> lash: Does the current conversion price between xdai and sarafu play a role here? The chama may have sarafu initially, and that will be translated into the xdai (which for their part is just some abstraction of ksh anyway). How sensitive is this to timing / quality of arbitrage agents?
> lash: Do donors play a role in the initial reserves here? Like a frational top-up? If it does, should it be allocated before or after conversion?
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
> lash: do we need to clarify better what the effect of asymmetric changes in real-world assets against the initial issued tokens is? 100 goats may be committed initially, but if they get eaten by mutant locusts, what happens to the value of the token then, and what transparency should be provided in that event? (for example, should the actual backing statement be revised etc?)
5. These should all be added to the Token table information
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)
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
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
> lash: where is this enforced? this may be complicated to do on a smart contract level as the network isn't designed to do any per-address discrimination. What consequences can multiple tokens on one account due to external converts have?
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.
> lash: it seems here like there is an option only to put _part_ of the currently held amount of sarafu (or whatever token) in reserve. but elsewhere we're enforcing one token per wallet/group only. shouldn't this choice be all-or-nothing?
> lash: isn't this rather difficult to handle on a phone interface? what about timeouts? how do we sanitize the input? what about the real-world documents that get signed? how about if there are many types of goods and/or they will change over time?
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.
> lash: where should this lock be enforced? that seems like a specialized token contract. does that mean that our bancor suite would have to support "non-standard erc20 tokens" only?
> lash: what happens then if a user never joins? do the tokens just linger? are they returned? is the above account forever locked? is there any use case where they wouldn't join?
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)
