Wallet splitting, locking funds, and ramping up security
Hey guys! Lately, we have been hard at work on making improvements to the overall communication to the community and general transparency. One of the important aspects of that is any token transfers from wallets controlled by the team. Knowing there are practices we could implement to improve security, we decided to make all the possible changes in that direction. Find out what steps we’re taking!
As we announced a week ago, we decided to split the main mint wallet into more wallets, each dedicated to a specific purpose. This goes hand in hand with our coinmetrics, and by doing so, we also made it easier to keep track of SAMO fund movement resulting in a much cleaner overview of the tokenomics in action. Regular market and growth withdrawals can now be kept separate from the burn wallet so there is no unknown token movement. As a result, all spending will be transparent and the purpose known at all times. Additionally, all of the funds not being used will be kept locked.
After the split, the mint wallet that was now left with exactly 54% intended for the burn was just locked until the end of June. When it unlocks, we will present you with our big burn plan. That way, the community can rest assured that the tokens are kept safe and won’t go anywhere until the details are public.
Everyone can verify the lock by going to this link:
https://vesting.bonfida.com/#/unlock
and entering the contract seed: 6357786814638916411109920118680727355327840280307932791758278389
There’s also news about our team wallet. All members of the SAMO team agreed for their shares to be locked with gradual quarterly releases over a period of 12 months. That means around half of the team wallet just got locked too.
All the remaining funds in any wallet that are controlled by SAMO team will be moved to multisig (multi-signature) accounts in the near future. That means that no person alone can move any funds and multiple people have to sign every transaction. We are doing that for both security reasons, but also so our community can be sure we are in no danger of any team member ever acting maliciously or getting hacked.
These are just some of the changes we have in store so this is just the beginning. We hope that we are able to prove to everyone that we are in it for the long run and will continue to support the community in the months to come and beyond!
