3. Token short name no more than 6 Character - must be unique
2. Reserve amount - amount of tokens they want to put in reserve (minimum upon conversion 100k xDAI)
3. Number of chama members (NCM) (before we enable conversion of the new tokens there must be at least this many token members with a positive token balance)
4. Token Backing Statement: 256 Character limit - What is the off-chain guarentee behind these tokens
5. Defaults:
1. 25% Target Reserve Ratio (1:1 with reserve)
1. Minimum initial reserve is $100 USD = 100 xDAI in value (of some inital token such as Sarafu)
1. Mint the standard amount of tokens. (4x the reserve = 40,000)
1. Convert the existing user's tokens into xDAI and put them into the converter as reserve. (min 10,000) (any remaining tokens in their account will also converted to TOKEN_NAME)
1. The new token should have a value of 1:1 with xDAI and be at 25% reserve (Target Reserve Ratio)
1. Put the TOKEN_NAME tokens into the Users wallet (Group wallet)
2. Each user needs to be assigned a default / community token - they start with Sarafu by default.
2. Users need to be able to change tokens - but after a grace period of 1 month.
3. Users on USSD should not be allowed to join Sarafu or the reserve xDAI as their community token. Admin accounts like the GE Agent will still be in Sarafu as their community token
## Auto Join Token
1. Users with Sarafu as their token will automatically join a Community Token of a user they trade with (given the recipient is not in Sarafu) - This is a one time event
## Auto convert
1. We want to avoid having multiple tokens in user wallets
1. When a user recieves a token we automatically try to convert that token into her Community token
2. We should be able to turn this feature off for selected users (like admins)
3. If users have multiple tokens in their wallet - it is a sign conversion failed - we need some process to retry failed conversions and to altert admins
## Manual convert
1. For admin accounts we may want to convert from and to specific tokens via the Managment Platform
2. Admins may also want to convert a users tokens who are failing to auto convert
## Join Token Interfaces - UX
### Command Line - CLI Join Token
1. User ID and Name or ID of the token - ensure it is a valid token
1. Token Name (limited to 9 characters (auto converted to lowercase no special letters) (TOKEN_NAME)
2. Reserve amount (the minimum is 10,000 Kenyan Shillings in value- higher amount means a higher price of the final tokens) - Max is the user’s current balance. Note that this10,000 Kenyan Shillings can be in the form of other tokens and converted to Sarafu.
4. How many people are in this chama that will recieve (Token_Name) - Minimum 10 - Note your account will be locked until you've sent out all all your tokens to this many users.
5. Auto-Conversion should by default change all tokens in a user's wallet into their community token.
* Note that a user with Sarafu in their wallet will shift their community token to whomever they trade with that is not in Sarafu. (Sarafu is just a temorary token)
6. Grace period - Users can't join another token for 1 month after having joined another. (note that *Auto Join Token* should not count as joining a token in this regard)
1. Whenever the token is converted to another token or xDAI and the price changes more than 10% an alter is sent to the token issuer
1. Message Alert your excahnge value of TOKEN_NAME tokens have changed in +X% / -X% value
Note that the receipt messages for token transfers that include a conversion should also show the tokens exchange value (this was on the old USSD system)
