Refund
As a decentralized application, INS.EVM should not allow the occurrence of double spending.
Last updated
As a decentralized application, INS.EVM should not allow the occurrence of double spending.
Last updated
In the crypto industry, hacking incidents often occur, with the most influential one even leading to the fork of Ethereum. INSC also suffered a hacker attack. In dealing with this attack, we decided to draw wisdom from history. The purpose of Ethereum's fork was to roll back transactions to the state before the attack. Similarly, we decided to capture the pre-attack state through snapshots and map it onto INSC+.
However, there is still a flaw in this approach. If user A sells his INSC after the block where the snapshot is taken, then A would receive the proceeds from selling INSC and also obtain INSC+, effectively resulting in double spending. Double spending is a fundamental issue that all cryptocurrencies need to address. As a decentralized application, INS.EVM should not allow the occurrence of double spending.
Therefore, 'Refund' refers to the following: All users who sold INSC after the block number of the snapshot(18888329) and before the cutoff block(18891329, voted by ), if they wish to obtain the eligibility to claim corresponding INSC+, must return the proceeds from the sale to prove themselves as loyal crew members.
We have organized all the transaction data in this . The transactions in this for each tokenId of INSC include: regular transfer transactions, NFT Market buy and sell transactions, and transactions stolen by hackers. The cutoff block of this data is 18910071.
The rows in red represent the transaction records that were stolen:
Based on the transaction track of each tokenId, we have divided the tokenIds into two categories.
For this category of tokenIds, the eligibility to claim INSC+ will be directly granted to the Owners in the snapshot. This includes two scenarios: those who were unable to sell due to theft, and those who continuously held onto it (neither stolen nor sold).
Take for example tokenId 3, which was stolen right from the start. Therefore, the owner in the snapshot (0xc630b23073158fb77de5f315d12a9e2602800af9) couldn't sell it, so he will directly obtain the eligibility to claim INSC+ for tokenId 3, need not refund.
For instance, tokenId 203, where the owner in the snapshot successfully sold it after block 18888315. Therefore, they need to return the proceeds from the sale in order to obtain the eligibility to claim INSC+ for tokenId 203. The refund amount is 0.0088 ETH (The sheet uses scientific notation, representing 8.8 * 10^15 wei, where 1 ETH = 10^18 wei, so it is 0.0088 ETH).
We can summarize the trade track model as shown in the following diagram:
The first level(A) will have 36 hours to decide whether to refund or not, with a default choice of refusal after time expiry. The second level (B) has 18 hours to choose, and the next level (C) only has 9 hours. If the next level (C) user could not sell due to theft, they will directly receive eligibility to claim INSC+.
Let's take the example of tokenId 1805. The trade track of this tokenId perfectly fits the structure of the above diagram.
The row marked in the diagram indicates the first buy-sell transaction that occurred after the snapshot. 0x01c80b45ba04fab5680864b9db3d4074f817de91 is A, 0x8b0ba677cd4a9833128796fe3ad90db2076596d1 is B and 0xe22c1d3b82b028eb0ddf481f64df9a077c25278e is C.
Initially, 0x01c80b45ba04fab5680864b9db3d4074f817de91 has 36 hours to choose to refund 0.1 ETH(0.1 ETH - 0ETH). If 0x01c80b45ba04fab5680864b9db3d4074f817de91 does not refund within the stipulated time, 0x01c80b45ba04fab5680864b9db3d4074f817de91 will lose the eligibility to claim INSC+ and the option will be given to 0x8b0ba677cd4a9833128796fe3ad90db2076596d1.
0x8b0ba677cd4a9833128796fe3ad90db2076596d1 has 18 hours to choose to refund 0.00577ETH(0.0058 ETH - 0.00002925 ETH). If 0x8b0ba677cd4a9833128796fe3ad90db2076596d1 does not refund within the specified time, 0xe22c1d3b82b028eb0ddf481f64df9a077c25278e will directly obtain the eligibility to claim INSC+. Because 0xe22c1d3b82b028eb0ddf481f64df9a077c25278e's INSC was stolen.
Refund amount = Price - Fee.
We have organized the owner of 1st category data in . Please review it carefully, and if you think there are any inaccuracies in the data, please submit through this .
We have organized the Level 1 Refund data in . Please review it carefully, and if you think there are any inaccuracies in the data, please submit through .
Before finalizing the compensation plan, we will prepare a hardware wallet to act as a vault(), storing all the funds that come from refunds. Once the compensation plan is established, it will be used to compensate users who suffered losses in the secondary market due to the hacker attack.
