xDAI vs MPESA floats
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@ -4,6 +4,17 @@ 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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- 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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- Mpesa -> CIC
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- Mpesa are added to our float Mpesa account.
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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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@ -27,54 +38,45 @@ Configure - using our own system AfricasTalking API to automatically send Sarafu
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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 Sarafu Rules - MPESA out ###
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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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- *amount* The max cash out is the minimum of (30,000 Sarafu, half their balance, their total amount of outward trade volume to other users (standard transactions)
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- *time* They can only cash out once per month
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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 = CIC_reserve_b * (Math.pow(1 + (-1 * CIC_excahnge_amount) / CIC_supply_b, 1 / trr) - 1) --> this should be calculated as it is done on contract
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- Mpesa_out = reserveOut_xDAI **USD => KSH** rate
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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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- Update CIC variables on database:
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- total_CIC_recieved+= CIC_excahnge_amount
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- total_CIC_Reserve_Sent+= reserveOut_xDAI
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### Outgoing Sarafu Rules - MPESA In ###
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- *white list* Only users sending via paybill receive Sarafu. Non users receive a invitation to join Sarafu sms (alert to admins there was a donation).
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- *amount* The max sarafu out is 20,000 Sarafu per user, KYC_limit max, supply_max
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- *time* No limit
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- *Mpesa_excahnge_amount* The amount of CIC given should be calculated as follows:
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- reserveIn_xDAI = Mpesa_excahnge_amount **KSH => USD** rate
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- reserveIn_xDAI = Mpesa_excahnge_amount **KSH => USD** rate (this will come out of the xDAI float account)
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The amount cashed in = cash_in_amount
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> CIC_Created = CIC_supply_b * (Math.pow(1 + reserveIn_xDAI / CIC_reserve_b, trr) - 1) --> this should be calculated as it is done on contract
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> CIC_Created = the amount of CIC created on chain by adding the reserveIn_xDAI
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- **CIC_given = CIC_Created - CIC_created*FeeM2CC ()**
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- Simulate as if done on blockchain .... new_cic_supply_b = cic_supply_b + CIC_given
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- Simulate as if done on blockchain .... new_total_reserve_b = total_reserve_b + cash_in_amount
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- Update CIC variables on database:
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- total_CIC_sent+= CIC_excahnge_amount
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- total_CIC_Reserve_recieved+= reserveIn_xDAI
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### Exchange Rate ###
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When dislaying the SPOT price or excahnge rate to a user we should use the following formula:
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> Exchange Price = CIC_reserve_b / (CIC_supply_b * trr)
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> Exchange Price = CIC_reserve / (CIC_supply * trr)
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### User Interface ###
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- When a user chooses to ``Redeem```:
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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 the above equations:
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- The user should be asked you will revice **Mpesa_given** for **CIC_excahnge_amount**: Please type your PIN to confirm
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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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- 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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- When a user chooses to ``Contribute```:
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@ -85,6 +87,8 @@ When dislaying the SPOT price or excahnge rate to a user we should use the follo
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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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### Credit Clearing ###
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### Security ###
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- Balance alerts: On both Mpesa and CIC balances: The paybill from which Sarafu is sent needs to send a sms and email alert when low
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