Moonlight implements "Contract.Migrate" by NEO to update smart contracts

Freelance workforce platform that utilizes NEO blockchain, Moonlight, has recently announced an important update to its Moonlight Lux (LX) token's smart contract.

The update is intended to address a “low risk” security vulnerability in the contract which was recently discovered by the team.

Contract.Migrate and Decentralization

The Moonlight contract upgrade differs from past token swaps conducted by NEO projects because it plans to use NEO’s Contract.Migrate framework method. According to NEO, this method migrates “all existing data” from smart contract storage from the older smart contract to the newly deployed contract. Smart contract data storage includes token balances and transaction history.

Moonlight asserts that this technique is more decentralized than the traditional method of taking a snapshot of all contract balances and then conducting an airdrop of upgraded tokens, Contract.Migrate keeps the token custody in the hands of the community. Moonlight designed its open-source smart contract template with support for Contract.Migrate, and will update its template after the fix is complete.

Read more here.

Join us in Miami Beach, June 5-7 for the Global Online Marketplaces Summit.