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added use case example and small clarifications

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Will Ruddick 2021-02-04 07:41:01 +00:00
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README.md
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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 (demmurrage) of 2% is recorded as a `demurrageModiifer`.
* Supply and user actual balances stay the same but are displayed minus the `demurrageModiifer`.
* Each month the total amount of demurage is distributed out to users _active_ and the `demurrageModiifer` for each user is reset to zero.
* a single transaction is considered _active_ (heartbeat).
* This is meant to result in a disincentivization to hold (hodl) the Sarafu token and increase it's usage as a medium of excahnge rather than a store of value.
## Inputs to Constructor (Set only once during contract deployment)
* 'Decay amount' (ppm) and period (blocks) is set at deploy time.
- Cannot be changed
- aka a holding Fee: A percentage of a users balance that will be charged and eventually redistributed to active users
* Demmurage Period: The time frame over which a new Holding Fee is applied and redistributed.
## 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 to make permissionless)
## 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 set the amount of tokens to mint and distribute to new (validated) users.
* Minters can mint any amount * Minters can mint any amount
## Demurrage ## Demurrage
* 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; * 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 `demurrageModiifer` which represents an exponential decay step (of size 'Decay amount' and is a a percentage of user balance)
- `demurrageModifier`_(i) = 'Decay amount' x demurrageModifier_(i-1) x user balance
* All client-facing values (_balance output_ , _transfer inputs_) are adjusted with `demurrageModifier`. * All client-facing values (_balance output_ , _transfer inputs_) are adjusted with `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 `demurrageModifier` 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 have participated in period.