Crypto Exchange Binance Freezes Substratum (SUB) Ahead of Smart Contract Alteration
On Monday evening (JST), leading cryptocurrency exchange Binance announced that one of their listed virtual tokens, Substratum (SUB), would be temporarily frozen whilst the team behind Substratum work on fixing a “potential owner-permission issue.”
In a press statement issued yesterday, Substratum revealed that they’d “be making some changes” to their existing smart contract design in the upcoming week.
The reason why Substratum are doing this is because, in their original whitepaper, they shared the fact that should liquidity in their network sink to intolerable lows, they’d have the authority to mint an additional ten percent of the then-total token supply (i.e., using the method mintToken() within the smart contract).
According to Monday’s announcement, Substratum believes this above-mentioned function is no longer required. And so, adding credence to this change in belief – which they have apparently held “for a while” – the Substratum team is removing the function from their smart contract this week.
Substratum Smart Contract Change Coming next week. Find out more in the video below and at the Medium article posted:https://t.co/iDgzVBiKhK
— Substratum (@SubstratumNet) June 9, 2018
Indeed, Substratum made a point of emphasizing that this function has “NEVER been called” into action. The reason for its removal, then, is to benefit extant holders of SUB. This is because SUB investors will soon be able to seek comfort in the fact that the Substratum token supply cannot possibly be increased.
Of course, this smart contract alteration implies that SUB’s price will soon be unable to be artificially devalued; eliminating an unnecessary ‘what if’ scenario that may have otherwise been deterring would-be Substratum investors.
Another function called setPrices() is also being eliminated from Substratum’s smart contract this week, which, like mintToken(), has never been made use of since Substratum has been in production.
Notably, the Binance cryptocurrency exchange worked with Substratum in both confirming that neither of said functions have ever been called upon and that it’d still “be in the best interest of the community to remove both of them.” Binance has frozen SUB trading activity whilst the smart contract upgrade occurs this week.
— Binance (@binance) June 11, 2018
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