AQTIS Renounces control over Smart Contract as part of road to decentralization

As part of the development of AQTIS, we are always looking for ways to improve what we do. One of those ways is by helping instil confidence in our community.

As mentioned earlier this week, we decided to lower the transaction tax from 5% to 4%. Upon further discussion, we want to go even further than that.

This is why today we are renouncing control over the smart contract that governs the token. What does this mean?

When you log onto any coin tracking website such as CoinMarketCap or CoinGecko, there will be a warning above the AQTIS listing that says:

“Smart contract of the following asset can be modified by the contract creator (for example: disable selling, changing fees, mint new tokens, or transfer tokens). Please exercise caution before taking any action and DYOR.”

Warnings such as these are a useful reminder to investors to ensure they have confidence in the project and they are aware of the risks. Many projects in the DeFi space maintain a range of loopholes in their smart contracts that give them control over who can buy and sell their token.

We had these measures in place, but are letting them go. This control was put in place in the early days of AQTIS to help prevent bots and whales from manipulating the token. We wanted to grow the community carefully to ensure we got the basics right.

Having control over the smart contract also gave us the option to explore options around market making for the token.

But as we’ve grown, we have decided to build our own market-making services, and therefore no longer need to have complete control over the contract. We want to set an example in the world of DeFi by practicing what we preach.

Practicing what we preach

The AQTIS team has been working in DeFi and crypto for years and has seen firsthand how projects claim to be decentralized but in reality, do little to prove that. We practice what we preach.

As part of the renouncing of the contract, these warning messages will disappear as we head towards the launch of our LSDs.

The 4% transaction tax will remain, to help us accelerate the growth of ELIF, which ultimately helps facilitate other features in the AQTIS ecosystem, such as token buy-backs. However, as part of this progression, we will be lowering the tax amount to help facilitate growth in the community. The current tax percentage stands at 5%, this will be now lowered to 4%.

If and when fundamental changes need to be made, we’ll migrate to a v2 contract instead of keeping the current contract modifiable.

Thank you to our community for supporting us in our mission. More to come!