xDAI <> MPESA
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@ -3,7 +3,7 @@ When users exchange CIC <> National Currency we have to manually send them Mpesa
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We would like to automate this.
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## Solution ##
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Configure - using our own system AfricasTalking API to automatically send Sarafu / Mpesa based on rules:
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Configure - using our own system AfricasTalking API to automatically send CIC / Mpesa based on rules:
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- CIC - > Mpesa
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- CICs are converted to reserve on-chain and the xDAI is held in a GE account (xDAI Float)
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- We send back an equivalent amount of Mpesa to the user from out MPESA float account
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@ -12,31 +12,22 @@ Configure - using our own system AfricasTalking API to automatically send Sarafu
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- xDAI from our xDAI float account is added to the reserve of the CIC (Home CIC of the user) and new CICs are minted
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- We send back the user an equivalent amount of CIC
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## Un -speced - todo ##
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- Define the credit clearing process
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### Variables ###
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- blockchain_CIC_Supply = the total supply of the CIC on the blockchain
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- blockchain_CIC_reserve = the total reserve (xDAI) of the CIC on the blockchain
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- trr = the connector weight on blockchain converter between supply and reserve
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- FLoat CIC: THe amount of CIC supply we have in our master wallet
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- FLoat xDAI: THe amount of xDAI we have in our master wallet
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- FLoat Mpesa: THe amount of Mpesa supply we have in our PayBill account
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- total_CIC_sent = the total amount of CIC that has been sent to users from our Float account - this needs to be updated for each conversion and when clearing
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- total_CIC_Reserve_Sent = the total amount of Reserve (xDAI) that has been sent to users from our Float account - this needs to be updated for each conversion and when clearing
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- total_CIC_recieved = the total amount of CIC that has been sent to users from our Float account - this needs to be updated for each conversion and when clearing
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- total_CIC_Reserve_recieved = the total amount of Reserve (xDAI) that has been sent to users from our Float account - this needs to be updated for each conversion and when clearing
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- CIC_supply_b: **blockchain_CIC_Supply** - **total_CIC_sent** + **total_CIC_recieved** = this simulates/tracks the changes to the blockchain
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- CIC_reserve_b: **blockchain_CIC_reserve** - **total_CIC_Reserve_Sent** + **total_CIC_Reserve_recieved** = this simulates/tracks the changes to the blockchain
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- CIC_excahnge_amount = the amount of CIC they user has sent to exhange
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- Mpesa_excahnge_amount = the amount of MPesa the user has sent to exhange
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- Rate: USD -> KSH
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- Rate: KSH -> USD
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- Fees: Sarafu to Mpesa FeeCC2M = 2%
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- Fees: Sarafu to Mpesa FeeM2CC = 2%
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- The account to which CIC are sent should be a Agent account
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- The cash-out rules for a chama (minimum and time limit)
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- Alert balance levels
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- Fees: Sarafu to Mpesa FeeCC2M = 2%
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- Fees: Sarafu to Mpesa FeeM2CC = 2%
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### Incoming CIC Rules - MPESA out ###
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- *white list* The chama (group accounts only but eventually anyone) must only be able to cash out - using the exchange option to an Agent account
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@ -45,10 +36,19 @@ Configure - using our own system AfricasTalking API to automatically send Sarafu
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- *mpesa given* The amount of Mpesa given should be calculated as follows:
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- CIC_excahnge_amount = the amount of CIC the user wants to excahnge
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The Reserve (xDAI) pulled out
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> reserveOut_xDAI = the amount of xDAI pulled from the reserve on-chain
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- Mpesa_out = reserveOut_xDAI **USD => KSH** rate (this is from our MPESA float account)
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- **Mpesa_given = Mpesa_out - Mpesa_out*S22M (fee) this is the amount of Mpesa sent to the user**
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The Reserve (xDAI) to be pulled out
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- reserveOut_xDAI_reported = the amount of xDAI that would be pulled from the reserve on-chain (by getting a quote on-chain)
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- reserveOut_Mpesa = reserveOut_xDAI_reported **USD => KSH** rate
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- reserveOut_Mpesa_reported = reserveOut_xDAI_reported **USD => KSH** rate
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After the user confirms:
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The Reserve (xDAI) actually pulled out
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- reserveOut_xDAI = the amount of xDAI actually pulled from the reserve on-chain
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- Mpesa_out = reserveOut_Mpesa_reported (this is actually given to the user) - **and GE takes on the Mpesa risk**
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- reserveOut_Mpesa = reserveOut_xDAI **USD => KSH** rate (this is from our MPESA float account)
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- Mpesa_risk = Mpesa_out - reserveOut_Mpesa - this should me monitored and recorded for each transactions
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### Outgoing Sarafu Rules - MPESA In ###
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@ -72,22 +72,35 @@ When dislaying the SPOT price or excahnge rate to a user we should use the follo
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### User Interface ###
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- When a user chooses to ``Redeem```:
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- When a user chooses to ``Redeem get Quote```:
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- They should enter the amount (limited to the max in their balance)
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- They should get a confirmation Based on a quote from the blockchain in a SMS:
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- The user should be asked you will recieve **Mpesa_given** for **CIC_excahnge_amount** (note this is from blockchain and will change second by second)
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- You will recieve **Mpesa_given** for **CIC_excahnge_amount** please confirm this quote in the USSD menue to proceed: (note this is from blockchain and will change second by second)
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- The user will return to the USSD menu
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- They navigate back to exchange in less than 1 minute and 'confirm exchange quote' (new USSD excahnge menu needed) (the 'confirm Redeem excahnge quote')
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- 'confirm Redeem quote' will only show up for a minute - otherwise they have to ask for another quote
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- Please type your PIN to confirm
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- The user should get a Mpesa responce for recieving the Mpesa
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- The user should get a Mpesa responce for recieving the **Mpesa_given**
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- When a user chooses to ``Contribute```:
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- When a user chooses to ``Contribute get Quote```:
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- They should enter the amount of Mpesa they wish to contribute
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- They should get a confirmation:
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- Based on the above equations:
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- The user should be asked you will revice **CIC_given** for **Mpesa_excahnge_amount**: Please type your PIN to confirm
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- They will then get instructions on USSD as well as a SMS on how to send Mpesa or Bonga boints to our Lipa na Mpesa
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- They should get a confirmation Based on a quote from the blockchain in a SMS:
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- You will recieve **CIC_given** for **Mpesa_excahnge_amount** please confirm this quote in the USSD menu to proceed: (note this is from blockchain and will change second by second)
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- The user will return to the USSD menu
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- They navigate back to exchange in less than 1 minute and 'confirm exchange quote' (new USSD excahnge menu needed) (the 'confirm Contribute excahnge quote')
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- 'confirm Contribute exchange quote' will only show up for a minute - otherwise they have to ask for another quote
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- Please type your PIN to confirm
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- The user should get a SMS responce from GE for recieving the **CIC_given**
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### Credit Clearing ###
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Weekly or after alterts we will rebalance our xDAI and Mpesa float accounts.
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As our float account gets more and more full of xDAI (and mpesa float shrinks) - we will convert the xDAI to Mpesa
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via xdai.io to get ETH - then using localcryptos or BitCoinSuisse to get Kenyan Shilllings / Mpesa (note there are MANY fees along this path)
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If we get a large amount of Mpesa and want to convert to xDAI -> CIC ... then we send the Mpesa eitheir to localCryptos or bitcoinSwuiss to get ETH
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then we use xdai.io to convert that ETH to xDAI ... then we add that to our xDAI float
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### Security ###
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