New Cryptocurrency Project APIS Fnds Fault in Qtum
A cryptocurrency company called APIS conducting its token presale on 00:00 (UTC+8), 20 Feb 2018 found a critical error on Qtum during the presale. Qtum is one of the most prominent cryptocurrencies on the market with more than $2B market cap. The presale was executed through smart contract on top of QTUM chain. Contributions were received in a first-come, first-served basis. Presale smart contract code.
On competitive token sales, some participants exorbitantly raise their transaction fees to participate as priorities are given to transactions with higher transaction fees. This would effectively eliminate the likelyhood of small-capped investors to participate, so APIS decided to set a certain transaction fee(gas) limit for all participants.
After the beginning of the presale, however, various participants reported that they cannot get into the presale.
APIS development team conducted an emergency review of the transactions being sent, and found that many failed transactions had their gas prices arbitrarily set at 69.
1 (All transactions are viewable here)
The share of failed transactions with their gas prices set at 69 was a staggering 53% of the total transactions, providing sufficient reasons to suspect Qtum system error.
After the presale, APIS team coordinated with other IT professionals to analyze the incident, and came to the conclusion that it was indeed a QTUM core wallet error. This conclusion was summarily delivered to QTUM foundation, whom were able to confirm that the gas price was changed from 70 to 69 due to MINGW32 complier problem. APIS had to end its presale early without selling all of its available tokens due to this error.The error has been fixed since, and Qtum’s acknowledgement can be seen on the Qtum Github.
APIS, short for Advanced Property Investment System, is the world’s first cryptocurrency to tackle the problem of investing in different masternodes through a single platform. APIS will hold its token sale on 4 March, with mainnet and mobile/web application coming on Q2 2018.
Company name: APIS
Company site: https://apisplatform.io/
Company contacts: @APISryota(telegram) @whistleky(telegram)
Company email: email@example.com