diff --git a/spec/007_eMoney_integration.md b/spec/007_eMoney_integration.md index 9e0aa1d..bd39311 100644 --- a/spec/007_eMoney_integration.md +++ b/spec/007_eMoney_integration.md @@ -1,75 +1,53 @@ -## Incoming Sarafu ## -When users exchange CIC <> National Currency we have to manually send them Mpesa or CIC. -We would like to automate this. +## Notes ## +Users have no way to automate the excahnge of CIC <> National Currency. Can people be encouraged to be liquidity providers and develop pools containing CIC and National Currency or other token? Creating a on-chain liquidity pool still requires on and off-boarding crypto to fiat. + ## Solution ## -Configure - using our own system AfricasTalking API to automatically send CIC / Mpesa based on rules: +Using AfricasTalking API to automatically send Mpesa from a business account when CIC is received (Blockchain account triggered): +Using RPC endpoints and contract calls to automatically send CIC when KSH is received (MPesa call back triggered) + +A liquidity pool can be created off-chain where a liquidity provider simply monitors two (float) accounts one of CIC and another of Mpesa. + - CIC - > Mpesa - - CICs are converted to reserve on-chain and the xDAI is held in a GE account (xDAI Float) - - We send back an equivalent amount of Mpesa to the user from out MPESA float account + - CICs are added to the float account account triggering Mpesa to be released from the mpesa (float) + - We send back an amount of Mpesa to the user from out MPESA float account (this amount can be based on a bonding curve) - Mpesa -> CIC - Mpesa are added to our float Mpesa account. - - xDAI from our xDAI float account is added to the reserve of the CIC (Home CIC of the user) and new CICs are minted and sent to the user + - CIC from our Sarafu float account is sent to the user (this amount can be based on a bonding curve) -### Variables ### - - blockchain_CIC_Supply = the total supply of the CIC on the blockchain - - blockchain_CIC_reserve = the total reserve (xDAI) of the CIC on the blockchain - - trr = the connector weight on blockchain converter between supply and reserve - - FLoat xDAI: THe amount of xDAI we have in our master wallet - - FLoat Mpesa: THe amount of Mpesa supply we have in our PayBill account - - CIC_excahnge_amount = the amount of CIC they user has sent to exhange - - Mpesa_excahnge_amount = the amount of MPesa the user has sent to exhange - - Rate: USD -> KSH - - Rate: KSH -> USD +### Variables for excahnge rates ### + - float_CIC_Supply = the total supply of the CIC on the float account + - float_CIC_reserve = the total supply of Mpesa in the float account + - trr = the connector weight on blockchain converter between supply and reserve (assuming 50%) + - CIC_excahnge_amount = the amount of CIC the user has sent to exhange for Mpesa + - Mpesa_excahnge_amount = the amount of MPesa the user has sent to exhange for CIC + - Rate: CIC -> KSH + - Rate: KSH -> CIC - Fees: Sarafu to Mpesa FeeCC2M = 2% - Fees: Sarafu to Mpesa FeeM2CC = 2% - - The account to which CIC are sent should be a Agent account - - The cash-out rules for a chama (minimum and time limit) - - Alert balance levels + - Alert on float balance and excahnge rate levels ### Incoming CIC Rules - MPESA out ### - - *white list* The chama (group accounts only but eventually anyone) can cash out - note the chama limits - - *amount* See KYC_limit max, supply_max - - *mpesa given* The amount of Mpesa given should be calculated as follows: + The amount of Mpesa given should be calculated as follows: - CIC_excahnge_amount = the amount of CIC the user wants to excahnge -The Reserve (xDAI) to be pulled out (reported): +Quotation: The Reserve (Mpesa) to be pulled out (reported): -- reserveOut_xDAI_reported = the amount of xDAI that would be pulled from the reserve on-chain (by getting a quote on-chain) -- reserveOut_Mpesa = reserveOut_xDAI_reported **USD => KSH** rate -- reserveOut_Mpesa_reported = reserveOut_xDAI_reported **USD => KSH** rate +Assuming a (trr=50%) connector weight: return (float_CIC_reserve x CIC_exchange_amount ) / (float_CIC_reserve + CIC_excahnge_amount) +- reserveOut_Mpesa_reported = the the above amount of Mpesa that would be pulled from the Mpesa float account minus any fees (FeeM2CC) -After the user confirms: - -The Reserve (xDAI) actually pulled out -- reserveOut_xDAI = the amount of xDAI actually pulled from the reserve on-chain -- **Mpesa_out** = reserveOut_Mpesa_reported (this is actually given to the user) - **and GE takes on the Mpesa risk** - - reserveOut_Mpesa = reserveOut_xDAI **USD => KSH** rate (this is from our MPESA float account) - - Mpesa_risk = Mpesa_out - reserveOut_Mpesa - this should me monitored and recorded for each transactions +Note that this should be the minimum amount the user will get - if they confirm (not the max) +After the user confirms the quotation - and executes the conversion: they should get out a minimum of reserveOut_Mpesa_reported ### Outgoing Sarafu Rules - MPESA In ### - - *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). - - *amount* The max sarafu out is 20,000 Sarafu per user, KYC_limit max, supply_max - - *time* No limit - - *Mpesa_excahnge_amount* The amount of CIC given should be calculated as follows: - - reserveIn_xDAI = (Mpesa_excahnge_amount - Mpesa_excahnge_amount* fee) **KSH => USD** rate (this will come out of the xDAI float account) - -The CIC to be created (reported for quote): - - - CIC_Created_reported = the amount of CIC to be created on chain by adding the reserveIn_xDAI (quote from blockchain) - -After the user confirms: - - - CIC_Created = the actualy amount of CIC created on chain by adding the reserveIn_xDAI - - **CIC_given** = CIC_Created_reported - - CIC_risk = CIC_given - CIC_Created - this should be monitored and recorded for each transaction - +inverse of the above + ### Exchange Rate ### When dislaying the SPOT price or excahnge rate to a user we should use the following formula: -> Exchange Price = CIC_reserve / (CIC_supply * trr) -> this is pulled from blockchain and should be sent back as a SMS +> Exchange Price = float_CIC_reserve / (float_CIC_supply * trr) -> this is pulled from blockchain and should be sent back as a SMS ### USSD Interface ###