Update 006_Self_Service_Token.md
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@ -22,17 +22,19 @@ We want users to be able to create their tokens to create more ownership and dif
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- New user dials *483*46# where she selects
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- My Account -> Create Token
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- Note that this ability is whitelisted- to be whitelisted the user must have:
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1. Been in the system as an active user for some time (at least 1 month)
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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).
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1. Been a chama account in the system as an active user for some time (at least 3 months)
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1. Have a substantial token balance (his CIC converted to reserve) to reach at least 25% reserve. Minimum 100 USD in value DAI.
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2. Which will staked into the converter and leveraged into 4x of CIC tokens (the value changes as reserve is removed).
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2. Default Token Options
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*. Based on the users location the system has preset defaults:
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1. 25% Target Reserve Ratio (1:1 with reserve)
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1. Minimum initial reserve is $100 USD in value
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1. Minimum initial reserve is $100 USD = 100 xDAI in value (of some inital token such as Sarafu)
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3. Chosen Options
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1. Token Name (limited to 9 characters (auto converted to lowercase no special letters) (TOKEN_NAME)
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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.
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3. How many initial members? (NUM)MEMBERS)
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4. How much will initial members receive (INITAL_NEWUSER_AMT) (maximum is MAX_CIC_CREATED/NUM_MEMBERS)
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3. What goods or services will be accepted for these tokens?
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4. Please confirm that you will accept (4x Reserve) of TOKEN_NAME's for (goods or services)?
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*. Yes / No (if no -please contact Office 0757628885)
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4. How many people are in this chama that will recieve (Token_Name)
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5. Note that members must ‘join’ the token (via USSD) using the TOKEN_NAME to receive this.
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4. Pin
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* “Enter PIN
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@ -66,46 +68,48 @@ We want users to be able to create their tokens to create more ownership and dif
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Start this process between step 5 to 6,
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Save all the information created in the process on the SEMPO DB.
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Generate a token and converter on xDAI and store private and public keys
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Mint the standard amount of tokens. (40,000)
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Convert the users tokens into nDAI and put them into the converter. (min 10,000)
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The new token should have a value of at least 1:1 with nDAI and be at least at 25% reserve
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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.
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Generate a token and converter (adding it to the registry) on xDAI and store private and public keys
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Mint the standard amount of tokens. (4x the reserve = 40,000)
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Convert the existing user's tokens into xDAI and put them into the converter as reserve. (min 10,000)
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The new token should have a value of 1:1 with xDAI and be at 25% reserve (Target Reserve Ratio)
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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.
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The token owner should not be able to transfer more tokens than he has committed to new users.
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The token owner should have his community token for auto-convert set to TOKEN_NAME
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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.
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If the token has been created send the SMS for the token creation approval. Else send error.
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This account is now considered a GROUP account!? Meaning that only it can cash out 50% a month from it’s own reserve.
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If a users has Sarafu as their community token and end up with
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If the token has been created send the SMS for the token creation approval.
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Else send error.
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Action items:
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## Action items:
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Token Value Alerts
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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
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Message Alert your BALANCE TOKEN_NAME tokens have changed in +10% / -10% value and are now worth (value of Balance in nDAI)
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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)
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## Implementation
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### Workflow
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### Variables
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1. TRR for Self Service Tokens (SSTs) 0.25
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2. Conversion fee fos SSTs 0.005 (0.5%)
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3. Minimum starting reserve 10,000 xDAI
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4. Token Name
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5. All users should have a 'community token'
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5. Auto-Conversion should by default change all tokens in a user's wallet into their community token.
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* 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)
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### Interface
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## Testing
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<!--
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Please describe what test vectors that are required for this implementation
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-->
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1. Ensure conversions are working between tokens
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2. Test out auto-conversion - one user gets sent a foreign token ... try to convert
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3. The UX process and various limits - like minimum reserve
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4. Ensure that any Sarafu or other token are converted to xDAI
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5. Chama cash out limits remain the same - but instead of sending a GE Agent Sarafu they are sending their own token
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## Changelog
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<!--
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