CertiK Audit Of PAID Network & Transparency Report
We are pleased to announce that PAID Network has successfully completed an audit by CertiK. A leading blockchain security provider that uses cutting-edge technology to assess the security of smart contracts and blockchains, CertiK lends credibility to firms through services such as security audits, penetration testing, and custom formal verification.
The audit carried out by CertiK assesses the code and underlying structure of the PAID Network protocol. This in-depth code audit of PAID Network protocol ran from January 13th to January 24th, and was completed before the January 25th PAID IDO listing.
The audit focused on the following considerations:
- Assessing the PAID Network codebase to ensure compliance with current best practices and industry standards.
- Testing smart contracts against both common and uncommon attack vectors.
- Ensuring contract logic meets the specifications and intentions of the client.
- Cross-referencing contract structure and implementation against similar smart contracts produced by industry leaders.
- Through a line-by-line manual review of the entire codebase.
PAID Network successfully passed the audit with no issues, marking a milestone which brings further credibility to PAID Network, more confidence to token holders, and confirms that the code behind the platform is up to standard and ready to deliver on the solutions proposed in the whitepaper.
Advanced Smart Contracts
Since the inception of Ethereum, there has been an evolution of smart contracts that allow for more advanced functionality. The most innovative blockchain companies today utilize proxy or upgradable smart contracts to achieve more advanced functionality and unique features, additionally allowing for updates when needed. Preventing the need for hard forks due to minor changes. Furthermore; upgradable smart contracts are endorsed by Vitalik Buterin, founder of Ethereum, who has stated several times he believes upgradable smart contracts are a potential solution for the limitations currently faced by smart contract developers.
PAID Token Minting
Today, January 26th, PAID Network finished minting the remaining tokens to reach the maximum supply limit of 594,717,455.71 PAID.
Including team advisors, private and public sale purchasers, and suppliers, there were over 300 addresses to which we had to send tokens. This is an enormous task, since each address had to be meticulously verified one-by-one for risk management; and because we are using an advanced form of distribution, we needed to take our time to properly verify everyone who was owed tokens received them according to our token metrics that have been publicly posted.
As of today, we were able to completely verify all tokens were distributed, and permanently removed the minting function.
The upgrade of the contract happened today at 09:37:03 AM +UTC.
The new contract deployment happened in this transaction: https://etherscan.io/tx/0x0e18615ca9527c589dc7edde5c0a939be150c888e1afbd0b029d3865b59792bb
The Proxy upgrade happened in this transaction: https://etherscan.io/tx/0xdaf6f101ac9a08189733ab52ed6685d446c120afc00696fffb86683e42150b84
We wanted to have a completely decentralized token distribution model, and that’s why instead of the foundation gradually sending the tokens manually, we have minted all the allocations and tokens at token generation event with respective vesting periods.
There are a total of 8 vesting periods that are hardcoded into the smart contract. Each vesting period has a unique release schedule.
Here are the vesting periods and each allocation:
- Ecosystem and Referrals allocation was issued 148,679,363.9275 PAID tokens with a vesting period of first unlock at day 30, 1.66% every month for 60 months. The address of this allocation is the following: 0x88081F72b59FdD998c1443CC3721DdE1cc451003. This address is held by the PAID Network Foundation.
- Research Foundation allocation was issued 118,943,491.142 PAID tokens with a vesting period of first unlock at day 180, 1.66% every month for 60 months. The address of this allocation is the following: 0xf0Ef677d63B587F6d49dB3c0275c4E4Db6dc0b2D. This address is held by the PAID Network Foundation.
- General Reserve allocation was issued 46,611,482.1985271 PAID tokens with a vesting period of first unlock at day 180, 1.66% every month for 60 months. The address of this allocation is the following: 0x9C5Be5e3491106E64dF0Ba5EbC1c1e195a07Ab7c. This address is held by the PAID Network Foundation.
- Staking Rewards allocation was issued 59,471,745.571 PAID tokens with no vesting period as these tokens will be rewarded through PAID and Iginiton platforms gradually. The address of this allocation is the following: 0xD500AA2CffB70F460F4Da6aFA038CE35bed029BC. This address is held by the PAID Network Foundation.
- Exchanges and Market allocation was issued 5,947,174.5571 PAID tokens with no vesting period as these tokens were provided as liquidity immediately at the listing time. The address of this allocation is the following: 0x2B2FFDABcC8D6E5b26ed122679A60D144Ac12250. This address is held by the PAID Network Foundation. The transaction hash of which this address has provided liquidity to the Uniswap PAID/ETH pool can be seen here.
- Team allocation was issued a total of 96,046,869.097165 PAID tokens with a vesting period of first unlock at day 360, 4.16% every month for 24 months. The transaction of the tokens issued to the team members can be seen here.
- Advisor allocation was issued a total of 11,771,461.2694698 PAID tokens with a vesting period of first unlock at day 30, 4.16% every month for 24 months. The transaction of the tokens issued to the advisors can be seen here.
- There were advisors and contractors that were eligible for advisor tokens, but due to the milestone-based nature of the contract between the PAID Network Foundation and the contractors, these tokens were issued separately to an Extra Reserve for Advisors allocation with 100% unlock at the listing date. This allocation was issued a total of 11,089,470.2958095 PAID tokens. The minting transaction of this allocation can be seen here. These tokens are held by PAID Network Foundation and will be gradually released as milestones are achieved.
- Polkastarter Sale Allocation was issued a total of 3,571,428.57142856 PAID tokens which had no vesting schedule at this transaction here. These tokens were sent to the Polkastater pools.
- The Seed purchasers were issued tokens at two different transactions. These tokens have a vesting period of first unlock at day 30, 11.11% every month for 9 months. Both transactions can be seen here and here. A total of 57 seed purchasers were issued tokens.
- The Private Sale A purchasers were issued tokens at six different transactions. All of the transactions can be seen here: 1, 2, 3, 4, 5, 6. There was a purchaser that shared their address late. There was one minting later on, which can be seen here. A total of 159 Private A purchasers were issued tokens.
- The Private Sale B purchasers were issued tokens at one transaction. The transaction can be seen here. There was a purchaser that shared their address late. A total of 20 Private A purchasers were issued tokens.
- The Public Sale, which occurred off Polkastarter, were issued tokens at five different transactions. All of the transactions can be seen here: 1, 2, 3, 4, 5. There were several purchasers that sent us their addresses late, here are the extra transactions: 1, 2.
This wraps up the total distribution and total supply of the token which has now reached the maximum: 594,717,455.71.
CertiK is an edge-standards cybersecurity firm founded by Computer Science professors hailing from Yale and Columbia University respectively, aiming to improve the security and correctness of smart contracts and blockchain protocols on a global scale.
Leveraging a seasoned team of multi-skilled engineers and security auditors, CertiK’s mission is to apply a plethora of high-level industry practices, covering the entire spectrum of static, manual, and dynamic analyses, in order to ensure each project subject to a formal audit is up-to-date with modern security standards while offering their services to the broader DLT community.
About PAID Network
PAID Network seeks to redefine the current business contract, litigation, and settlement process by providing a simple, attorney-free, and cost-friendly DApp for users and businesses to ensure they #GetPAID. Leveraging Plasm to operate on both Ethereum and Polkadot ecosystems, SMART Agreements built through smart contracts execute DeFi transactions and business agreements seamlessly, making business exponentially more efficient.
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