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Moonlight, a freelance workforce platform on the NEO blockchain, has announced an upcoming upgrade to the smart contract that minted its Moonlight Lux (LX) token. 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.

LX token holders will not have to do anything to maintain custody of their funds. Wallets may or may not need to be updated to reflect the new smart contract’s script hash. Moonlight states that “there may be differences” in the ability of individual block explorers to reflect the contract transfer.

The Switcheo decentralized exchange will re-list the LX token after its upgrade is complete.

Moonlight’s contract migration announcement can be read in full at the following link:
https://medium.com/moonlight-io/moonlight-contract-migration-a-decentralized-approach-3f34eea35e38