60 lines
2.0 KiB
Markdown
60 lines
2.0 KiB
Markdown
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# RedistributedDemurrageToken
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## Ownership
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* Contract creator is owner
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* Ownership can be transferred (also to ownership void contract)
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## Mint
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* Owner can add minters
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- A faucet contract would be a minter
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* Minters can mint any amount
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## Demurrage
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* Decay amount (ppm) and period (blocks) is set at deploy time.
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- Cannot be changed
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* Tax is applied when a **mint** or **transfer** is triggered for first time in new period;
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- Supply _stays the same_.
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- Updates `demurrageModiifer` which represents an exponential decay step.
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* All client-facing values (_balance output_ , _transfer inputs_) are adjusted with `demurrageModifier`.
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* Edge case: `approve` call, which may be called on either side of a period.
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## Redistribution
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* One redistribution entry is added to storage for each period;
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- When `mint` is triggered, the new totalsupply is stored to the entry
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- When `transfer` is triggered, and the account did not yet participate in the period, the entry's participant count is incremented.
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* Account must have "participated" in a period to be redistribution beneficiary.
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* Redistribution is applied when an account triggers a **transfer** for the first time in a new period;
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- Check if have participated in period.
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- Balance is increased by `(total supply at end of period * demurrage modifier ) / number of participants`
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- Participation field is zeroed out.
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* Fractions must be rounded down (TODO)
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- Remainder is "dust" and should be sent to a dedicated "sink" address (TODO)
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## Data structures
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* One word per account:
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- bits 000-159: value
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- bits 160-255: period
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- (we have more room here in case we want to cram something else in)
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* One word per redistribution period:
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- bits 000-055: period
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- bits 056-215: supply
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- bits 216-253: participant count
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- bits 254: Set if invidiual redistribution amounts are fractions (TODO)
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- bits 255: Set if "dust" has been transferred to sink (TODO)
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## QA
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* Basic python tests in place
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* How to determine and generate test vectors, and how to adapt them to scripts.
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* Audit sources?
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