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added use case example and small clarifications

See merge request grassrootseconomics/sarafu-token!1
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Will Ruddick 2021-02-04 13:56:33 +00:00
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# RedistributedDemurrageToken # RedistributedDemurrageToken
## Use Case
* Network / Basic Income Token
* 100 Sarafu is distributed to anyone in Kenya after user validation by the owner of a faucet which mints new Sarafu.
* Validated users are those that validate their phone number in Kenya.
* A monthly Sarafu holding tax (demurrage) of 2% is deducted from users
* Each month (after a number of blocks) the total amount tax is distributed evenly out to _active_ users.
* any single transaction by a user is considered _active_ (heartbeat) (possibly add minimum size of heartbeat in constructor (TODO))
* This is meant to result in a disincentivization to hold (hodl) the Sarafu token and increase its usage as a medium of excahnge rather than a store of value.
## Variables
* Inputs to Constructor (Set only once during contract deployment can't be changed )
* `Demmurage` aka Decay amount: A percentage of token supply that will be charged once per - aka `period` and evenly redistributed to _active_ users
* Demmurage Period (blocks)- aka `period`: The number of blocks (equivalent to a time frame) over which a new Holding Fee is applied and redistributed.
* Inflated Balance: The inflated balance of each user is stored for bookkeeping.
* Number of Decimals: Resolution on token (TODO) (Default 6)
* Minimum Activity Volume: (TODO) the minimum transaction amount to be considered active
* Sink Token Address: Rounding errors and if no one trades the tax goes to this address
## Ownership ## Ownership
* Contract creator is owner * Contract creator is owner
* Ownership can be transferred (also to ownership void contract) * Ownership can be transferred (also to ownership void contract "no more changes can be made")
## Mint ## Mint
* Owner can add minters * Owner can add minters
- A faucet contract would be a minter - A faucet contract would be a minter and choose the amount of tokens to mint and distribute to new _validated_ users.
- The interface says the amount and is at the caller's discretion per contract call. _validation_ is outside of this contract.
* Minters can mint any amount * Minters can mint any amount
## Demurrage ## Demurrage
* Holding Tax (`demurrage`) is applied when a **mint** or **transfer** is triggered for first time/block in a new `period`; (it can also be triggered explicitly)
* Decay amount (ppm) and period (blocks) is set at deploy time.
- Cannot be changed
* Tax is applied when a **mint** or **transfer** is triggered for first time in new period;
- Supply _stays the same_. - Supply _stays the same_.
- Updates `demurrageModiifer` which represents an exponential decay step. - Updates `demurrageModifier` which represents the accumulated tax value and is an exponential decay step (of size `demurrage`) for each `period`
- `demurrageModifier = (1-demurrage)^period`
- e.g. a `demurrage` of 2% at a `period` of 0 would be give a `demurrageModifier= (1-0.02)^0 = 1-1 = 0`.
- e.g. a `demurrage` of 2% at a `period` of 1 would be give a `demurrageModifier = (1-0.02)^1 = 0.98`.
- e.g. a `demurrage` of 2% at a `period` of 2 would be give a `demurrageModifier = (1-0.02)^2 = 0.9604`.
* All client-facing values (_balance output_ , _transfer inputs_) are adjusted with `demurrageModifier`. * All client-facing values (_balance output_ , _transfer inputs_) are adjusted with `demurrageModifier`.
- e.g. `_balance output_ = user_balance - user_balance * demurrageModifier`
* Edge case: `approve` call, which may be called on either side of a period. * Edge case: `approve` call, which may be called on either side of a period.
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* One redistribution entry is added to storage for each period; * One redistribution entry is added to storage for each period;
- When `mint` is triggered, the new totalsupply is stored to the entry - When `mint` is triggered, the new totalsupply is stored to the entry
- When `transfer` is triggered, and the account did not yet participate in the period, the entry's participant count is incremented. - When `transfer` is triggered, and the account did not yet participate in the `period`, the entry's participant count is incremented.
* Account must have "participated" in a period to be redistribution beneficiary. * Account must have "participated" in a period to be redistribution beneficiary.
* Redistribution is applied when an account triggers a **transfer** for the first time in a new period; * Redistribution is applied when an account triggers a **transfer** for the first time in a new period;
- Check if have participated in period. - Check if user has participated in `period`. (_active_ user heartbeat)
- Balance is increased by `(total supply at end of period * demurrage modifier ) / number of participants` - Each _active_ user balance is increased by `(total supply at end of period * demurrageModifier ) / number_of_active_participants` via minting
- Participation field is zeroed out. - Participation field is zeroed out for that user.
* Fractions must be rounded down (TODO) * Fractions must be rounded down (TODO)
- Remainder is "dust" and should be sent to a dedicated "sink" address (TODO) - Remainder is "dust" and should be sent to a dedicated "sink" token address (TODO)
- If no one is _active_ all taxes go to the same sink address
## Data structures ## Data structures