grassrootseconomics
/
cic-docs
5
0
Fork 0
Code Issues Pull Requests Projects Releases Wiki Activity

Update 006_Self_Service_Token.md

This commit is contained in:
Will Ruddick 2020-05-19 14:29:09 +00:00
parent 1f18c86483
commit 7cf4b14823
1 changed files with 19 additions and 26 deletions
Show Stats Download Patch File Download Diff File Expand all files Collapse all files

45
spec/006_Self_Service_Token.md
View File

@ -18,42 +18,43 @@ Enabeling users to create their own tokens is one of the main goals of CICs
* 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.
## Inputs
1. User ID (must be a chama account)
2. Token Long Name - 128 character limit
3. Token short name no more than 6 Character - must be unique
2. Reserve amount - amount of tokens they want to put in reserve (minimum upon conversion 100k xDAI)
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
5. Defaults:
1. 25% Target Reserve Ratio (1:1 with reserve)
1. Minimum initial reserve is $100 USD = 100 xDAI in value (of some inital token such as Sarafu)
5. These should all be added to the Token table information
## 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. 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)
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. If the token has been created send the SMS for the token creation approval to the creator. Else send error.
## Token creation process - UI
### Command Line - CLI
1. Inputs
1. User ID (must be a chama account)
2. Token Long Name - 128 character limit
3. Token short name no more than 6 Character - must be uni
2. amount of tokens (must be converted to reserve) they want to put in reserve (minimum 100k xDAI)
3. number of chama members (NCM) (before we enable conversion of the new tokens there must be this many token members with a positive token balance)
4. Token Backing Statement: 256 Character limit
1. Process Inputs on command line
5. Confirmation please type the token name to proceed
### CIC Mgmt Platform - GUI
1. On a user account there should be a button for Create Token - possible for Chama accounts only) - this required admin provlages
2. The next page comes up with the inputs:
2. Token Long Name - 128 character limit
3. Token short name no more than 6 Character
2. amount of tokens (must be converted to reserve) they want to put in reserve (minimum 100k xDAI)
3. number of chama members (NCM) (before we enable conversion of the new tokens there must be this many token members with a positive token balance)
4. Token Backing Statement: 256 Character limit
2. The next page comes up with the inputs above
5. Confirmation please type the token name to proceed
### USSD feature phones
@ -61,14 +62,6 @@ Enabeling users to create their own tokens is one of the main goals of CICs
1. Existing User calls Sarafu
- New user dials ***483****46# where she selects
- My Account -> Create Token
- Note that this ability is whitelisted- to be whitelisted the user must have:
1. Been a chama account in the system as an active user for some time (at least 3 months)
1. Have a substantial token balance (his CIC converted to reserve) to reach at least 25% reserve. Minimum 100 USD in value DAI.
2. Which will staked into the converter and leveraged into 4x of CIC tokens (the value changes as reserve is removed).
2. Default Token Options
1. 25% Target Reserve Ratio (1:1 with reserve)
1. Minimum initial reserve is $100 USD = 100 xDAI in value (of some inital token such as Sarafu)
3. Chosen Options
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.
3. Token Backing Statement: What goods or services will be accepted for these tokens?