- Note that this ability is whitelisted- to be whitelisted the user must have:
1. Been in the system as an active user for some time (at least 1 month)
1. Have a substantial balance (his CIC converted to reserve) to reach at least 25% reserve. Minimum 100 USD in value DAI. Which will staked into the converter and leveraged into $400 of CIC tokens (the value changes as reserve is removed).
*. Based on the users location the system has preset defaults:
1. 25% Target Reserve Ratio (1:1 with reserve)
1. Minimum initial reserve is $100 USD in value
3. Chosen Options
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.
3. How many initial members? (NUM)MEMBERS)
4. How much will initial members receive (INITAL_NEWUSER_AMT) (maximum is MAX_CIC_CREATED/NUM_MEMBERS)
5. Note that members must ‘join’ the token (via USSD) using the TOKEN_NAME to receive this.
Save all the information created in the process on the SEMPO DB.
Generate a token and converter on xDAI and store private and public keys
Mint the standard amount of tokens. (40,000)
Convert the users tokens into nDAI and put them into the converter. (min 10,000)
The new token should have a value of at least 1:1 with nDAI and be at least at 25% reserve
Put the TOKEN_NAME tokens into the User’s wallet (Group wallet) - note that when other users later join (via my account -> join Chama) the TOKEN_NAME they will receive tokens from this wallet. - there is a contract here.
The token owner should not be able to transfer more tokens than he has committed to new users.
The token owner should have his community token for auto-convert set to TOKEN_NAME
This account is now considered a GROUP account!? Meaning that only it can cash out 50% a month from it’s own reserve.
If the token has been created send the SMS for the token creation approval.
Else send error.
Action items:
Token Value Alerts
Whenever the token is converted to another token or nDAI and the price changes more than 10% an alter is sent to the token holders
Message Alert your BALANCE TOKEN_NAME tokens have changed in +10% / -10% value and are now worth (value of Balance in nDAI)
Note that the receipt messages for token transfers that include a conversion should also show the tokens exchange value (this is already ont he USSD system)
## Implementation
### Workflow
### Variables
### Interface
## Testing
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## Changelog
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