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RedistributedDemurrageToken

Ownership

  • Contract creator is owner
  • Ownership can be transferred (also to ownership void contract)

Mint

  • Owner can add minters
    • A faucet contract would be a minter
  • Minters can mint any amount

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;
    • Supply stays the same.
    • Updates demurrageModiifer which represents an exponential decay step.
  • 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.

Redistribution

  • One redistribution entry is added to storage for each period;
    • 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.
  • 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;
    • Check if have participated in period.
    • Balance is increased by (total supply at end of period * demurrage modifier ) / number of participants
    • Participation field is zeroed out.
  • Fractions must be rounded down (TODO)
    • Remainder is "dust" and should be sent to a dedicated "sink" address (TODO)

Data structures

  • One word per account:
    • bits 000-159: value
    • bits 160-255: period
    • (we have more room here in case we want to cram something else in)
  • One word per redistribution period:
    • bits 000-055: period
    • bits 056-215: supply
    • bits 216-253: participant count
    • bits 254: Set if invidiual redistribution amounts are fractions (TODO)
    • bits 255: Set if "dust" has been transferred to sink (TODO)

QA

  • Basic python tests in place
  • How to determine and generate test vectors, and how to adapt them to scripts.
  • Audit sources?