Renaming of Wallets/Accounts
(released July 18th)
To promote consistency and reduce future confusion, we have renamed token accounts as follows going forward:
Wallets: Savings Account=> PRE Wallet NFT Wallet => (no change) Portal Account => Crowdsale Portal
Staking: Keyword Stakes => (no change) Node Stakes => (no change)
Rewards: Rewards => Usage Rewards Node Rewards => (no change)
Nothing is changing with how the wallets and other accounts are used, this new naming is just intended to more clearly and consistently express the nature of each of these balances, as the original names no longer adequately reflect their purpose as the platform has evolved over the years.
The most noticeable change is that the former Savings Account is now simply called the PRE Wallet. Renaming this wallet from Savings Accountto PRE Wallet provides a clearer picture of what it is (the central PRE wallet you use to interact with the the platform).
What do the different accounts mean?
There are essentially three kinds of balances: Wallets, Rewards, and Stakes
Wallets: the PRE Wallet and the NFT Wallet, as well as tokens in the Crowdsale Portal (which must be transferred to the PRE Wallet to be used or withdrawn) hold tokens owned by the end user. All deposits, purchases, unstaked tokens, node reward claims, and usage reward (search rewards + referral rewards) claims, and transfers from the Crowdsale Portal go into the PRE Wallet. All stakes and withdrawals come from the PRE Wallet.
Stakes: When PRE is staked it is no longer "in" your wallet, but it is returned to your PRE Wallet when you unstake as long as none of the stake is slashed (due to abuse) or spent (future option, such as consumptive ad model).
Rewards: Likewise, Search Rewards and Node Rewards balances accumulate outside of your PRE Wallet and therefore cannot be used or withdrawn until you meet the eligibility criteria to claim them, as which point you can transfer/claim them to your PRE Wallet to take ownership.
None of the above behavior is new, but the new names should help better categorize and explain how each of these balances works to prevent confusion.
Token Time Locking
(released July 19th)
With web3 withdrawals rolling out and withdrawals for most accounts becoming instant and bypassing admin review in most cases, the Presearch platform needs a mechanism to prevent platform manipulation due to arbitrage or race conditions (i.e. abusive behavior with staked tokens and withdrawing tokens quickly before the abuse is detected). For example, if someone is allowed to stake tokens on a keyword, send users to malicious links (phishing, malware, etc.) and then immediately unstake and withdraw their tokens, this may not provide enough response time for their tokens to be slashed or for reports of abuse be reviewed.
Similarly, if an exploit in the platform or temporary bug were discovered allowing a user to obtain tokens maliciously, or should a token farmer accrue many tokens by violating the Terms of Service and immediately try to withdraw them before the fraud and abuse system has detected them, then it could open up holes in the system damaging the project. Likewise if someone spots an arbitrage opportunity to purchase tokens on the marketplace and immediately tried to transfer and sell them for a profit, this could create opportunities for market or price manipulation.
As such, a 24 hour time lock is being added to the following tokens before they can be withdrawn:
Newly Unstaked tokens (from Keywords or Nodes)
Newly Claimed Rewards (from Usage Rewards and Node Rewards)
Newly Purchased Tokens (from the Marketplace)
Note: Depositing tokens into your PRE Wallet does NOT create a time lock.
Time locks only affect the ability to withdraw tokens that have been newly acquired from Presearch (purchases or rewards claims) or which were unstaked within the last 24 hours. There are no limitations on using the tokens in your PRE Wallet or re-staking them — you can still stake and unstake as often as you like.
The time lock simply prevents withdrawals for a 24 hour cool down period for the above categories of tokens after they have been removed from their previous use. This means that if you plan to withdraw tokens from the platform that you are actively acquiring or using, you will need to ensure you transfer them to your PRE Wallet 24 hours before trying to withdraw them.
We expect the the combination of these changes to both increase clarity around account/wallet naming conventions and also create an important additional layer of security for the platform as we move forward with the on-demand Web3 withdrawals system.
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
