Ownership Renounced event detection

Hello folks, just a quick passing update. We are focusing heavily on the SPOON app development so we have been a little less active on the medium side of things.

When you look at BSCScan it might seem trivial to understand that a transaction is an actual ownership renounced event. Well, maybe not that trivial, ’cause you need to check the logs or the additional details. However that is not the way the information is stored in the blockchain. Everything is compressed and encrypted and cannot be decrypted immediately. Everything is in hexadecimal but also encoded, which makes it difficult for anyone to read it by just getting the data.

There is also no helper method to decode the data. So you resort to different practices to try to decode and decrypt the information you get from the blockchain just so you can start giving it some sense.

This is what we had to do to start decoding the ownership renounced event. An event that is very simple and can be interpreted in two ways. You either see that the renounceOwnership method has been called, or you identify in the logs that there is an OwnershipTransferred event from one address (the current owner) to the 0x0 address (dead address).

In doing so we also researched what competing tools do, and every tool has found a different way. We have also done our own custom way which is quite high performant, but will need to be revised for every single blockchain network we adapt to (for example, Polygon, Theta, TRON, etc). Having discrepancies between networks is something we expected, and so we will make sure that the SPOON application introduces “environment configuration and variables” from the start, so when you make the switch from one network to another everything still works as expected.

So, long story short, we are now able to properly and quickly identify ownership renounced events in the BSC, and we also see that eventually in the future we will need to grow to introduce a QA team so we can ensure consistency between blockchain networks.