Decoding the centralization control warnings mentioned on the Inddais Security Audit report conducted recently.
Centralization of control denotes that there is a team managing Inddais token. This is normally present in all tokens that are managed by a team or group or individual, just to tell users “Though the tokens are deployed in a decentralized environment, some function of the contract is centralized”.
Warning #1 on Minting: Minting is where we add fresh supply of tokens. The team may mint new tokens when the minting is enabled, and it cannot exceed 60 million tokens.
In the report, on the lists that explains each function of Inddais, the condition to enable mint has been mentioned.
Minting can only be set to enabled when the total supply reaches 36 million
Thus, rule number 1 & rule number 12 mentioned in our Handbook is implemented.
Warning #2 on withdrawing tokens: This is quite tricky but the work “any tokens” do not mean just Inddais token, it means any or all other tokens. Mostly tokens that are accidentally transferred into contracts.
There are lots of tokens lost forever when they are mistakenly transferred to contracts since there is no way to recover those tokens. To avoid this token traps, many smart contracts implement “Token Recovery” function which comes handy to transfer such tokens from the contract. However, this function can be used only by the owner and the tokens recovered can be transferred only to the owner’s wallet. In the report, on the lists that explains each function of Inddais, the condition that limits owner from sending Inddais tokens directly has been mentioned.
The owner cannot directly transfer tokens from their own wallet, and the contract address cannot directly receive on all token transfer.
Thus, rule number 9 & 10 mentioned in our Handbook is implemented.
Warning #3 on Withdrawing Capital Value: The Capital value is 80% of the token sales value which we withdraw to carry out our business activities as mentioned in our Whitepaper or Handbook. In the report, on the lists that explains each function of Inddais, under the Buy transaction, the condition related to allocation of Capital allotment is mentioned.
the total Capital value will increase by 80% of the BNB value that was originally sent to the contract
Thus, rule number 13 in our Handbook is implemented.
Warning #4 on Changing rates of the Token: At Inddais we have two rates to handle Buy & Sell process of the tokens. The CoinToken rate denotes how many Inddais (INIS) tokens you will get for BNB coin sent and the TokenCoin rate denotes how many BNB coin you will get for INIS token sent.
When you must spend more BNB to buy INIS or when you get less INIS for more BNB, it obviously means that INIS value is increasing. And hence to ensure that INIS values are only increased and not decreased, an owner/manager can increase the CoinToken rate (less INIS for BNB) and decrease the TokenCoin rate (more BNB for INIS).
Example: Currently you can buy 1 INIS for 0.001 BNB, now the manager cannot make it 0.0009 for 1 INIS (reducing the value) but can change it to 0.0015 BNB per 1 INIS (increasing the value)
Thus, rule number 4 in our Handbook is implemented.
Hopefully, now you are clarified with the warnings mentioned in the audit report of solidity finance, published on May 13th, 2022. Simply put, these are industries standard warning to alert the user that there are some centralized functions present in a smart contract. Most of the companies will have an explanation for “Why they put it there”, just like Inddais.
You can buy Inddais from our website directly. You just need a MetaMask wallet and some BNB in it.