Update 006_Self_Service_Token.md

spec/006_Self_Service_Token.md

@@ -22,17 +22,19 @@ We want users to be able to create their tokens to create more ownership and dif
    - 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 in the system as an active user for some time (at least 1 month)
+     1. Been a chama account in the system as an active user for some time (at least 3 months)
-     1. Have a substantial balance (his CIC converted to reserve) to reach at least 25% reserve. Minimum 100 USD in value DAI. Which will staked into the converter and leveraged into $400 of CIC tokens (the value changes as reserve is removed). 
+     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
-   *. Based on the users location the system has preset defaults:
    1. 25% Target Reserve Ratio (1:1 with reserve)
-   1. Minimum initial reserve is $100 USD in value
+   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. How many initial members? (NUM)MEMBERS)
+   3. What goods or services will be accepted for these tokens?
-   4. How much will initial members receive (INITAL_NEWUSER_AMT) (maximum is MAX_CIC_CREATED/NUM_MEMBERS)
+   4. Please confirm that you will accept (4x Reserve) of TOKEN_NAME's for (goods or services)? 
+      *. Yes / No (if no -please contact Office 0757628885)
+   4. How many people are in this chama that will recieve (Token_Name) 
    5. Note that members must ‘join’ the token (via USSD) using the TOKEN_NAME to receive this.
 4. Pin 
    * “Enter PIN
@@ -66,46 +68,48 @@ We want users to be able to create their tokens to create more ownership and dif
 
 Start this process between step 5 to 6,
 Save all the information created in the process on the SEMPO DB.
-Generate a token and converter on xDAI and store private and public keys
+Generate a token and converter (adding it to the registry) on xDAI and store private and public keys
-
+Mint the standard amount of tokens. (4x the reserve = 40,000)
-Mint the standard amount of tokens. (40,000)
+Convert the existing user's tokens into xDAI and put them into the converter as reserve. (min 10,000)
-Convert the users tokens into nDAI and put them into the converter. (min 10,000)
+The new token should have a value of 1:1 with xDAI and be at 25% reserve (Target Reserve Ratio)
-The new token should have a value of at least 1:1 with nDAI and be at least at 25% reserve
+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. 
-
-Put the TOKEN_NAME tokens into the User’s 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. 
-
 The token owner should not be able to transfer more tokens than he has committed to new users.
-
 The token owner should have his community token for auto-convert set to TOKEN_NAME
+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.
+If the token has been created send the SMS for the token creation approval. Else send error.
 
-This account is now considered a GROUP account!? Meaning that only it can cash out 50% a month from it’s own reserve.
+If a users has Sarafu as their community token and end up with 
 
-If the token has been created send the SMS for the token creation approval. 
+## Action items:
-
-Else send error.
-
-
-Action items:
 Token Value Alerts
 Whenever the token is converted to another token or nDAI and the price changes more than 10% an alter is sent to the token holders
 Message Alert your BALANCE TOKEN_NAME tokens have changed in +10% / -10% value and are now worth (value of Balance in nDAI)
 Note that the receipt messages for token transfers that include a conversion should also show the tokens exchange value (this is already ont he USSD system)
 
-
-
 ## Implementation
 
+
 ### Workflow
 
 ### Variables
+1. TRR for Self Service Tokens (SSTs) 0.25
+2. Conversion fee fos SSTs 0.005 (0.5%)
+3. Minimum starting reserve 10,000 xDAI
+4. Token Name
+5. All users should have a 'community token'
+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)
 
 ### Interface
 
 
 ## Testing
-<!--
+1. Ensure conversions are working between tokens
-Please describe what test vectors that are required for this implementation
+2. Test out auto-conversion - one user gets sent a foreign token ... try to convert
--->
+3. The UX process and various limits - like minimum reserve
+4. Ensure that any Sarafu or other token are converted to xDAI 
+5. Chama cash out limits remain the same - but instead of sending a GE Agent Sarafu they are sending their own token
+
 
 ## Changelog
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