adminTransfer Functions on Bitkub Chain

Modified on Sun, 05 Feb 2023 at 03:55 PM

Bitkub Chain is a blockchain that was developed by Bitkub Blockchain Technology Co., Ltd. (or "BBT") and was forked from Ethereum; this is why the basic technology standard of the Bitkub Chain is comparable to the Ethereum technology. The native token of the Bitkub Chain is Bitkub Coin or KUB (which is listed on various Exchanges). Moreover, Bitkub Chain can also support various tokens that are KAP-20 standard-based, such as KKUB, KUSDT, KBTC, LUMI, DK, etc.

 

KAP-20, created by BBT, is a standard used on Bitkub Chain to develop its own smart contract. The basic qualification of KAP-20 is equivalent to ERC-20, the Ethereum network standard, as well as other smart contract qualifications that BBT developed and implemented in it.

 

The adminTransfer function is a feature that is designed for creating transactions automatically on behalf of the token holders in order to help the owner or the victim in case a suspicious transaction of any token that is a KAP-20 based is found and considered illegal and/or under court enforcement (no matter what DApp the token is based).

 

The KAP-20 token developers have the right to use the adminTransfer function at their discretion and to determine who can use it. (They can add themselves or others to their adminTransfer function as users.) Bitkub Blockchain, as a developer, has no relation to user settings and access to the adminTransfer function that is operated by token developers. The KAP-20 token developers also have the right to disable the adminTransfer function (from, to, value).

 

If the token developers appoint Bitkub Blockchain as an executor of their adminTransfer, Bitkub Blockchain will consider the adminTransfer commands using the Bitkub Blockchain standard (which may differ from others).

 

The adminTransfer function is, however, not applicable with KUB (the native token of the Bitkub Chain developed by Bitkub Blockchain) in digital asset exchanges; however, if KUB holders transfer their KUB from a digital asset exchange to a DApp called “Bitkub NEXT”, the transferred KUB will be wrapped into KKUB, which adheres to the KAP-20 standard. Bitkub Blockchain, as a developer, will be able to apply the adminTransfer function to KKUB regardless of which DApp it is in.

 

Therefore, in case Bitkub Blockchain is notified that there are illegal transactions or a court order requesting token retrieval to be transferred to the holders or victims, the 2 groups of committees, that are appointed by Bitkub Blockchain (KKUB developer): 1) The Management Committee which has the authority to approve adminTransfer commands based on consensus, and 2) The Execution Committee which approves adminTransfer commands and will take action after the Management Committee reaches the consensus, are required to vote for the approval of adminTransfer commands by more than half (more than 50%) of the total number of the Execution Committee so that the adminTransfer can be in effect.

 

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Reference: https://www.facebook.com/105013668422174/posts/436906665232871/?sfnsn=mo

* Investment in cryptocurrency and digital tokens is considered a high-risk investment. Please do your research and invest at the level that you can accept the possible risks.

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