The SpankChain Auction is Now Complete

The SpankChain global token sale event is now complete! We were overwhelmed by the show of support and interest from the community and are happy to announce that we have now distributed 300,043,386 SPANK tokens.

This puts our initial valuation at $23.75MM (with a price per token of approximately 7.9*10e-6 ETH[0] or $0.02375), selling ~30% of the total tokens (300M), raising 19,480 ETH.

2. In MetaMask, paste the SPANK token contract address 0x42d6622deCe394b54999Fbd73D108123806f6a18 in the “Tokens” tab in the “Token Contract Address” textfield (other textfields should automatically populate correctly).

Depending on the state of the nodes that MetaMask uses to connect, the token tab may not populate with your SPANK amount. If all else fails, refresh!

The SpankChain team is committed to advancing blockchain technology, businesses, and relationships in any way that we can. Unfortunately, sometimes we make mistakes. When that happens, we rely on the support and diligence of our loving community to help us identify problems, solve them, and then learn from those experiences.

With the help of the SpankChain community, we discovered a bug in the withdrawal function. This led to some of you viewing your tokens as several million times less then your expected value. While frustrating, this turned out to be a fairly minor bug. 99% silly, 1% annoying. All funds/tokens are safe and have now been distributed!

The mistake is a unit conversion error. The auction contract treated SPANK as a unit of measurement equivalent to a large denomination (similar to a unit of measurement like ETH). However, the display property of the token contract treated SPANK as a unit of measurement equivalent to a small denomination (similar to a unit of measurement like WEI).

The fix is to keep the unit of measurement defined by the token contract (18 decimal places) and deploy a new token contract. This means for 1,000,000,000 total tokens, we have to mint 1,000,000,000 multiplied by 100,000,000,000,000,000 = 1,000,000,000,000,000,000,000,000,000 (10²⁷) tokens.

Maintaining vigilance in testing will always be a priority for the SpankChain team. More than anything, this experience has taught us that regardless of how minor, every potential bug must be accounted for. On occasions such as this when we miss something, we rely on the SpankChain community to catch the errors. With that being said, we would like to extend a huge thank you to our community for responding to this situation with such grace.

Now that the auction is complete we will begin building the SpankChain Cam Site. We will be releasing a continuous stream of content over the coming months keeping our community appraised on development updates, strategic alliances/partnerships, and of course, client announcements.

Related posts:

Two Tales of Sexual Abuse

Two relatives and I were unjustly accused of molesting three girls when we were in our late teens. We were accused and confronted in front of some other relatives. I was sexually molested by a woman… Read more

Efficiently Tagging AWS Resources Using CLI to Better Manage Resources and Billing Costs

When organizations have large workloads based on on a multitude of AWS services, they may lose track of how resources are being used. In a nutshell, identifying resources can take rigorous effort. On… Read more

South Korea Plans Imposing Capital Gain Tax of Cryptocurrencies

South Korea has declared that from next year it will be introducing new measures to impose taxes on cryptocurrency holdings. Read here the entire cryptocurrency news story. Read more