Web3 Withdrawals Release

Web3 withdrawals is one of the most anticipated releases in the project’s history, and Presearch is excited to finally provide the community with a better withdrawal experience.

Web3 withdrawals are now live (as of June 29th) on our pre-production environment and are undergoing final verification by the team and a handful of community members to sanity check some last-minute security enhancements added this week. As these changes go live, we will be opening up access to web3 withdrawal functionality over the coming days on a progressive basis, starting with a small subset of the overall community. This is to allow a round of real-world production use and tweaks (if needed) to the web3 interactions and wallet support before turning on web3 withdrawals for the entire Presearch community.

As mentioned on the June 24th weekly update video, we anticipate that most community members will have access to web3 withdrawals within the first week of July, 2022.

While we originally planned to have pushed all changes from our pre-production environment to production yesterday, due to some the last minute security enhancements to the smart contract, we decided to undertake an additional incremental contract audit and a few extra days of testing first to be extra cautious.

Given the important nature of this update, with the ability to interact directly with the PRE token smart contract to withdraw tokens from an account, and in light of recent security issues on some other platforms (ex. Harmony), we have taken these few extra days to sanity test in the pre-production environment with a testnet smart contract prior to the final push to production. The last-minute security enhancements lock down the ability to send authorized withdrawals from only approved wallets, a mechanism to help protect less-sophisticated users from potential phishing attempts that could be a new target for potential scammers. We believe it is prudent to take this time required to ensure that there are no unintended consequences of the web3 withdrawals deployment before it is rolled out more broadly to all accounts.

We do appreciate your patience and support as we finalize this release, and we are grateful to all who are helping us test the security and functionality as we roll it out platform-wide.

Please stay tuned for updates on the Presearch Twitter account, in the weekly update video this Friday, on Telegram and in Discord for additional information in the coming days.

How do web3 withdrawals work?

The web3 withdrawal platform enables Presearchers to initiate a withdrawal request of the PRE tokens they hold on the Presearch platform out to an external wallet containing sufficient Ethereum (ETH) to pay for the transaction (gas) fees. Please note, this means that you will not be able to withdraw directly to an exchange and that you will require ETH in your wallet to proceed with a withdrawal request.

These are the steps involved in authorizing a withdrawal request:

First, the user initiates a withdrawal by entering the number of tokens to withdraw, the receiving wallet address and their 2-factor authentication (2FA) security code

They confirm that they agree to the withdrawal terms & conditions

A feedback message that their withdrawal is being processed is provided

A confirmation message indicates that a withdrawal request has been placed and prompts the user to confirm the validity of the withdrawal request by clicking the link in the confirmation email that has been sent to the account’s email address

A confirmation email is sent to the user. To proceed with the withdrawal request, the ‘Confirm My Withdrawal’ button must be clicked. Please note that users may need to check their ‘spam’ or ‘promotions’ folders for this email in case it is caught by a filter.

If a withdrawal request triggers a security review due to a large size, unusual withdrawal pattern or other criteria, then an admin must first complete the review prior to it being available to be completed. Please note that the reasons for review may change over time and are likely to be the most strict to start while we ensure that the web3 withdrawals platform is functioning as intended and that there are not security issues with the code or smart contract changes.

If a review fails, due to abusive or fraudulent behavior, this warning message will appear, and the user will be asked to agree to the standard terms and conditions again.

Assuming no additional security review is triggered, or that it is successfully processed and the review completed, then the member will be asked to connect their web3 wallet via MetaMask or WalletConnect to sign an approval to initiate the withdraw request to their wallet.

Once the user’s wallet is connected, they will have the option to disconnect and reconnect their wallet if the wrong wallet is selected. Withdrawals will FAIL if the wallet entered previously in the first step is different than the connected wallet, so make sure you have the right wallet connected.

A ‘Process Withdrawal’ button will appear, assuming there is a pending withdrawal. Once you push this button, you will NOT be able to cancel your withdraw and return the tokens to your account unless you fail to continue and your withdraw expires an hour later.

Upon clicking the ‘Process Withdrawal’ button, the user will be prompted to submit the withdrawal request. This requires payment of the gas fee (transaction fees) for transaction processing on the Ethereum network. Please ensure you do not set your gas fees too low, as your transaction will fail if it is not processed within an hour, which could result in unnecessary gas fees for the failed transaction.

Upon successfully submitting the withdrawal transaction, a confirmation message with a link to the transaction on Etherscan will be provided. As soon as this transaction is complete on the Ethereum network, the requested PRE tokens will appear in the user’s external wallet.

We look forward to rolling out this new web3 withdrawals functionality over the coming week to the entire Presearch community. Stay tuned for additional updates!

If you have questions, please join one of our Community links below

Run a node: https://nodes.presearch.com
Keyword Stake: https://keywords.presearch.com
Info site: https://presearch.io
Search with Presearch: https://presearch.com

Community channels:

Telegram: t.me/Presearch
Twitter: https://twitter.com/presearchnews
YouTube: https://www.youtube.com/c/Presearch/videos
Discord: https://discord.presearch.com
Minds: https://www.minds.com/presearch
Reddit: https://www.reddit.com/r/Presearch/
Flote: https://flote.app/user/presearch
Twitter (Community): https://twitter.com/TeamPresearch
Telegram (News): t.me/PresearchNews
Facebook: https://www.facebook.com/presearch.io
Email: support@presearch.io
Interested in partnering? Send us an email at — promote@presearch.io