* Today users only receive tokens created by Grassroots Economics - the reserves of these tokens are donors giving to Grassroots Economics.
* This means Users have very little ‘feeling’ of reserve depletion because it is not their token and not their money behind it.
* We want users to be able to create their tokens to create more ownership and diffusion.
* A CIC primarliy represents the goods and services committed by the Issuer - which should be a Group Account.
* The CIC has an enforced X% reserve amount.
## Token creation process - Backend
1. Ensure TOKEN_Name is unique
2. Generate a token and converter (adding it to the registry) on xDAI and store private and public keys
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)
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) - 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.
1. The token owner should not be able to transfer more tokens than he has committed to the number of token users specified.
1. The token owner should have his community token for auto-convert set to TOKEN_NAME
1. This account is a GROUP account. Meaning that only it can cash out 50% a month from it’s own reserve - along with other Chama rules.
1. If the token has been created send the SMS for the token creation approval. Else send error.
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.
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)
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)