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Update 002_xdai_migration.md

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Will Ruddick 2020-05-17 05:20:40 +00:00
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spec/002_xdai_migration.md
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@ -9,21 +9,25 @@ valid status values are: Pre-draft
* Status: Pre-draft
## Rationale
We want to give donors and community mambers a way to contribute to and cash out from Community Inclusion Currencies with National Currency. By connecting to a reserve that is stable to the US dollar called xDAI we bring some stability and the ability for many to support local communities. We also enable any CICs that have xDAI as a reserve to convert to any other CIC with xDAI as reserve.
We want to give donors and community members a way to contribute to and cash-out from Community Inclusion Currencies with National Currency.
By connecting to a reserve that is stable to the US dollar called xDAI we bring some stability and the ability for many to support local communities.
We also enable any CICs that have xDAI as a reserve to convert to any other CIC with xDAI as reserve.
## Before
Currently we are using a virtual reserve a generic ERC20 token. We have 2 Million of those reserve tokens against 8 Million Sarafu issued (the current Kenyan CIC). (Call those Sarafu_1 or S1)
## After
We have 40,000 xDAI to put as the reserve and are looking at minting O(16Million) tokens (called Sarafu_2 S2)
with a connector weight (target Reserve Ratio) of 0.25 (25%) and an inital price of roughly 0.01 Sarafu to a xDAI (USD stable)
We have 40,000 xDAI to put as the reserve and are looking at minting (16Million) tokens (called Sarafu_2 S2)
with a connector weight (target Reserve Ratio) of 0.25 (25%) and an inital price of roughly 100 Sarafu to 1 xDAI (USD stable)
(Note that the 100 Sarafu to 1 xDAI will approximate the Kenyan Shillings to USD rate)
## Implementation
Each existing user should have a completley new wallet and private key for security reasons and be given the same balances they currently have with the new (xDAI reserve) Sarafu. Roughly 8Million Sarafu_1 in wallet will be replaced with Sarafu_2
### Workflow
1. Synch db <->Blockchain - ensure synronization between our db (USSD interface) and blockchain
1. Create group of govenors on a multi-sig wallet with the power to assign the facilitator address of all blockchain contracts.
1. Finalize any contract changes to Bancor SUit (such as [Depth Bump](https://gitlab.com/grassrootseconomics/cic-docs/-/blob/master/spec/003_depth_bump.md))
1. Create group of govenors on a multi-sig wallet with the power to assign the facilitator address of all blockchain contracts (Bancor Suite).
1. Create a white list for token users
1. Deploy contracts to create Sarafu_2, set inital variables - deposit reserve and mint tokens
1. Migration - New wallets for users - Replicate user accounts with new token Sarafu_2
@ -43,7 +47,7 @@ This migration will all be done at code and command line level, while some testi
1. Token Governance
1. Contract deplyment - conversions, transfers all work as expected
1. Migration - new wallets match old wallets
1. Store old blockchain wallet IDs (as a list with old POA wallets)
1. Store old blockchain wallet IDs (as a list with older POA and xDAI wallets)
## Changelog