Post
Topic
Board Announcements (Altcoins)
Re: [ANN] VETHER: A STRICTLY-SCARCE ETHEREUM-BASED ASSET
by
strictly-scarce
on 05/05/2020, 03:38:37 UTC


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05 May 2020

## Testnet (Rinkeby)
Vether testnet has been deployed to: https://vetherasset.org
Smart contract code verified: https://rinkeby.etherscan.io/address/0xd447b74e5ff9faf98eb66dc59dc2c91dd47736dc#code

It uses the following constructor parameters:

    //testnet
    name = "VETHER"; symbol = "VETH"; decimals = 18; totalSupply = 16380*10**decimals;  // Set asset details
    emission = 2048000000000000000000; currentEra = 1; currentDay = 1;                  // Set emission, era and day
    genesis = now; daysPerEra = 4; secondsPerDay = 10000;                               // Set genesis time
    burnAddress = address(0);                                                           // Set burn address to Ethereum Genesis
    registryAddrArray[0] = 0xf5D915570BC477f9B8D6C0E980aA81757A3AaC36;                  // Set UniSwap V1 Rinkeby

It will run for 5 days with 2 days in the Fee Era. Eras are approximately 2.8 hours long. There are only 16,380 testnet Vether.

## Smart Contracts
Vether Smart Contracts are here: https://github.com/vetherasset/vether-contracts

**SafeMath**
Eschews SafeMath in favour of considered arithmetic. *Please check all arithmetic*. Internal state only manipulates numbers based on blocktime and Ether quantity burnt from users, neither of which can overflow 1e256-1.

**addExcluded()**
There is a special function called addExcluded(), however it costs 1024 Vether to call. It is intended to use this function to exclude future Vether-based smart contracts from charging the transfer fee of 10 basis points. Since anyone can call this function to exlude themselves from paying transfer fees, it is likely that only high-volume addresses that move more than 1m Vether per year will call this function since it makes no sense to burn 1024 Vether to save anything less than that.

**Code brevity**
The code is intended to be easily read with trailing comments, but also favours brevity.

**addRegistry**
The smart contract has the addRegistry() function commented out since it causes an attack vector. This will be removed in entirety soon. There is reason to instead add a function called removeRegistry() with a fee of 2048 Vether that allows the contract to remove UniSwap and DefSwap in future if they are ever exploited.

**Analysis**
Dependency analysis has been done in this folder: https://github.com/vetherasset/vether-contracts/tree/master/analysis

**Further Analysis**
A static analysis (https://github.com/crytic/slither), or a fuzzer analysis (https://github.com/crytic/echidna) has not been completed. It would be welcome from the community to do this.

## DApp UI
The DApp is live on the URL above. Please feel free to interact with the contract. It uses React + AntD. There is room for improvement and further features.

The UI code is here: https://github.com/vetherasset/vether-dapp

## Mining Client
A mining client has been released: https://github.com/vetherasset/vether-miner

This client allows users to "set-and-forget" mine the contract by sending a small amount of Ether every day into the contract. It is imagined those who mine the contract will be the bidders-of-last-resort establishing a cost-floor for Vether. The mining-client has support for BIP39 derived addresses, and can mine for a "cold-wallet".

The mining client can be run locally or deployed to an online server (Heroku) for un-interrupted mining. Instructions are provided.

## Next steps
Please scrutinise the code and help perform more analysis in the implementation. Pull requests are welcome.

If all goes accordingly, Vether will be deployed on mainnet on 12 May 2020.

- -ss
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