GXChain Foundation Account Realizes the Smart Contract Based Coin Lock-up

GXChain Foundation Account Realizes the Smart Contract Based Coin Lock-up Dear GXChainers, In order to realize the more intelligent and safe governance mechanism of GXChain Foundation (with full name of GXChain Foundation., Ltd) and to empower GXChain’s ecological construction and healthy development, GXChain Foundation decided to lock-up 35 million of GXC coins in the Foundation account by smart contract, replacing the manual method of unlocking . The GXChain Foundation selected the GXChain’s trust node CertiK as the security audit service provider, which will provides a comprehensive and rigorous security audit for the GXChain foundation lock-up contract. With CertiK’s industry-leading formal verification technology, the security of the GXChain foundation’s lock-up contract is effectively guaranteed. The smart contract account of GXChain foundation is: gxchain-foundation-vesting-contract CertiK is the leading blockchain security company in blockchain industry based in New York. It was founded by Yale University and Columbia University’s top-level formal verification experts and has been co-founded with decades of research. It is one of the first companies of blockchain security field. The team has strong technical strength and has completed the world’s first anti-hacking operating system kernel, and successfully applied core technology to the blockchain security field. It’s different from traditional security detection methods, CertiK attempts to demonstrate mathematically that blockchain ecosystems and smart contracts are hack-resistant and secure. At present, CertiK’s business includes formal verification of smart contracts, penetration testing and public security customization. GXChain Foundation lock-up contract audit process The audit team consists of CertiK’s experienced security experts, using CertiK’s unique formal verification technology, combined with static analysis and manual review to fully detect contract vulnerabilities and logic issues. During the audit, CertiK’s security experts conducted extensive in-depth discussions with the GXChain Foundation to fully understand their business model and contract execution requirements. According to the audit, the code of GXChain foundation lock-up contract is designed in a standard and good operation, with good scalability, and is not easy to be affected by any known typical vulnerability attack or other security problems, with a high degree of security. Here are some highlights: 1. CertiK conducted two rounds of testing for the contract. In the first round of testing, CertiK found that its smart contracts allow the GXChain foundation to make second withdrawals if the funds saved exceed the withdrawal quota. Given this, CertiK has conducted many types of research and discussions with GXChain foundation and assisted them to update their smart contracts, and the problem has been optimized and solved. The second round of tests on the updated contract did not find any obvious loopholes, and only proposed some Suggestions for modification； 2. GXChain foundation has updated its contracts for three times, and the final contract version has been simplified and verified many times, which can effectively avoid typical vulnerability attacks and avoid introducing other risks, thus improving the credibility of its contracts; 3. During the audit, GXChain works closely with CertiK to actively explain the design expectations, execution objectives and possible risks of the contract to CertiK experts, and timely give feedback and make corrections to the deficiencies. CertiK security experts highly evaluate the specialization and teamwork capabilities of GXChain. GXChain foundation has been playing a crucial role in the GXChain off-chain governance. This time, the foundation has implemented a more standardized governance mechanism, replacing the “rule of man” with “ smart contract”, and transparently publicizing the situation of GXC’s lock-up, which is conducive to the supervision of the whole GXChain community. The GXChain foundation will also continue to work to build an efficient communication channel between the different roles of GXC stakeholders, communities, nodes, developers, and continue to expand the scale and prosperity of the GXChain ecosystem. GXChain Foundation.,Ltd 2019.7.18