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@ -18,25 +18,23 @@ Community Inclusion Currency (CIC) technology seeks to give organizations and co
## CIC full system vision ## ## CIC full system vision ##
* Blockchain * Blockchain
* Currently: We are on a public blockchain (Layer 2 side chain) called [xDAI](https://www.xdaichain.com/) * Currently: We are on a public blockchain (Layer 2 side chain)
* Goal: To ensure decentralization, censor proofing and fair gas prices we plan to setup a validation node on this chain and look into possible Humanitarian Blockchains. * Goal: To ensure decentralization, censor proofing and fair gas prices we plan to setup a validation node on this chain and look into possible Humanitarian Blockchains like bloxberg.org.
* Blockchain Contracts * Blockchain Contracts
* Bridge - in order to move between the xDAI side chain (Layer 2) and the Ethereum main net we need a bridge (hard spoon). * Bridge - in order to move between the side chains (Layer 2) and the Ethereum main net we need a bridge
* Currently: We connect to the Ethereum Main net using the xDAI to DAI bridge. * Currently: We have no connections to Ethereum Mainnet
* Goal: To have options to bridge to a variety of potential reserves * Goal: To have options to bridge to a variety of potential reserves
* Bonding Curves - Enable us to add collateral (aka Reserves to CICs) as well as connect CICs to each other in a safe way. * Bonding Curves - Enable us to add collateral (aka Reserves to CICs) as well as connect CICs to each other in a safe way.
* Currently: Bancor Protocol v1 - [Blockchain Smart Contract](https://github.com/bancorprotocol/contracts) * Currently: Bancor Protocol v1 - [Blockchain Smart Contract](https://github.com/bancorprotocol/contracts)
* Goal: Researching Bancor Protocol v2 and other options
* Contract Deployment (Currency Creation service) * Contract Deployment (Currency Creation service)
* Currently: We currently deploy the Bancor Contract suite manually via Command line * Currently: We currently deploy the Bancor Contract suite manually via Command line
* Goal: Both a USSD based and a web based interface for organizations and communities to create their own tokens * Goal: A web based interface for organizations and communities to create their own tokens
* CIC Token Creation system * CIC Token Creation system
* Currently: Manual contract deployment (command line) * Currently: Manual contract deployment (command line)
* Registered organizations can submit an application to be an issuer, they must have: * Registered organizations can submit an application to be an issuer, they must have:
* an audited and legally binding backing commitment signed by local government to back the total amount of a CIC . * an audited and legally binding backing commitment signed by local government to back the total amount of a CIC .
* A collateral fund of at 25% of the tokens they want to create. * A collateral fund of Sarafu tokens equal to 100% of the tokens they want to create.
* This collateral can be pulled out of any CIC (such as those provided by an Aid CIC) or purchased * These new CIC tokens are created and the converter contract is given the sole ability to create and destroy them based on a bonding curve equation THe converter also holds the collateral (reserve or pool) of Sarafu
* These new CIC tokens are created and the converter contract is given the sole ability to create and destroy them based on a bonding curve equation THe converter also holds the collateral (reserve or pool) of xDAI
* Cloud server - is where we host all of our systems, Platform, Dashboard, future blockchain node. * Cloud server - is where we host all of our systems, Platform, Dashboard, future blockchain node.
