity Preview:
On April 30, 2018, the Spectrum Public Chain will be formally launched, and the SmartMesh Team will soon afterwards conduct an Airdrop Event to commemorate the festivities. Please stay tuned to SmartMesh social media to find out the exact date, time and details for the Airdrop!
Concluding Remarks:
At present, the major exchanges still have suspended trading for SMT. As soon as SMT transactions are restored we will let you know! The Team is taking every step to make this happen as soon as possible.
On April 30th, the Spectrum Public Chain will be formally launched. It will mark the beginning of a new era for SmartMesh, and you are welcome to be a part of it!
