Spectre Rewards portal updated

On the 14th of June, 2021 Spectre.ai released its updated Rewards portal for the holders of the SXDT tokens.

The updated Rewards portal is now connected to the long-awaited new smart contract, a smart contract that is a lot more cost-efficient when it comes to claiming Rewards while preserving the previous security features.

Upon release of the updated Rewards’ portal, the users will be able to see clearly the new layout that is more focused on the actions that are more important to them, ie claiming their rewards and monitoring the progress of the project. For a detailed guide please see here.

First Rewards:

The first rewards available to users for withdrawal is the summary of

  • The rewards amount that was available to be moved from the old smart contract (~80% of the total ETH amount)
  • The rewards for the project’s progress in June 2021.

The remaining amount in the old smart contract (~20% of the total amount to be moved over) will become available over the coming months and fully claimable on the 1st of November, 2021, a little over 4 months from now. The pending amount can be verified here in the old rewards smart contract. The exact amount per ETH address pending for November is visible to all token holders the bottom right of the “Claim your Rewards” part of the portal.

The reason why the full amount was not able to be moved over to the new rewards smart contract, owes to a hardwired time-lock security feature in the ‘reclaim’ function in code which was written into the old rewards smart contract in 2017. This would disallow the contract owner, i.e the management team, or a hacker, to inappropriately claim all the rewards of the SXDT token holders until after 6 months of the issuing date, as a partial protection mechanism for funds in the event the smart contract would ever to be compromised. This can be found here, for verification.

Once this remaining amount is unlocked and funds moved over for claiming to the new rewards smart contract, the old rewards smart contract will be permanently deprecated.

What changes with the new Portal layout and Smart Contract

There are many things that are different in the smart contract and many improvements have been made, but in terms of user experience here are the main ones:

  • There is always one amount to be claimed at a time; the full amount. No more “Withdraw” and “Withdraw all”, only “Claim Rewards”, that will get the full available amount to the user.
  • The gas cost per transaction is significantly lower. In some occasions, it could also mean a gas reduction of 90%, especially when a user has not withdrawn rewards for a more than one month (in comparison to the old contract)

What does not change with the new Portal layout and Smart Contract

  • The need for KYC. Any user that wishes to hold SXDT tokens and claim rewards needs to perform KYC on the platform and have their KYC fully approved by the compliance team. Access to the platform is always subject to the T&C of the website. If you are not KYCd, you will not be able to claim any historical rewards and only those going forward, in order for full compliance with AML regulations.
  • Rewards are still calculated based on the balance of the SXDT tokens available on an ETH address belonging to an Approved KYC account at the time of the issuance of the rewards (first day of the month).

Overall

We believe the new Rewards’ portal layout and Smart contract will tackle the issues previously faced by users and offer a very simple, easy and cost-effective solution for users to manage and claim their rewards.

Important note: The smart contract is not a bank. Users are requested to withdraw the rewards as soon as they become available. Especially now with the new smart contract in place and reduced gas costs, it is expected of users to withdraw on a monthly basis. As an SXDT token holder and as per the firm’s terms and conditions, if you are not KYCd, you are not entitled to any rewards historically or going forward. Once you KYC, you are entitled to future rewards only.

Regulatory Notice: Spectre.ai is strictly closed to U.S citizens. Trading and investing involves high risk and you can lose all your money.

Heading up the group’s R&D activities for Hatchworks.