As many of you may know Walton released its "main net" earlier this year in March after it being delayed a few times. The reason I have main net in quotes is because it is not quite a main net but not really a test net either. Currently there are miners on the chain who are securing the network and getting coins. However, they are not getting the erc20 coins nor the actual WTC coins. They instead are getting WTCT coins that are then exchanged for the erc20 coins to cove mining costs. There are transactions on the chain but they a very few, and when the real Genesis block happens all coins will be reset to whoever mined them. Also, the swap only gives coins to the people who mined them, so in theory the transactions are just to test the network. Therefore, we can see that the chain is not fully functional mainnet but is more than a test.Three issue with the network.Pre-mining- The mining address in question is Address. Somehow this address acquired the full node files and started mining the coin roughly 1 hr before anybody else had begun to. Now 1hr does not sound like a lot of time but in that time the address was able to mine 600 blocks with zero competition and another 100 with slight competition. In total they mined 998 block (2 coins) and the vast majority of those came when they were the only ones mining the network. At first they were mining 1 block per second.The 998 blocks equals 1996 WTC. At today's value they are worth a little over $2400, $80,000 at the ATH, and $400,000if WTC reaches $200. The value of the pre mine isnt going to be damning but in principle it is concerning. Either someone close to the Walton team had access to the node software and use that to almost 2000 coins at low costs(next to nothing difficulty), or the team is incompetent and let the software get leaked before they announced it.Nonce Hack- This is a little more straightforward. In short a miner used a nonce hack described here . Using this hack and using several mining rigs he mined 2975 blocks, at one point getting 150+ per day. "Conveniently" the miner started the bulk of his mining when the higher rewards for GMN holders kicked in. So instead of the 2 coins per block he received 3 per block. This gave him roughly 8900 coins valued at roughly $11,000 today, $356,000 at the ATH, and $1.78 million at a hypothetical $200 per coin. (Unrealistic to me but the Walton team is convinced they will be a top 4 coin.Address with impossible amount of coins- The address in question for this concern is shown here. This address has over 60 million of the WTCT coins. This is concerning because there have been only 1 million coins mined on the network and this address only has 7 transactions none of which show how they got the coins. In fact the biggest transaction is them sending 10 million coins to another address. That address than sent a lot of coins to the MN and GMN holders for their mining. The 60 Million is also bigger than the total of erc20 coins in circulation (40 million).So it appears that this address was created to fund the MN and GMN miners, but why would they need to create 60M when they only needed little over 14M? One has to ask if it is all concerning that the team can create 60M coins out of thin air. These coins can also be swapped for the erc20 coins using the same process that pays the miners. Im not sure if the team would ever do that but the fact that it is a possible (yet perhaps improbable) thing is alarming.This team has shown itself to be incompetent in many areas and situations so the fact they have 60 million swap ready coins should be alarming.The three things above are at the very least puzzling, perhaps concerning, and potentially disturbing
Submitted December 29, 2018 at 04:23AM
No comments:
Post a Comment