* Currently: We are using AWS for instances and data storgage along with postgress databases - Transactions are done here first then synced with blockchain * Currently: We are using AWS for instances and data storgage along with postgress databases - Transactions are done here first then synced with blockchain
* Goal: Moving toward a webased wallet and cloud storage * Goal: Moving toward a webased wallet and cloud storage
@ -77,21 +75,17 @@ Community Inclusion Currency (CIC) technology seeks to give organizations and co
* You can send Mpesa (eMoney) to our lipa na Mpesa account – GE sees that and sends back tokens * You can send Mpesa (eMoney) to our lipa na Mpesa account – GE sees that and sends back tokens
* You can also send tokens to GE and GE sends back Mpesa from the float account (this currently very restricted) * You can also send tokens to GE and GE sends back Mpesa from the float account (this currently very restricted)
* Goal: To make credit card another other payment on and offramps available and streamline our fiat to token processes ... blockchain integration * Goal: To make credit card another other payment on and offramps available and streamline our fiat to token processes ... blockchain integration
* Goal: As there is imbalance in the float account – Tokens can be burnt (xDAI extracted – bridged to DAI (eg see xDAI.io) → converted to Eth and sold for KSH (BitcoinSuisse ~2% fee) * Exchange Rates will be variable based on the CIC → KSH rate (depends on amount of collateral) Spot price: P = R/S (R= reserve S = Supply) but they will also take into account transfer fees.
* If there is too much KSH – we would send it to (BitcoinSuisse ~2% fee) to convert to Eth then make DAI with it and bridge to xDAI (eg see xDAI.io) * Blockchain interaction (once bridged)
* The float account balancing would happen on a monthly cycle (ideally) – initially manual and eventually automated * Anyone who can obtain or create any reserve token and send it directly to any CIC converter blockchain contract. They will mint an amount of that CIC based on the bonding curve equation.
* Exchange Rates will be variable based on the CIC → xDAI rate (depends on amount of collateral) Spot price: P = 4R/S (R= reserve S = Supply) but they will also take into account FX fees. * Anyone can also send a CIC to the same contract to liquidate it and pull out the reserve token.
* Blockchain interaction (once connected to xDAI reserves)
* Anyone who can obtain Eth or DAI can create xDAI and send it directly to any CIC converter blockchain contract. They will mint an amount of that CIC based on the bonding curve equation.
* Anyone can also send a CIC to the same contract to liquidate it and pull out the xDAI and convert to DAI or ETH. Note that there are markets to cash out ETH in Kenya such as LocalCryptos as well but at high costs (~10%).
* Note that you can also buy Eth in Kenya with Mpesa on local cryptos and could convert it to xDAI then add it to a CIC reserve.
* ID System - * ID System -
* Currently: Each user has a sim card and the Telecom provides KYC services - users are asked a pin number to access the account on USSD * Currently: Each user has a sim card and the Telecom provides KYC services - users are asked a pin number to access the account on USSD
* Goal: Creating a more robust ID system for users with and without sim cards. Possibly adding brightID social ID - like technologies with confidence scoring or 3rd party biometrics * Goal: Creating a more robust ID system for users with and without sim cards. Possibly adding brightID social ID - like technologies with confidence scoring or 3rd party biometrics
* Non custodial data ownership on cloud where users can specify what data tehy want to make avalible * Non custodial data ownership on cloud where users can specify what data tehy want to make avalible
* Rewards and Incentives - [see specifications](./spec/001_platform_incentives.md) * Rewards and Incentives - [see specifications](./spec/001_platform_incentives.md)
* Currently: These incentive systems are a mixture of manual and CIC Mgmt Platform base, such as initial user air drop, referral bonuses and holding fees. * Currently: These incentive systems are a mixture of manual and CIC Mgmt Platform base, such as initial user air drop, referral bonuses and holding fees.
* Currently: We are using a CIC by the name of Sarafu that is backed by Grassroots Economics' (donor funds). Users get a Sarafu for free and groups will be able to create their own CICs by pulling the xDAI out of Sarafu * Currently: We are using a CIC by the name of Sarafu that is backed by Grassroots Economics' (donor funds). Users get a Sarafu for free and groups will be able to create their own CICs by placing Sarafu as reserve.
* Goal: Any org developing a CIC can easily establish various rules and policies * Goal: Any org developing a CIC can easily establish various rules and policies
* Training Materials: * Training Materials:
* Currently: We are developing curriculum, games and materials for training communities and CIC issuers * Currently: We are developing curriculum, games and materials for training communities and CIC issuers