Regarding Iconic’s account with escrow
In a previous post we indicated that our NIC token is not sensitive to the integer overflow exploit that was discovered in some other token smart contracts. Our post regarding the NIC safety was made here, and the original post regarding the bug was first published here.
Well, as we like to approach things carefully, as soon as the exploit was found we consider the implications it could have uppon our multi-sign wallet smart contract. As we did with our token, we were studying the implications of using the “safe math” library to make the wallet safer.
But the fact that we did not have enough time to test it put us through the necessity of playing it safe. And we only play when it is safe!
So after talking to our escrow, Raphaël Lima, we decided that we would be conducting our ICO with a simple account/wallet that is 100% under Raphaël’s control.
This does not change anything regarding the safety of the operation itself, as Raphaël had previously 2 out of 3 signatures needed to make any operation with the wallet.
Technicalities aside, the safety of the operation is still the same, maybe a little bit higher, as we are not taking any chances on unexpected behaviour due to the recently discovered vulnerabilities.
We just wanted to inform this publicly to have everyone informed about the decisions we make and why we make it, always trying to be as transparent as possible about everything involved in our business.